Dairy Ingredients Market Segments, Key Players, Drivers, Trends and Forecast 2024
The global Dairy Ingredients Market size was estimated at 13.7 million tons in 2015 and is expected to reach USD 86.97 billion by 2024. Factors such as population starting to age, increased health issues, better awareness about the benefits of food products rich in nutrition, better production and sluggish lifestyle are expected to benefit the overall market. A shift in food habits, from customary food to nutritional food has been observed. The industry is extremely competitive with a huge number of companies trying to capture the market. It comprises of few leading global companies and numerous minor regional companies. The increased awareness about the health benefits of the food items rich in nutrition is expected to have positive impact on the market.
The major dairy ingredient sources are milk and whey. These ingredients have various applications which include convenience foods, bakery, sports and clinical nutrition, confectionary, dairy products, infant milk formula, and other food products like beverages, non-dairy creamers, meat, etc. On the basis of type, the dairy ingredient is segmented into lactose, milk powder, casein & caseinates, MPC & MPI and whey ingredients.
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The global market for dairy ingredients is anticipated to have a strong growth rate in the forecast period. It is sustained by the increased global awareness among the consumers about the benefits of a healthy and nutritious diet. Market dominator in the dairy ingredients industry is Asia-Pacific at this time. It is followed by Europe and North America. As the income levels and the disposable incomes in the Asia-pacific region is growing, it is projected to witness the highest growth in the forecast period among all the regions worldwide.
The increased demand for healthy food along with infant rich population in the region drives the growth and projects it to be the dominator. However, Japan will witness a relatively lower growth rate as compared to the rest of Asia-pacific region. Additionally, the U.S., India and China is expected to show an increased demand for the healthy and nutritional food in the forecast period on account of an increased and better production of dairy products and food. Over the past few years, milk powder has been the key product in the dairy ingredient industry. Milk protein isolates and milk protein concentrates are expected to experience similar demand in the coming years owing to its high usage in the sports activities which is increasing on a high pace globally. Whey protein is also expected to experience increased demand in the future.
It comprises of glutamine which is highly beneficial in replenishing the muscles and inhibits the decline in the immune function which can occur from increased physical activity. Consumers are becoming increasingly active and health conscious. Whey protein helps to increase the muscles and stimulates growth. Skim Milk Powder (SMP) is gaining popularity in the market. The United States and The European Union are the major SMP producers worldwide. They produce above half of the world’s supply of SMP. In 2013, the U.S. had the foremost share signifying 28% of exports. Whereas, the E.U. exhibited around 21% of the total exports in the same year.
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Industry participants are investing in R&D and new production sites to come up with innovative production techniques to cater to the existing hindrances in the market. Major industry participants include Euroserum (France), Dairy Farmers of America (U.S.), Murray Goulburn Co-Operative Co. Limited (Australia), Saputo Inc. (Canada), Arla Foods. (Denmark), Volac International Limited (U.K.), Fonterra Co-Operative Group (New Zealand), Groupe Lactalis (Germany), FrieslandCampina (The Netherlands) and Glanbia Plc. (Ireland). These companies provide a holistic view to the competitive scenario of the dairy ingredients market.
The major participants in the industry have been adopting different competitive strategies to cater to the needs of the consumers and emerging markets, increase production capacities and maintain their market share. These strategies consist of new product launches, strategic expansions, investments, collaborations, joint ventures, acquisitions and partnerships. The dominant players in the industry concentrate on increasing their sales and market presence rather than introducing new products and technologies across the globe. For new investment prospects, companies considered the high-growth regions, for instance, Latin America and Asia-pacific. These strategies facilitated the increase of their large partner and consumer base.
The global dairy ingredient market is majorly concentrated market dominated by share. The consumption pattern of the industry fluctuates with different geographies according on the income levels. The significant success factor of the industry is the sourcing of milk. Product differentiation and customer service adds value and boosts the growth of the industry. In terms of revenue, the market is dominated by whey ingredients and in terms of shipment units, it is dominated by lactose.
The product prices are highly volatile in nature on account of the unpredictable climatic conditions and inconsistent milk supply. This poses a serious threat to the industry. Canola, soy and rapeseed are the plant proteins which are the major substitutes to the dairy products and cause threat. High concentrate ingredients such as whey proteins, milk protein isolates are majorly found in developed countries like the U.S., Germany, and France. While, the low concentrate ingredients are more prevalent in the developing countries.
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