As per the reports published by FMI, the global reduced fat dairy market is experiencing significant growth, with a projected CAGR of 4.7% during the forecast period. In 2023, the market is valued at US$ 75.75 billion and is anticipated to surpass US$ 119.91 billion by 2033. The growth of the market is driven by several factors, including a surge in health consciousness, the growing trend of an active lifestyle, and rising preference for the rich taste of reduced-fat dairy products.
The demand for reduced-fat dairy products is fueled by increasing health awareness among consumers worldwide. Consumers are seeking products with high nutritional value to support their active lifestyles, leading to a rise in consumption of reduced-fat dairy items. Additionally, the taste appeal of reduced-fat dairy products and their perceived health benefits, including prevention of diseases like hypertension and colon cancer, are driving market growth.
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Growing Factors:
- Health Consciousness: A surge in health consciousness among consumers is propelling the demand for reduced-fat dairy products, as they are perceived to offer high nutritional value and health benefits. The active lifestyle trend further accelerates the market expansion, as consumers seek products that support their fitness goals.
- Taste Appeal: The rich and enhanced taste of reduced-fat dairy products is attracting consumers, especially in urban areas and among millennials. Products like low-fat drinkable yogurt and kefir are gaining popularity due to their flavorsome taste and functional properties, contributing to market growth.
- Health Benefits: Reduced-fat dairy products offer several health benefits, including prevention of diseases like hypertension and colon cancer. Consumers are increasingly recognizing these benefits and incorporating reduced-fat dairy items into their diets, driving market demand.
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.
Key Takeaway for Investors:
- Steady Market Growth: The reduced-fat dairy market presents steady growth opportunities for investors, with a projected CAGR of 4.7% and a market valuation expected to surpass US$ 119.91 billion by 2033. Investing in companies involved in the production and distribution of reduced-fat dairy products can yield significant returns amid growing consumer demand.
- Consumer Trends: Key consumer trends driving market growth include increasing health consciousness, preference for products with high nutritional value, and taste appeal. Investors should closely monitor these trends to identify investment opportunities and capitalize on the expanding reduced-fat dairy market.
- Regional Opportunities: Regions like North America, Europe, and Asia Pacific offer significant growth potential for the reduced-fat dairy market, driven by factors such as rising health awareness and prevalence of diseases like obesity and hypertension. Investors should explore opportunities in these regions to maximize returns in the dynamic reduced-fat dairy market.
- Competitive Landscape: Key players in the reduced-fat dairy market include dairy companies and food manufacturers offering a wide range of reduced-fat dairy products. These companies are investing in product innovation and marketing strategies to cater to evolving consumer preferences and gain a competitive edge in the market.
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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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