Dairy Ingredients Market Size Worth $105.29Bn, Globally, by 2028 at 3% CAGR - Exclusive Report by The Insight Partners
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Dairy Ingredients Market: Competition Landscape and Key Developments
The leading players in the dairy ingredients market are Agropur, Arla Foods Ingredients Group P/S, Lactalis Ingredients, Frieslandcampina, Saputo Inc., Fonterra Co-Operative Group Limited, Kerry, Amco Proteins, Prolactal, and Glanbia Ireland, among few others. These players are developing organic, non-GMO, gluten-free, halal, and kosher-certified dairy ingredients that are expected to cater to the rising demand for organic and clean-label products over the forecast period.
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Middle East & Africa is projected to grow at the fastest CAGR in the global dairy ingredients market over the forecast period. According to Food and Agriculture Organization (FAO), Saudi Arabia and the UAE are the two largest importers of whole milk powder, butter, and cheese. Consumers are becoming more sophisticated and expecting higher-quality foods as middle-income people grow, with dairy nutrition being one of the fundamental cornerstones of the scenario. As a result, the region's dairy manufacturers are continuously looking for sophisticated ingredients to integrate into the product formulations, ultimately driving up the need for the dairy ingredients market in the region.
Rising Popularity of Certified-Organic Dairy Ingredients to Open Lucrative Growth Opportunities for Dairy Ingredients Market:
Organic food and beverages have gained significant momentum over the last few years as consumers perceive them to be more nutritious and of superior quality. Consumers are ready to pay high prices for certified organic products as they claim more nutritional benefits than conventional ones. Certified-organic dairy ingredients are manufactured under strict regulations. The cattle are fed with organic feed free from pesticides and genetically modified organisms (GMOs). Dairy ingredients, such as lactose, milk powder, and milk proteins, are integral to infant formula. Parents are highly concerned about the health and nutrition of their babies. As babies are highly prone to infections from pesticides and other chemicals used in baby foods, parents heavily demand organic infant food. Hence, manufacturers of baby food are employing organic dairy ingredients to meet the specific requirements of infant nutrition.
Dairy Ingredients Market: Segmental Overview
Based on product type, the dairy ingredients market is segmented into milk powder, proteins, mat fat concentrates, lactose & lactose derivatives, and others. The milk powder segment is expected to account for the largest revenue share. Milk powder is obtained by spray-drying concentrated liquid milk. Both whole milk powder and skimmed milk powder can be obtained from whole milk. The purpose of drying liquid milk is to extend its shelf life.
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Moreover, milk powder is easy to store and transport, which reduces the overall transportation cost. Milk powder is used in infant formula, chocolates, candies, bakery products, soups, among other products. It easily blends with different formulations and is convenient to use. The increasing utilization of milk powder for a wide range of applications is expected to drive the product demand over the forecast period.
Based on the application, the dairy ingredients market is segmented into food & beverage, pharmaceuticals & nutraceuticals, animal feed, and personal care. The food & beverage segment held the largest share in the global dairy ingredients market. Dairy ingredients have various nutritional benefits. They are affordable and widely available sources of animal proteins. Moreover, they are rich sources of amino acids, carbohydrates, minerals, vitamins, and other nutrition. Owing to the high nutritional content of dairy ingredients, manufacturers are using it as a raw material in their products. The demand for dairy ingredients is rapidly growing across the food sector. The food and beverage segment is expected to remain a prominent application segment for dairy ingredients due to the rising consumption of healthy nutritional enriched products.
Impact of COVID-19 Pandemic on Dairy Ingredients Market:
Many sectors faced unprecedented challenges due to the outbreak of the COVID-19 pandemic and restrictions imposed by the governments. The food and beverage sector also faced a decline in profits due to the shutdown of manufacturing units and foodservice outlets, manufacturing difficulties, supply chain disruptions, and labor and raw materials shortages. This factor has negatively impacted the growth of the dairy ingredients market. However, due to the sudden impact of the COVID-19 outbreak, the market witnessed a growth in demand for products that help in boosting immune health. As a result, the need for dairy ingredients increased significantly. However, due to the shutdown of manufacturing plants, there was a shortfall in product supply which affected the profits of many small-scale and medium-scale manufacturers of dairy ingredients. With the rising vaccination rates and relaxation of government restrictions, the dairy ingredients market is projected to witness positive growth over the coming years.
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