The top five players operating in the global dairy held a lion’s share of 67.88% in the overall market in 2015. The leading players, Fonterra Cooperative Group Ltd., Doehler Group, Agropur Ingredients, Friesland Campina, and Kerry Group, have retained their position over the past few years through expanding their product portfolio and strengthening their position in several emerging economies. “Players are expected to focus on developing nutritional food items for children as they are an important target audience for the global market,” states the lead author of this research report.
According to the research report, the global dairy blends market is expected to be worth US$4.59 mn by the end of 2024 as compared to US$2.15 mn in 2015. During the forecast years of 2016 and 2024, the global market is likely to progress at a CAGR of 9.0%, observes Transparency Market Research.
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Europe Assumes Lead in Global Market due to High Awareness about Benefits of Dairy Blends
In terms of geography, Europe is projected to lead the global market. The regional market is poised to acquire a share of 35.91% during the forecast period due to the growing awareness about consuming dairy blends amongst overall consumers in Europe. The demand for bakery products is anticipated to remain high all throughout 2016 and 2024 due to increasing inclination of consumers toward confectionary items. Owing to these reasons, the bakery segment is anticipated to rise at a CAGR of 7.8% during the forecast years.
Preference for Convenient Food Items Favors Market Growth
The increasing emphasis on fitness and health are the primary growth drivers for the global dairy blends market. It is a well-known fact that adequate consumption of dairy products helps in building immunity and strength to fight infectious diseases. Owing to this very reason, several consumers are opting for including dairy blends in their everyday diets. Rising disposable incomes, busy lifestyles, and increasing focus on living healthy are the key components ensuring the continued growth of the global market.
The research report also indicated that growing number consumers are opting for convenient food items due to lack of time for elaborate meals. Survey shows that about 90% consumers prefer convenient eating options, which is expected to boost the demand for products that use dairy blends. Several emerging markets are expected to offer lucrative opportunities to the global dairy blends market in the coming years. Product innovation and differentiation are likely to be cornerstones for expansion for several existing players in the coming years. Analysts anticipate that the demand for bakery items will remain at an all-time high. However, the demand for infant formula is projected to witness a remarkable growth rate as several working mothers will opt for it due to lack of time.
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Health Complications due to Dairy Products to Act as Growth Impediment
Though the market has bright prospects, it is likely to suffer due to several reasons. The primary reason for the retarded growth of the market will be due to possibilities of complications for diabetic patients after consuming dairy blends. The same can occur in cases of patients suffering from gastrointestinal diseases along with the ones suffering from obesity. Thus, patients with these diseases are advised not to consumer dairy blends, which could hamper the growth of the global market.
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