The global dairy ingredients market is estimated to total US$ 66 Billion in 2023. The overall market value is expected to reach US$ 118 Billion by 2033, rising at a CAGR of 6% between 2023 and 2033.
The rise in consumption of ready-to-eat foods, cheese, yogurt, curd, and other functional food ingredients has climbed due to the presence of protein. The versatile application of dairy ingredients for food processing as well as the application of dairy ingredients in cosmetics is driving the market.
Dairy products are very rich in protein and essential amino acids due to the presence of casein and caseinates in milk. Lactose derivatives of milk find application in pharmaceutical procedures as prebiotics to promote gut health. Conventionally, milk and dairy consumption are linked with holistic diet quality.
According to the United Nations, the world population is expected to reach 9.7 billion by 2050 providing the nudge for dairy ingredients consumption. Convenient sales channels of discount retail chains, e-commerce, and supermarket retailing are benefitting the dairy ingredients market.
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Key Takeaways from the Market Report
- The global dairy ingredients market totaled sales of USD ~60 Bn in 2022.
- Milk powder is easy to store and has a greater shelf life as compared to pure milk and is projected to grow at a rate of ~4%. Milk powder is expected to remain the dominant market segment by product type, attributed to extensive applications across infant foods and growing consumption of ready-to-eat bakery and confectionery and ready-to-drink tea, coffee, and other milky beverages.
- Dairy ingredients precipitated from milk like casein and caseinates, and whey is a crucial raw material in the development of supplements and in other food processing applications.
- There is the application of dairy ingredients in cosmetics and personal care products in form of an aqueous solution of casein and milk as a natural moisturizer.
- Asia Pacific dairy ingredients market is expected to grow at 4.3%. India and China spearheading the Asia-Pacific dairy ingredients industry growth which is expected to pivot global growth given the rapid urbanization, rising number of convenience stores, and tech advancements in dairy processing.
- The components of dairy ingredients on the label are expanding for the sake of making food and beverage products more nutritional, proliferating demand for various dairy ingredients.
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Competitive Outlook
- Strategic alliances will aid the growth of the dairy ingredients market, like, the collaboration between India’s Future Group and New Zealand’s Fonterra co-operative dairy to develop and provide high-value consumer dairy products.
- Major dairy ingredient companies include Fonterra Co-operative Group, Lactalis Group, AMCO Proteins, Arla Foods, Cayuga Dairy Ingredients, Dairy Farmers of America, Epi Ingredients, Friesland Campina, Glanbia Plc, Gujarat Co-operative Milk Marketing Federation Ltd. , Ingredia SA, Kerry Group, Megmilk Snow Brand Co., Meiji Holdings Co., China Mengniu Dairy Company Limited, Yili Group, Nestle S.A., Saputo, Schreiber Foods Inc., Sodiaal Group and Volac International Ltd. and others.
- Product launches, collaborations with ministries and dairy councils, mergers, acquisitions, collaborations with tech companies, and advanced research and development are the primary strategies used by the aforementioned dairy ingredients companies.
- Furthermore, certain players also participate in organizing exhibitions and trade fairs to extend product outreach to newer customers and industry end-users.
“The dairy ingredients market is driven by their taste, flavor, and health benefits. Rising awareness about the dairy products along with increased use in the food and beverage industry in the form of spreadable, enhancers, and emulsifiers are key factors for market expansion,” says a lead analyst at Future Market Insights.
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About Food & Beverage Division at Future Market Insights
Key Segments
By Product Type:
- Proteins
- Milk Powder
- Milk Fat Concentrates
- Casein and Caseinates
- Lactose & Its Derivatives
- Whey
- Other Types
By Form Type:
- Powder
- Liquid
By Application:
- Bakery & Confectionery
- Dairy Products
- Sports Nutrition Products
- Infant Formulas
- Cosmetics
- Pharmaceuticals
- Other Applications
By Distribution Channel:
- E-Commerce
- Specialty Retailers
- Supermarket & Hypermarket
- Others
By Region:
- North America (U.S & Canada)
- Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
- Europe (Germany, Italy, France, U.K., Spain & Rest of Europe)
- South Asia & Pacific (India, Thailand, Indonesia, Malaysia, Australia & New Zealand and Rest of South Asia & Pacific)
- East Asia (China, Japan & South Korea)
- Middle East & Africa (GCC, South Africa, Israel & Rest of MEA)
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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