Dairy Ingredients Market Size, Share, Growth and Industry Forecast Report, 2018 to 2024
by Susan Hill Business ConsultantThe global dairy ingredients market size is expected to reach
USD 86.97 billion by 2024, according to a new report by Grand View Research,
Inc. The rising demand for dairy products in emerging markets including China
and India as a result of product innovation by companies including Nestlé is
expected to promote usage of milk powder as a functional ingredient. Rising
importance of frozen bakery goods as a result of new product launches by
companies including ABF is expected to promote the use of milk powder further
over the forecast period.
Infant formula is projected to witness revenue
growth at a CAGR of 4.8% from 2016 to 2024. The emergence of China and India as
a major hub for manufacturing baby products on account of increasing birth
rates on a domestic level is expected to promote market demand over the
projected period.
Further
key findings from the report suggest:
- Buttermilk powder is projected to foresee volume growth at a CAGR of
3.5% from 2016 to 2024 owing to its increasing use in batter or breading,
chocolates and processed cheese
- The global demand for permeate powder or dried permeate demand was
208.6 kilo tons in 2015. The product is manufactured after ultrafiltration
of milk to extract protein and fat which is used extensively as a
functional additive for the production of beverages, seasonings,
confectionery, soups, sauces, desserts, and baked goods.
- Sports
& clinical nutrition is expected to foresee fastest volume growth
at a CAGR of 4.3% from 2016 to 2024 on account of rising importance of
weight management and maintaining healthy lifestyle among sports
professionals and working professionals
- Asia Pacific is projected to witness volume growth at a CAGR of 4%
from 2016 to 2024. Rising disposable income of consumers in emerging
markets including China, Thailand, Bangladesh, Indonesia, and Malaysia is
expected to promote the consumption of food & beverage products and
thus likely to augment dairy ingredients market growth.
- Major dairy ingredients manufacturers include Fonterra, Dairy
Farmers of America Inc., Arla Foods, Volac International Limited,
Friesland Campina, and Glanbia Plc. where companies are focusing on
product innovation and manufacturing capacity expansion to increase their
presence in the global market.
- In June 2016, Arla Foods Ingredients established a new production unit in Denmark. The facility can produce 4,000 tons of high-quality whey and casein hydrolysates annually.
Access
full research report on global dairy ingredients market:
www.grandviewresearch.com/industry-analysis/dairy-ingredients-market
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Created on Oct 15th 2019 06:54. Viewed 377 times.