Global Dairy Blends Market: Snapshot
With the swift rise in disposable incomes across many parts of the world and changing lifestyle, the demand for specialty food ingredients such as dairy blends is on the rise. Apart from this, the low fat content of dairy blends is also leading to their rising uptake among health savvy consumers. The low cost factor of dairy blends and their easy refrigeration and storage in comparison to dairy products is also having a positive bearing on the market’s growth.
On the flip side, preference of food manufacturers to use conventional dairy products instead of dairy blends, and concerns among food manufacturers as well as consumers that dairy blends deteriorate the taste of food are acting as roadblocks to the market’s growth.
According to a report by Transparency Market Research, the global dairy blends market is predicted to expand at a CAGR of 5.8% for the forecast period between 2017 and 2022. At this pace, the market’s valuation of US$2,853.7 mn in 2017 will become worth US$3,789.3 mn by the end of 2022.
Dairy Mixtures Product Segment Expected to Stay Dominant through 2022
The global dairy blends market is studied in terms of product type, form, and region. The segments of the market depending upon product type are dairy mixtures, dairy/non-dairy ingredients, functional ingredients, carrier, and others. Of them, the segment of dairy mixtures holds dominance with the segment expected to represent 35.4% of the market in 2017. Expanding at a CAGR of 6.2% between 2017 and 2022, the dairy mixtures segment is expected to be worth US$1,367.7 mn by the end of 2022. The segment is displaying a year on year growth of US$71.5 mn surpassing the growth exhibited by any other product type segment.
In terms of form, the segments into which the global dairy blends market is divided are powder, spreadable, and liquid.
Backed by Economic Growth Asia Pacific to Emerge as Attractive Regional Market
The report studies the global dairy blends market across the regional segments of North America, Europe, Latin America, Asia Pacific except Japan, Japan, and the Middle East and Africa. Powered by the U.S., the North America dairy blends market is expected to dominate in 2017 amongst other key regional markets for dairy blends. Going forward too, the region is expected to maintain its lead position expanding at a CAGR of 6.9% for the forecast period between 2017 and 2022. In absolute value, the North America dairy blends market is expected to increase from US$1,161.8 mn in 2017 to US$1,623.5 mn by the end of 2022.
Asia Pacific except Japan is another significant market for dairy blends. The region is expected to display an attractive 5.6% CAGR between 2017 and 2022 backed by the rising disposable income and increasing spending on specialty food ingredients. The presence of an established dairy industry in Australia and New Zealand is also expected to have a positive bearing on the growth of this regional market.
Europe dairy blends market is expected to rise at a CAGR of 5% between 2017 and 2022 and become worth US$1,104.7 mn by the end of 2022.
Prominent participants in the global dairy blends market profiled in this report are Cargill Inc., Koninklijke Viv Buisman B.V., Dohler GmbH, Advanced Food products LLC, Agri-Mark Inc., Kerry Group plc, Agropur Cooperative, Hormel Foods Corp., Fonterra Cooperative Group Ltd., and All American Foods Inc. The presence of a large number of players of varying sized renders high competition in the global dairy blends market. Keen players in the market are hard focused on introducing novel products and have resorted to acquisitions and expansions to gain competitive advantage.
Global Dairy Blends Market: Overview
Dairy blends are gradually seeping into the food habits of a large chunk of population due to a multitude of factors. The market for dairy blends stands at the helm of development due to the inertness of people to use conventional dairy products and a renewed zeal to use these blends that are easy to refrigerate and store. Dairy blends also offer health benefits which is also driving their demand in this scenario of rising health consciousness. Although the food manufacturers are still lingering on to the usage of conventional products believing that dairy blends deteriorate taste and flavor of food, it is expected that the surge in demand for dairy blends would continue in the coming years.
The global market for dairy blends is segmented by product type, region, and form. Each segment is further divided into sub-categories which contribute to the total revenue generated by the given segment.
The researchers of the report have employed adept techniques to foresee the trends in the market for dairy blends in order to make accurate projections. The analysis of various market elements has been used to elucidate historic, current, and tentative future trends, which would help the market entities get a purview of the market.
Global Dairy Blends Market: Trends and Prospects
The global market for dairy blends is characterized by a surge in demand for blends which are healthier and have a longer shelf life. The consumers equilibrate the costs of dairy blends against the conventional dairy products where the former proves economical, thus, prompting the cost-concerned group of buyers to resort to dairy blends. Dairy blends also offer ease to the suppliers because unlike conventional dairy products, they do not require cold chains for supply, reducing the supply costs too. The dairy blends do not contain saturated fats because they are a blend of butter and vegetable oils or contain processed butter. This makes them healthier for consumption and the highly health conscious consumers are swift to resort to them.
Dairy blends also add to the taste and flavor of food when they are mixed with other food items, making them a relished side. moreover, they are extensively used with soy and protein in order make a healthy and tasty intake. Furthermore, the rising consumption pattern for nutraceuticals, traction towards fast food, and usage of dairy blends in packaging of juices are amongst other factors bolstering the demand for blends.
Although the reluctance of manufacturers to us dairy blends in foods is a threat to the market, the growing popularity amongst the general masses outdoes the negative impact from manufactures who are soon expected to endorse these blends.
Global Dairy Blends Market: Regional Outlook
The regional segmentation for the global market spans across North America, Latin America, Europe, Asia Pacific Except Japan, the Middle East and Africa, and Japan. Amongst these key regions, North America is expected to be at the forefront with a high CAGR of 6.9% over the period from 2017 to 2022. Owing to the increased disposable income and a propensity to spend on specialty foods, Asia Pacific is second most significant regions expected to register a CAGR of 5.6% between 2017 and 2022. Europe is also striding forward in terms of CAGR and market value, and is expected to reap a decent market revenue.
Global Dairy Blends Market: Competitive Landscape
The global market for dairy blends is experiencing stiff competitiveness due to the presence of all ranges if players from huge entities to small firms. The market players are expected to take the expansion and merger routes in order to outsmart competition. Product innovation is also an important parameter that could distinguish the market players. The contemporary players in the market include Kerry Group, Fonterra Cooperative Group Ltd., Doehler Group, Royal FrieslandCampina N.V., and Agropur Ingredients.
Market Segmentation: based on geography
- Middle East and Africa
- North America
- Asia Pacific except Japan
- Latin America
Market Segmentation: based on form
Market Segmentation: based on product type
- Functional Ingredients
- Carrier Dairy Blends
- Dairy/Non-Dairy Ingredients
- Dairy Mixtures