Fermented Milk Market is projected to grow at a CAGR of 3.7% over the forecast period. Fermentation of milk involves adding lactic acid bacteria to the dairy products which increases the shelf life of the product, enhances the taste and improves the digestibility of milk. Moreover, fermented milk helps to reduce blood pressure, cholesterol and prevent cancer from growing. Additionally, it is used in preparation of anti-ageing creams and lotions in cosmetic industry.
Asia Pacific is a leading fermented milk market and is expected to grow substantially over the forecast period 2017-2023. India is the largest producer and consumer of milk in the world followed by China which is supporting the growth of fermented milk in Asia Pacific. Moreover, changing lifestyle and rising disposable income in the developing countries of Asia Pacific is driving the growth of fermented milk market.
Furthermore, increasing number of working population and escalating demand for high shelf life products is adding fuel to the market growth of fermented milk. Additionally, increasing awareness among consumers about lactose intolerance has opened doors for fermented milk market which is boosting the growth of fermented milk market. All these factors will lead to the growth of Asia Pacific market at a CAGR of 4.3% during the forecast period 2017-2023.
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Major Key Players:
This report includes a study of strategies such as mergers, acquisitions, and product launches by the major fermented milk players. It further includes product portfolios, developments of leading players, which includes
- Danone (France)
- Nestle (Switzerland)
- General Mills Inc (U.S.)
- Lifeway Foods, Inc. (U.S.)
- Valio Ltd. (Finland)
- Mother Dairy Fruit & Vegetable Pvt. Ltd. (India) and
- Morinaga Milk Industry Co., Ltd (Japan)
Italy is the major importer of yogurt followed by Spain.
Germany, France, Saudi Arabia, Belgium and Spain are the major exporters in the fermented milk market.
Fermented milk is segmented on the basis of types into viscous, fluid and others. Viscous type may include cheese, sour cream, yogurt, kefir and others. Among all, yogurt and its products are responsible for the maximum market share. Kefir is gaining popularity due to health benefits associated with kefir grain, which is the source of this product. Whereas, in fluid type, buttermilk is driving the market growth of fermented milk as compared to other products.
Based on the distribution channel, it is segmented into store-based and non-store based. Store-based distribution channel dominates the market owing to the consumer inclination toward convenience of have a one stop shopping experience.
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The global fermented milk market is segmented into North America, Europe, Asia Pacific and the rest of the world (RoW). Asia Pacific is dominating the market followed by North America. India and China being the highest milk producing countries are driving the growth of Asia Pacific fermented milk market. Moreover, changing consumption pattern followed by increasing health awareness among the population is adding fuel to the growth of fermented milk in this region. With the changing lifestyle of consumers, the health consciousness in them is increasing, which, inturn, is driving the fermented milk market in North America.
Moreover, Europe is experiencing steady growth based on increasing awareness for healthy and nutritious fermented milk products and technological advancements leading to innovations. Furthermore, owing to its increasing application in various industries, it is expected to achieve growth in others parts of global market.
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