The market for Fortified milk and milk products is expected to be worth USD 110 billion in 2022 and increase at a compound annual growth rate (CAGR) of 4.3% to reach USD 167 billion by 2032. According to recently released data from Future Market Insights’ market analysis, the demand for fortified milk and milk products worldwide is expected to increase by 2.9% year over year (Y-o-Y) in 2022.
Fortified milk and milk products are dairy products that have been enriched or fortified with micronutrients such as vitamins and minerals that are deficient in consumers of different age groups. Due to its diverse application and high nutritional value, milk is one of the most consumed dairy products globally.
Many conditions, such as osteoporosis, xerophthalmia, night blindness, anaemia, and many more, are sometimes caused by inadequate or absent amounts of certain vitamins and minerals. Eating fortified milk and milk products can help prevent these conditions. The health benefits of using fortified milk and milk products have led to a rise in demand for them globally. Consequently, the industry has experienced higher growth over time.
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The consumption of milk is now a norm in underdeveloped nations, and this is fostering the growth of the global fortified milk and milk product market. Hence, milk is consumed not only in developed or developing countries; its a global food product for both the poor and rich. The affordability of milk and milk products has a significant impact on market growth.
Fortified Milk and Milk Products Industry Driven by Growing Consumers’ Demand for Healthy Food Products
The saying “Health is wealth” has always been in the mind of every consumer because without health, wealth can be accumulated. Consumers are conscious of what they consume. They want quality food products that are beneficial to their health. And fortified milk and milk products fall under this category of food products. Fortified milk is a rich source of vitamins and minerals. The health benefits associated with the consumption of fortified milk and milk products is a significant growth driver for the industry.
In addition, the rise in disposable income coupled growing employment rate will drive the global fortified milk and milk industry forward over the forecast period. The reason for this is because there will be an increase in demand for the product. Also, the diversity in the application of milk will bode well for the market in the future.
Fortified Milk and Milk Products Industry: Region-wise Analysis
Due to the high disposable incomes within the region, North America is the largest market for fortified milk and milk products. However, the Asia Pacific region is expected to take over the market due to the emerging economy of countries like China, India, and Japan that are located within the region.
Most Asia Pacific nations are developing rapidly both in population size and economy-wise, and these will foster the growth of fortified milk and milk products over the forecast period.
Besides, the increase in FCMG companies within the region is projected to play a significant role in the growth of the Asia Pacific Market. Rising awareness regarding the adverse effect of nutritional deficiency is also expected to raise the market tremendously in the future.
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Fortified Milk and Milk Products Industry Restraint
Although milk is a readily available raw material, the fortified ones are expensive. The cost of purchasing fortified milk and milk products is a strong force expected to pull the market backward over the forecast period.
Fortified milk and milk products are available for consumers who are willing to pay the price. Unaffordability of fortified milk is a threat to the global fortified milk and milk products Industry, and this will hamper the industry from growth over the foreseeable period.
Furthermore, the rise in demand for fortified milk from the middle class and lower-middle-class population is expected to restrain the market from growing. This is due to the inability of the industry to meet the demand of consumers. Thus, consumers will have to find an alternative.
Fortified Milk and Milk Products Industry: Competitive Landscape
- Arla Foods UK Plc.
- Dean Foods Company
- GCMMF ltd
- Kraft Foods Group, Inc.
- Fonterra Group Cooperative Limited
- Nestle SA
- Sancor Cooperativas Unidas Limited
- Royal FrieslandCampina N.V.
Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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Global Fortified Milk and Milk Products Industry Segment Analysis
The global fortified milk and milk products Industry can be segmented on the following basis:
By Type
- Milk
- Milk Powder and Formula
- Cheese
- Dairy-Based Yogurt
- Flavored Milk
By Micronutrients
- Vitamin A, C, D
- Calcium
- Zinc
- Copper
By Sales Channel
- Departmental Stores
- Commerce
- Drugstores
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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