According to a new market report published by Credence Research Inc., “Dairy Ingredients Market – Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023”, the worldwide dairy ingredients market was valued at US$ 46.7 Bn in 2015.
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The dairy sector has been a key contributor to the overall economy and is expected to serve as a growth potential sector mainly in Asia Pacific countries over the next five to six years. This is due to increased consumption of dairy products in countries such as India, Australia, New Zealand, Japan and others. Increased consumption of dairy products is also expected to increase demand for dairy ingredients in these countries. Moreover, the growing inclination of consumers towards western food, particularly dairy food products, is boosting the demand for dairy ingredients globally. Nevertheless, the supply of milk, especially in countries such as India and China, is not adequate compared to the subsequent demand, which concerns the producers of dairy ingredients.
Sports and clinical nutrition are expected to see significant growth in various applications in the coming years. Nevertheless, the segment of dairy food products holds the largest market share during the forecast period, which is intended to increase the acceptance of dairy ingredients among manufacturers, thereby boosting the growth of the demand for dairy ingredients. There is also an increase in the per capita consumption of products such as cheese, milk, butter and other food blends amongst consumers in Europe and Asia Pacific. This is a growing demand for dairy ingredients, fuelling the growth of the dairy ingredients industry globally.
In terms of revenue share contributions, Europe is expected to dominate the market among the various regions, followed by Asia Pacific and North America. Asia Pacific is expected to record the highest CAGR in the forecast period. Improving the supply chain in countries such as China and India, technological advances in the dairy sector and the global launch of new dairy products are some of the key factors driving the growth of the dairy ingredients market in the region.
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.
Automation in the dairy industry
Functional food products are anticipated to emerge as potential segment for companies operating in the dairy ingredients market
Strategic alliances among players across the value chain to sustain competitiveness in the market