The global dairy ingredients market has expanded significantly since the beginning of 2022, owing to increasing milk products consumption amid heightened concerns over immunity enhancement to counter the novel coronavirus pandemic. Characterized as an essential service, milk production has witnessed a record increase, prompting manufacturers to augment their presence in key geographies.
In its recently published report, ESOMAR-certified Future Market Insights (FMI) offers an exhaustive yet unbiased analysis of the dairy ingredients market, and takes into account the key dynamics responsible for the projected growth trajectory through 2032.
Global dairy ingredients market is estimated to total USD ~60 Bn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach USD ~90 Bn by 2032, rising at a CAGR of 4.4% between 2022 and 2032.
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Key Takeaways Emerging economies in the Asia-Pacific, specifically India & China to generate immense green spaces Milk proteins segment to expand at a noteworthy rate, owing to increased adoption of whey and casein proteins to manufacture dairy products Bakery and confectionery to remain principal application area through 2030 E-commerce sales channels acquiring popularity amid the COVID-19 outbreak Livestock-sourced dairy products to remain dominant, owing to high bovine milk consumption
“Market players are emphasizing on forging strategic alliances with government owned milk co-operatives and milk distribution grids so as to expand their product outreach and deepen penetration,” remarks the FMI analyst.
COVID-19 Impact Insights
The COVID-19 pandemic has escalated sales of dairy ingredient products worldwide. As more consumers drift towards consumption of dairy products owing to perceived nutritional benefits, sales have proliferated credibly in recent months.
Although, the initial months of the pandemic reported a significant downswing due to the imposition of stringent lockdowns. Beverage giant Yakult, for instance, reported a significant drop in sales in the first two months of the pandemic crisis, to the tune of 10% in February.
Fortunately, countries have realized the importance of keeping the industry afloat and are taking steps to mitigate the adverse impact of the pandemic. For example, the Indian government has slashed the goods & services tax (GST) on ghee and milk fat from 12% to 5%.
On similar lines, the Trump Administration announced a US$ 15.5 billion bailout package for the U.S dairy industry. It went a step further by purchasing milk and converting it into commodities which could then be used as global humanitarian aid.
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Competitive Landscape
The global dairy ingredients market is characterized by the presence of numerous manufacturers, rendering the market competitive in nature. Prominent players in the landscape include AMCO Proteins, Fonterra Co-operative Group, Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF), Meiji Holdings Co. Ltd, Nestle S.A, Kerry Group and Ingredia SA among others.
In September 2020, Fonterra Co-operative Group’s Australian division signed an agreement to acquire Dairy Country with the objective of strengthening the former’s AU$ 2.6 billion retail cheese business portfolio. The acquisition was undertaken for AU$ 19.23 million.
In 2017, Nestle Group announced the launch of its MILO cocoa-malt beverage in the Indian sub-continent, which was realized in 2019. This launch has helped Indian consumers have enhanced doses of essential micronutrients such as Vitamins B2, B3, B6, B12, C and D respectively.
More Insights on FMI’s Global Dairy Ingredients Market Report
By Product Type :
Proteins Milk Powder Milk Fat Concentrates Casein and Caseinates Lactose & Its Derivatives Whey Other Types
By Form Type :
Powder Liquid
By Application :
Bakery & Confectionery Dairy Products Sports Nutrition Products Infant Formulas Cosmetics Pharmaceuticals Other Applications
By Distribution Channel :
E-Commerce Specialty Retailers Supermarket & Hypermarket Others
By Region :
North America (U.S & Canada) Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Europe (Germany, Italy, France, U.K., Spain & Rest of Europe) South Asia & Pacific (India, Thailand, Indonesia, Malaysia, Australia & New Zealand and Rest of South Asia & Pacific) East Asia (China, Japan & South Korea) Middle East & Africa (GCC, South Africa, Israel & Rest of MEA) About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.