According to a new market research report titled, “Dairy Ingredients Market by Source (Milk, Whey), Type (Milk Powder, Whey Protein, Milk Protein, Third- Generation Ingredients, Casein), and Application (Pediatric, Sports Nutrition, Medical Nutrition, Functional Food, Bakery)- Global Forecast to 2027”, published by Meticulous Research®, dairy ingredients market is projected to reach a value of $71.5 billion by 2027, growing at a CAGR of 4.1% during the forecast period. In terms of volume, the market is expected to reach 16,074.0 kilotons by 2027, at a CAGR of 1.4% from 2020-2027.
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Dairy ingredients market is mainly driven by the adoption of improved and advanced supply chain management in storage technology, rising population and urbanization, and growing health-aware consumers. Moreover, emerging economies in Asia-Pacific, Latin America, and Africa are contributing to the growing demand for dairy ingredients for food fortification, thereby providing a significant growth opportunity to the manufacturers in the dairy ingredients market. However, the increasing preference for plant-based protein over animal-based protein, rising incidence of lactose-intolerant people, and unethical methods of milk production are some of the key factors obstructing the growth of the market to some extent.
The global dairy ingredients market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on basis of source, type, and application. The study also evaluates industry competitors and analyses the market at a country level.
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COVID 19 Impact on Dairy Ingredients Market
The effect of COVID- 19 has had a wide-scale impact on the daily life of the common man and has also affected businesses ranging from small to large scale, and the dairy sector is one among them. The blow on the dairy industry is estimated to be higher than any other agriculture sector due to the perishable nature and short shelf life of the key ingredient i.e. milk. The disruption to the supply chain has resulted in a wastage of enormous amounts of fresh milk/milk products. The sales to major dairy export markets have dried up as the majority of foodservice sectors have shut down globally. Further, the dairy companies are significantly facing reduced consumption of dairy ingredients; supply chain challenges; and limited workforce at the plant, harvest, and distribution centres due to the travel restrictions. The present imbalance and crisis circumstances have adversely affected the global market for dairy ingredients. During a global pandemic, numerous dairy industries are struggling to mitigate impacts from a potential global recession. Despite the huge loss, the market is expected to show a slow recovery once the situation begins to normalize. Consumption will pick up gradually, but is unlikely to be enough to compensate for the previous losses.
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Scope of the Report:
Dairy Ingredients Market by Source
Dairy Ingredients Market by Type
- Milk Powder
- Whey Protein
- Milk Protein
- Third- Generation Ingredient
- Butter Milk Powder
- Whey Permeate
Dairy Ingredients Market by Application
- Sports Nutrition
- Medical Nutrition
- Functional Food
- Animal Feed
Dairy Ingredients Market by Geography
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia-Pacific (APAC)
- New Zealand
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Rest of Latin America
- Middle East and Africa
Geographically, Asia Pacific region is estimated to command the largest share of the global dairy ingredients market in 2020, followed by Europe and North America. Also, the Asia-Pacific region is projected to show lucrative growth potential for the dairy ingredients market during the analysis period. The growth in the Asia-Pacific region is mainly attributed to the factors such as increasing demand for quality products, rising infant population, government initiatives to eliminate child malnutrition status regionally, rising disposable income, and increasing urbanization.
Some of the key players operating in the global dairy ingredients market are Nestle S.A., Fonterra Cooperative Group, Royal FrieslandCampina N.V., Arla Foods, Lactalis Group, Dairy Farmers of America Inc., Agropur Cooperative, Schreiber Foods Inc., Savencia S.A., Glanbia PLC., Gujarat Cooperative Milk Marketing Federation Ltd. (AMUL), Meiji Holdings Co., Ltd., Mengniu Dairy Co., Ltd., Megmilk Snow Brand Co., Ltd., Yili China, Saputo Inc., Kraft Heinz Company, Agropur Inc, Morinaga Milk Co., Ltd., and Sodiaal International among others.
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