According to a new market report published by Acute Market Reports Inc., “Dairy Ingredients Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029”, the worldwide dairy ingredients market was valued at US$ 61.72 Bn in 2020.
Browse the full report at https://www.acutemarketreports.com/report/dairy-ingredients-market
Market Insights:
Dairy industry has been an essential contributor to the overall economy, and is expected to serve as a growth potential sector in the next five to six years primarily in Asia Pacific countries. This is due to increased dairy products consumption in countries such as India, Australia, New Zealand, Japan and others. Increasing dairy products consumption is further anticipated to fuel the demand for dairy ingredients in these countries. In addition, rising inclination of consumers towards western food especially dairy food products is bolstering dairy ingredients market growth globally. However, milk supply especially in countries such as India and China is not sufficient as compared to the subsequent demand, which is concern among dairy ingredients manufacturers.
Of different applications, sports and clinical nutrition segment is expected to record significant growth in the forthcoming years. However, dairy food products segment holds largest market share throughout the forecast period, which is intended to increase adoption of dairy ingredients among the manufacturers, thus fuelling the dairy ingredients market growth. Also, there is increased per capita consumption of products such as cheese, milk, butter and other dairy blends among consumers in Europe as well as in Asia Pacific. This is surging demand for dairy ingredients, thus fuelling the dairy ingredients market growth globally.
Among different regions, Europe is anticipated to dominate the market in terms of revenue share contribution, followed by Asia Pacific and North America. Asia Pacific is expected to record highest CAGR during the forecast period. Improving supply chain in countries such as China and India, technological advancements in the dairy industry and new dairy-based product launches across the globe are some of the key factors bolstering the dairy ingredients market growth in the region.
Competitive Insights:
Some of the prominent players identified in the dairy ingredients market include Arla Foods, Fonterra Co-Operative Group Limited, Glanbia PLC, Euroserum, Saputo Inc., Dairy Farmers of America, Groupe Lactalis, Volac International Limited, Frieslandcampina, Devondale Murray Goulburn, Bluegrass Dairy and Food, Inc. and Olam International. Dairy ingredients manufacturers are keen on developing smooth supply chain processes coupled with strategic alliances with local players.
Key Trends:
