July 29, 2020
As per the study titled ‘Global Dairy Ingredients Market: Analysis By Type, By Source, By Production Method, By Application, By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) -- By Source, By Production Method , By Application (Dairy Products, Bakery and Confectionery Products, Infant Milk Formula, Sports and Nutrition, Others)’, available with Market Study Report LLC, global dairy ingredients market is projected to grow with a CAGR of 4.37% over 2019-2024.
Surging expenditure on dairy products, increasing health conscious population, new product development, expansion of retail & e-commerce sector, and improving logistics facilities are fueling the growth of global dairy ingredients market.
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Further, growing demand for customized dairy ingredients and notable spike in income of middle-class population across emerging nations are expected add considerable traction to global dairy ingredients market. However, availability of substitutes and volatile prices of these products remain as challenges for the industry, claims the report.
Based on type, global dairy ingredients market is divided into milk powder, whey ingredients, milk protein, casein & caseinates, and lactose & derivatives, among which, the foremost segment is expected to witness robust growth over the forecast duration. High demand of milk powder can be attributed to extended shelf life owing to its low moisture content.
In terms of source, global dairy ingredients market is bifurcated into whey based and milk based. Speaking of the production method, the industry is categorized into membrane separation method and traditional method. Whereas the application spectrum is fragmented into dairy products, infant milk formula, bakery & confectionery products, sports & nutrition, and others.
Geographically, global dairy ingredients market is split into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific market currently holds the largest share, fueled by increasing disposable income and inflowing investment by major manufacturers for catering to the massive consumer base in the region.
Leading players in global dairy ingredients market are Hoogwegt Group, Volac International Limited, Kanegrade Limited, Euroserum, Dairy Farmers of America Inc., FrieslandCampina N.V., Arla Foods amba, Saputo Inc., Glanbia plc, and Fonterra Co-Operative Group Limited.