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: http://www.grandviewresearch.com/industry-analysis/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.
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-dairy-ingredients-market
About
Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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