Global dairy ingredients market is expected to grow at an estimated CAGR of 5% over the forecast period. Factors such as geriatric population, increased health issues, growing awareness about the nutrition rich food’s benefits are expected to benefit the overall market.
Changing trend in food habits, from customary food to nutritional food has been observed over the past few years. The industry is extremely competitive with a huge number of companies trying to capture the market space. The consumption pattern of the industry fluctuates with different geographies according on the income levels. The significant success factor of the industry is the sourcing of milk. Product differentiation and customer service adds value and boosts the growth of the industry.
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Major dairy ingredient sources are milk and whey. These ingredients have various applications which include convenience foods, bakery, sports &clinical nutrition, confectionary, dairy products, infant milk formula. In addition there are other food products like beverages, non-dairy creamers, meat, etc. On the basis of type, the dairy ingredients are segmented into lactose, milk powder, casein & caseinates, milk protein concentrate & isolate (MPC & MPI) and whey ingredients.
In terms of revenue, the market is dominated by whey ingredients and in terms of shipment units, it is dominated by lactose. The product prices are highly volatile in nature on account of the unpredictable climatic conditions and inconsistent milk supply. This poses a serious threat to the industry. Canola, soy and rapeseed are the plant proteins which are the major substitutes to the dairy products and cause threat. High concentrate ingredients such as whey proteins, milk protein isolates are majorly found in developed countries like the U.S., Germany, and France. While, the low concentrate ingredients are more prevalent in the developing countries
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Global dairy ingredients market is anticipated to have a strong growth rate over the forecast period. It is sustained by the increased global awareness among the consumers about the benefits of a healthy and nutritious diet. Asia Pacific dairy ingredients market dominated the global industry. Increased disposable income coupled with continuous increasing infant and toddler population in Asia Pacific is expected to benefit the overall regional market. Europe and North America regional markets are also expected to witness growth over the period. However, Japan is anticipated to witness a relatively lower growth rate as compared to the rest of Asia Pacific region.
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