The global dairy blends market is extremely consolidated as the top five players accounted for a combined share of 67.88% in the overall market in 2015. Transparency Market Research (TMR) notes that the leading companies—Fonterra Co-operative Group Limited, Agropur Ingredients, Doehler Group, FrieslandCampina, and Kerry Group-have dominated the market over the past few years gaining from their diverse product portfolio and consolidating their positions across various emerging economies. In the coming years, an increasing number of players exploring lucrative avenues will focus on developing nutritious foods for children, observes TMR. In addition, several companies are focusing on mergers and acquisitions to gain a competitive edge over others.
The global dairy blends market was valued at US$2.15 mn in 2015. Expanding at a CAGR of 9.0% during 2016–2024, the opportunities in the market is anticipated to be worth US$4.59 mn by the end of 2024.
Benefits of Low-Fat Diet to Drive Rapid Uptake of Dairy Blends in Europe
Based on application, the major segments are infant formula, bakery, beverages, ice cream, pharmaceutical lactose, and butter and cheese blends. Amongst the major applications, the bakery segment leads the global dairy blends market on account of soaring popularity of confectionery products, such as cocoa preparations. A substantial chunk of demand for milk-based infant formula is expected to come from working mothers, thereby bolstering the consumption of dairy blends along the forecast period. The bakery segment is poised to rise at a CAGR of 7.8% from 2016 to 2024.
The major regional markets for dairy blends market are Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and Latin America. Of these, the market for dairy blends in Europe is projecin this regional market will be driven by the increased inclination of consumers toward meeting their nutritional requirement through dairy blend products. The Europe market for diary blends is projected to attain a share of 35.91% by the end of forecast period.
Product Innovations in Dairy Blend Formulations to Unlock Exciting Opportunities
Rising disposable incomes, increased focus on health and nutrition, and the growing popularity of low-fat and low-carb foods are the key factors propelling the global dairy blends market. Hectic lifestyle, coupled with the increasing inclination toward healthy living, has led to a surge in demand for convenience foods. This is expected to boost the market over the forecast period. The proven benefit of dairy blends in combating a variety of infectious diseases has spurred the uptake among consumers of all groups.
However, the limited awareness of dairy blends and their benefits in less developed regions is a key factor hampering its demand in these regions. In addition, the indiscriminate consumption of dairy blends may cause ailments such as diabetes and various gastrointestinal problems among people, which is likely to impede the market growth to an extent. Nevertheless, the presence of vast unmet nutritional needs in several emerging markets is anticipated to offer promising opportunities to manufacturers and vendors. Furthermore, dairy blends present an opportunity to manufacturers of dairy food products introduce milk solids and milk replacers without incurring significant costs.
A large number of manufacturers in developed regions, such as Europe and North America, are focusing on product innovations and launching products with advanced formulations to attract consumers. Furthermore, advancement in blending technology is expected to open promising opportunities for diary product manufacturers.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Dairy Blends Market (Form - Liquid, Spreadable and Powder; Application - Infant Formula, Bakery, Beverage, Ice cream, Pharmaceutical Lactose, and Butter and Cheese Blends) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global dairy blends market is segmented based on:
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