As per the analysis by Market Research Future (MRFR), the global dairy ingredients market is estimated to garner considerable market value, while expanding at a notable CAGR by 2023.
The increasing demand for ready-to-eat dairy products is anticipated to be a significant factor driving dairy ingredients market 2020. The growing importance of nutritional food is projected to surge the demand for dairy ingredients and boost the market during the evaluation period. Furthermore, the rising need for dairy products like milk powder, milk protein isolates, and others can boost the requirement of dairy ingredients and strengthen the market. In addition, the expansion of confectioneries and dairy industry are recognized to be another potent cause which can augment the demand for dairy ingredients and favor the market growth.
On the contrary, the inclination towards the vegan diet and plant-based products are anticipated to hinder the market growth during the evaluation period. However, increasing urbanization, along with prior stated factors, are projected to strengthen the market in the forecast period.
The segment analysis of the global dairy ingredients market size is done by application and type.
The application-based segments of the global dairy ingredients market are bakery & confectionery, dairy and frozen desserts, convenience foods, sports & clinical nutrition, baby food & infant milk formula, and others. Among all, the bakery and confectionery based segment is likely to dominate the application segment. On the other hand, the formula-based segment is expected to experience high growth owing to the growing demand for baby nutrition across the globe.
The type-based segments of the global dairy ingredients market are whey ingredients, milk powder, protein ingredients, casein and caseinates, milk protein isolates, lactose and its derivatives, and others. Among all, milk powder is anticipated to dominate the type-based segment, followed by whey ingredients.
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Based on the region, the global dairy ingredients market is segmented into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, the APAC region is estimated to dominate the global dairy ingredients market during the forecast period. The rise in health awareness is likely to play a significant role in boosting the regional market. Furthermore, developing countries like India and China are anticipated to improve the manufacturing capacity of baked goods and sport nutrition products which can favor the market expansion. The growing demand for dairy industry trends is recognized to be another potent factor in driving the regional market during the forecast period.
North America is projected to play a significant role in strengthening the regional market during the forecast period. The presence of economically strong nations is likely to play a notable role in expanding the market. The growing facilities in the supply chain industry, along with strong support from the government to promote the dairy sector is anticipated to underpin the regional market.
Europe is anticipated to amass significant market value during the review period owing to the notable contribution by the U.K. and Germany. The increasing awareness about the benefits of dairy ingredients is projected to be another factor developing the regional market.
The MEA region is anticipated to foresee a notable growth during the forecast period. The participation of the Middle East countries like UAE, Saudi Arabia, and Qatar are expected to make a significant contribution by promoting the domestic food & beverage sector.
The established players of the global dairy ingredients market are Cargill (U.S.), Glanbia Plc. (Ireland), Friesland Campina (The Netherlands), Dairy Farmers of America (U.S.), Fonterra Co-operative Group (New Zealand), Groupe Lactalis (Germany), and Arla Foods. (Denmark).
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