As per the reports published by FMI, the global reduced fat dairy market is projected to have an average-paced CAGR of 4.7% during the forecast period. The current valuation of the market is US$ 75.75 Bn in 2023. The market value of the reduced fat dairy market is anticipated to surpass a market valuation of US$ 119.91 Bn by the year 2033. A historical market valuation of US$ 72.35 Bn has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
FMI has analyzed that people across the globe are becoming conscious about their health and are making efforts to avoid diseases related to the heart and other organs. The rising trend of gaining physical fitness is increasing the prominence and consumption of reduced-fat dairy products.
In addition to these aspects, consumers in developing economies are more likely to prefer the enhanced and rich taste of reduced fat dairy products, thereby making a significant contribution to the growth of the market through 2033.
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Restraining Factors of the Market
It is identified that the manufacturing processes are complex for reduced fat dairy products and can limit the growth of the industry in the forthcoming years. Furthermore, it is witnessed that a significant section of the global population suffers from allergies to dairy products and lactose intolerance. These elements are also recognized to curb the growth of the market through the projection period.
Key Takeaways from the Reduced Fat Dairy Market
- The reduced fat dairy market has registered and approximate rise of US$ 3.4 Bn from the base year to the current.
- The cereals segment is estimated to record a CAGR of 4.6% through the forecast period. At present, the market is accountable for a value of US$ 10.30 Bn in 2023.
- The hypermarket and supermarket segment is estimated to have dominance through the period 2023-2033, with a CAGR of 6.2%.
- As per the analysis of FMI, the U.S. is likely to dominate the reduced fat dairy market through 2033, advancing at a CAGR of 9%.
“Increased consumer spending on health-benefit products and demand for attaining physical fitness is likely to unravel lucrative growth prospects for manufacturers in the reduced fat dairy industry.” – Says an FMI Analyst.
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Competitive Landscape in the Reduced Fat Dairy Market
The manufacturers in the reduced fat dairy market are indulging in activities that would fuel the rapid advancement of the aircraft sensor industry through the forecast period. They are collaborating and entering into strategic partnerships with other prominent players proliferating in the market. Additionally, they are making significant investments in research and development activities to further launch new product lines and make innovations to the taste of the products. They are entering into mergers and acquisitions to further strengthen their foothold in the market.
Danone (France), Fonterra Co-operative Group Limited (New Zealand), MEGMILK SNOW BRAND Co.,Ltd. (Japan), Arla Foods amba (Denmark), Nestlé (Switzerland), and Organic Valley (U.S.) are some of the key players in the market.
Recent Developments
- In January 2020, the Coca-Cola Company announced the complete acquisition of the U.S.-based dairy beverage brand Fairlife. This acquisition was estimated to help Coca-Cola Company to increase its footprint in the reduced fat dairy beverages market.
- In January 2020, Stonyfield Organic made attempts to expand its product portfolio by launching new low-fat dairy probiotics, a reduced fat dairy product that is designed for supporting immune health. This product includes organic low-fat milk and real fruits.
- In March 2018, Morninga Natural Foods Inc expanded its product portfolio by launching the reduced-fat Japanese-style yogurt drink. This product was made available in three flavors – strawberry banana, coconut, and original aloe vera.
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Key Segments in the Reduced Fat Dairy Market
By Product:
- Reduced fat dairy products
- Ice cream
- Yogurt
- Skim milk
- others
- Reduced fat cereals products
- Reduced fat drinks
- Reduced fat snacks products
- Others
By Distribution Channel:
- Hypermarket/supermarket
- Convenience store
- Specialty store
- Online retail
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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