Dairy Flavors Market Size & Future Outlook Report 2020-2027
According to trusted estimates, global dairy flavors market is projected to experience remunerative growth through 2027. Growing popularity of dairy products on account of their health benefits, in tandem with rising demand for specialty products such as flavored yogurt and feeta cheese is augmenting the demand for a variety of dairy flavors. Moreover, the product has witnessed high adoption across the food & beverage vertical, as it not only reduces manufacturing cost, but also accentuates taste profile of food items, which further is fueling industry expansion.
Rising consumer preference towards natural and clean label products, which is built upon healthy lifestyle trends and concerns associated with artificial ingredients, is expected to present new opportunities for global dairy flavors market growth. Accordingly, the demand for low fat, calories, and sugar content in products has augmented the demand for dairy flavors in every part of the world. In similar fashion, product innovations like flavored drinkable yoghurt is projected to enhance the business outlook in the coming years.
Based on flavor type, global dairy flavors industry share is fragmented into butter, cream, cheese, milk, yogurt, and others. Milk segment is expected to gain considerable traction over the projected timeline, attributable to increased milk consumption especially among children to ensure a healthy growth. Shift from carbonated beverages to healthier flavored milk products among individuals due to growing health consciousness amid the fast paced lifestyle is enhancing the overall industry outlook.
In terms of form, global dairy flavors market is categorized into paste, powder, and liquid. As per credible sources, liquid segment is likely to showcase robust growth over the forecast timeframe. That being said, high growth can be credited to product features like high during processing, excellent miscibility, and applicability in several bakery & confectionery, dairy & frozen, and processed items enhances segmental profits.
Elaborating on the application spectrum, global dairy flavors industry size is defined by bakery, confectionery, dairy products, soups and sauces, beverages, and others. The study claims that beverages segment will witness modest gains in the forthcoming years, attributable to use of dairy flavors in a wide variety of beverages such as milkshakes, smoothies, and protein shakes.
Bakery segment, during the assessment period, will continue to witness a sustained demand for dairy flavors as bakery items like biscuits and bread are considered as staple food in middle and lower income nations.
From a regional frame of reference, worldwide dairy flavors industry is split into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Europe and North America are leading contributors to the overall market revenue, largely due to the high concentration of leading flavor manufacturers in these regions.
Asia Pacific dairy flavors market is slated to record a strong growth rate during 2020-2027, pertaining to rising disposable income, massive population base, along with high production and consumption of dairy-based products in the region. In fact, in 2019, India consumed 77,680 metric tons of fluid cow milk, with China consuming 21,70 metric tons, cites Statista. The high sales of processed products like paneer and butter, particularly in nations like India, is strengthening the revenues from APAC.
Leading players that have a pivotal stake in global dairy flavors market share include Advanced Biotech, Bluegrass Dairy & Food Inc., Synergy Flavors, Ornua Co-operative Ltd., H.E Stringer Flavours Ltd., Kerry Group, The Edlong Corp., CP Ingredients, Inc., Dairy Chem Inc., and Butter Buds Inc.