The global market size of functional dairy products reached US$ 44 billion in 2023 and is projected to expand at a stable compound annual growth rate (CAGR) of 4.5% from 2023 to 2033, targeting a valuation of US$ 67.1 billion by 2033.
Functional dairy products are recognized as having additional nutrition beyond the basic nutrition available in dairy products. They contain the most crucial elements of a balanced diet and work as an energy booster for consumers. Also, consumers are becoming more aware of how a healthy diet influences short-term and long-term health and wellness.
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In response to this, consumers are shifting towards nutrient-dense food to attain high nutrition beyond basic nutrition. Therefore, the functional dairy products market is expected to show lucrative growth in the forecast period. Functional dairy food products include milk, yogurt, cheese, butter, and many others. Amongst these, milk and cheese are expected to hold major shares owing to the high consumption level across the globe.
Nutritional Benefits of Functional Dairy Products to Increase Consumption Worldwide
Due to the extra health benefits of functional dairy products such as high nutrition value in milk, cheese, yogurt, and similar other items, the global market is projected to grow at a steady pace. Besides, changing lifestyles of consumers and increasing prevalence of chronic ailments such as high blood pressure and obesity among the ever-increasing population are driving the demand for functional dairy products.
In the current scenario, the global functional dairy products business is becoming stronger due to more technological advancements by manufacturers to provide better quality products and services. Thus, the reach of functional dairy products is substantially improving.
As a result, the functional dairy products industry has become one of the most important contributors to the global economy and it will continue to grow in the coming decade. Functional dairy products are also becoming more popular in terms of demand as a result of increased social media marketing initiatives by key players, which has a direct impact on youth and health-conscious consumers and helps to boost product sales.
“Functional dairy food items provide consumers with various health benefits in addition to basic nutritional value, which is leading to a shift in consumers’ daily diets to functional dairy foods. It is expected to fuel expansion of the functional dairy market over the anticipated timeframe,” says a lead analyst at FMI.
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Competitive Landscape
Since milk is centrally processed, quality control can be effectively implemented. It is widely consumed daily in predictable amounts by people of various age groups, and the cost is affordable among the target population. Using milk or dairy products to prepare functional products is an excellent strategy that can quickly improve the population’s nutritional status.
Due to its numerous benefits, milk has been the subject of numerous studies addressing the development of more active functional items using probiotics, vitamins, minerals, or other bioactive compounds. Key players in the global functional dairy products market are striving to develop new items by investing huge sums in research and development activities. A few other companies are also engaging in mergers and acquisitions to co-develop new products and strengthen their positions.
For instance,
- In June 2022, Danone North America launched Activia+ Multi-Benefit Probiotic Yogurt Drinks that include billions of active and live probiotics to help support one’s gut health. The product is also considered to be an excellent source of zinc and vitamin D & C for supporting the immune system.
Key Companies Profiled:
Archway Food Group; General Mills Inc.; Anand Milk Union Limited; Dairy Farmers of America Inc.; Kraft Foods Inc.; Arla Foods UK Plc.; Nestle SA; Parmalat S.P.A; Megmilk Snow Brand Co. Ltd; Dean Foods Company; Fonterra Co-operative Group; Lactalis International; Danone SA; Other
Functional Dairy Products Market Outlook by Category
By Product Type:
- Yogurt
- Cheese
- Butter
- Milk
- Others
By End Use:
- Retail / Household
- HoReCa
- F&B Industry
By Distribution Channel:
- B2B
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Traditional Groceries
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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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