According to a newly released market report by Future Market Insights (FMI), the overall market value of dairy blends is expected to reach USD ~4.5 Bn by 2032, rising at a CAGR of ~7.0% during 2022-2032. The regular segment is expected to lead the global dairy blends market over flavored blends.
The demand for dairy blends is increasing at a faster pace, due to alterations in social and economical patterns, augmenting urbanization, buying power, changes in meal patterns and existing food habits, awareness about health and wellness foods, and the desire to try new products. Dairy blends are becoming extremely popular, specifically among working-class people.
The use of dairy blends as an absolute and real taste enhancer to food products like bakery and confectionery is widely prevalent, blends are insipid and are hence mixed with sugar, cocoa powder, vegetable fats, dextrin, aroma, salt, or other flavorings to add flavor.
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Key Takeaways from the Market Report
- The global dairy blends market valued at USD 2.4 Bn in 2022.
- Spreadable dairy blends are becoming increasingly popular and are expected to witness the fastest growth at a CAGR of ~8%.
- Key contributing factors for the growth of spreadable dairy blends are their ability to be used as a low-fat alternative to butter and margarine.
- The bakery segment has emerged as the largest end-user for dairy blends and is a contributor to around 35% of dairy blends sales. Dairy blends are also used in applications like ice cream, confectioneries, ready-to-eat foods, and infant formulas.
- Growth witnessed in the dairy blends market is also steered by the expansion of infant formulas. According to FMI, infant formulas are expected to contribute lion’s share in the market.
- Powder dairy blends are widely used for a variety of functions like enhancing taste, emulsifying, dispersion, and thickening and are a good example of dairy as a carrier in the food processing industry.
- Asia-pacific is expected to witness the highest growth in dairy blends, as the Asian standard demand for milk fat is growing in contrast to vegetable fats. Milk Fat is a natural product and offers a better taste, therefore, the production of dairy blends is satisfying the growing demand in the region.
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Competitive Landscape
The dairy blends market is reforming from a consolidated market dominated by big corporations like Fonterra Group(New Zealand) to a fragmented one, thanks to consistent innovation, research and development, and support from government agencies to local producers.
Key Players in the dairy blends market are Abbott Nutrition, Cape Food Ingredients, Hormel Specialty Products, All American Foods, Cargill, Friesland Capina, SPX Flow, Agropour Ingredients, Kerry, AgriMark Inc., Doehler Group, Landell Mills- sure, Pacific blends, and others.
Major players are innovating varieties of blends and creating awareness by attractive packaging and marketing. Another trend observed is that major manufacturers are enhancing the nutritional content of blends by means of fortification, making dairy blends a healthier option over their counterparts.
“Manufacturers of dairy blends would gain significant profits by targeting the food and beverage industry, especially bakery, confectionery, and convenient food producers. The infant formula industry would also serve as a good potential market for dairy blends. Dairy blends manufacturers should continue being creative with their products as insipid tastes of dairy blends gives a lot of leeways to innovate with tastes, flavors, and nutritional properties of the blends,” says a Future Market Insights analyst.
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Key Segments
By Application:
- Infant Formula
- Ice Cream
- Bakery
- Confectionery
- Butter & Cheese Blends
- Beverages
- Others
By Flavor:
- Regular
- Flavored
By Form:
- Spreadable
- Powder
- Liquid
By Distribution Channel:
- B2B
- B2C
- Modern Trade
- Convenience Store
- Forecourt Retail
- Online Retail
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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