As per the reports published by FMI, the global reduced fat dairy market is poised for substantial growth, projected to expand from US$ 75.75 billion in 2023 to US$ 119.91 billion by 2033, with a steady CAGR of 4.7%. This robust growth is driven by increasing health consciousness, a rising prevalence of lifestyle-related diseases, and the growing trend of active and nutritious eating habits.
Health Awareness and Lifestyle Changes Fuel Market Expansion
The surge in health consciousness globally is a primary driver of the reduced-fat dairy market. Consumers are increasingly aware of the health risks associated with high-fat diets, prompting a shift towards reduced-fat dairy products. These products offer numerous health benefits, including the prevention of hypertension, colon cancer, and other chronic diseases, which are crucial in driving market demand.
Additionally, the trend towards an active lifestyle and enhanced consumption of foods with high nutritional values is creating lucrative growth prospects for the reduced-fat dairy market. Urban populations and millennials, in particular, are gravitating towards these products due to their high-quality protein content and other essential nutrients.
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Several factors are propelling the growth of the reduced-fat dairy market:
- Health Benefits: Reduced-fat dairy products help manage weight and reduce the risk of heart diseases and high blood pressure, making them a preferred choice among health-conscious consumers.
- Taste and Quality: The rich and enhanced taste of reduced-fat dairy products is attracting consumers, further accelerating market expansion.
- Prevalence of Diseases: Rising cases of obesity and diabetes are fueling the demand for reduced-fat dairy products as part of a healthier diet.
- Urban and Millennial Demand: Increased awareness about the benefits of reduced-fat dairy products among urban populations and millennials is driving sales.
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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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