The 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.
U.S. dairy ingredients market volume, by application,
2013 - 2024 (Kilo Tons)
Browse full research report on Dairy
Ingredients Market
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.
For more information: http://www.grandviewresearch.com
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