Global Dairy Ingredients Market is Projected to Grow at A CAGR of 6.8% During 2019-2026
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The Global Dairy Ingredients Market held a market size of $54.9 billion in 2019 and is anticipated to grow at a CAGR of 6.8% from 2019 to 2026.
Asia Pacific is expected to be the dominating region in the global dairy ingredients market. In the Asia Pacific region, the increasing disposable income and growing population are expected to contribute to market growth. Moreover, the growing inclination towards a healthy lifestyle in countries such as China and India have generated demand for fortified and functional foods.
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Growing dairy production, rising awareness about health and wellness, and growing consumption for functional foods in developed as well as developing economies is expected to boost the market growth in the coming years. In addition, the continued product innovation by prominent companies in the market is anticipated to support market growth during the assessment period. Moreover, the increasing consumption of sport nutritional products by bodybuilders and athletes is anticipated to positively influence the growth of the market, as majority of these products require dairy ingredients specifically proteins.
The global dairy ingredients market has been segmented into product type, form, application, and source. The product type segment has been segmented into proteins, milk powder, milk fat concentrates, lactose, and others. The proteins segment has been further sub-segmented into milk protein isolates, whey protein isolates, whey protein concentrates, casein & caseinates, milk protein concentrates, and milk protein hydrolysates. On the basis of form, the market has been bifurcated into liquid and dry forms. The application segment has been bifurcated into dairy products, infant formulas, sports nutrition products, bakery & confectionery, and others. Based on the source, the global dairy ingredients market has been segmented into milk based and whey based.
Based on geography, the diary ingredients market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been divided into the U.S. and Canada. Europe region has been divided into the UK, France, Italy, Germany, and the Rest of Europe. Asia-Pacific region has been bifurcated into, Japan, India, South Korea, China, and Rest of Asia-Pacific. Moreover, the South America region has been bifurcated into Brazil, Mexico, Argentina, and the Rest of South America. In addition, the Middle East & Africa has been bifurcated into Africa, GCC countries, and the Rest of the Middle East.
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Asia Pacific is expected to be the dominating region in the global dairy ingredients market. In the Asia Pacific region, the increasing disposable income and growing population are expected to contribute to market growth. Moreover, the growing inclination towards a healthy lifestyle in countries such as China and India have generated demand for fortified and functional foods. This factor is expected to fuel the growth of the market in the region. Further, in North America, the strong presence of prominent companies and the high consumption of functional foods is anticipated to fuel the market growth in the region.
Prominent companies functioning in the global dairy ingredients market include AMCO Proteins, Glanbia plc, FrieslandCampina, Volac International Limited, Kerry Group, Epi Ingredients, Batory Foods, Fonterra Co-Operative Group, Ingredia SA, Cayuga Milk Ingredients, Arla Foods Ingredients, Dairy Farmers of America, Prolactal, and Interfood. Key players in the market are focusing on growth strategies such as expansions, investments, new product launches, mergers & acquisitions, partnerships, and agreements.
Recent Market Developments by Major Players
- In August 2018, Epi Ingredients launched Epiprot 60 UL, a protein concentrate. With this launch, the company entered the protein ingredients sector.
- In August 2018, Arla Foods Ingredient introduced Nutrilac CH-7694, a whey protein based ingredient. This ingredient reduces cream cheese manufacturing process time and increases yield.