Global Dairy Blends Market: Snapshot
Dairy has become an integral ingredient of a majority of meals, promising excellent nutrition and taste to its consumers. The increasing consumption of dairy blend over the past few years are attributable to the introduction of a wide range of products in the global market. The rising population and the increasing awareness about benefits of consuming dairy have triggered a significant demand for various types of dairy blends. According to the research report, the global dairy blends market are expected to be worth US$4.59 bn by the end of 2024 from US$2.15 bn in 2015. Between the years of 2016 and 2024, the global market is anticipated to progress at a CAGR of 9.0%.
Awareness about Health Benefits of Dairy Blends Augments Demand
The global dairy blends market has been witnessing a steady growth rate due to increasing consumption across the globe. The consumption is being fuelled by rising population and their growing preference for low-fat food items. The increasing emphasis on healthy food items that offer excellent nutrition has also sparked a significant demand for dairy blends. To meet the mammoth demands, the majority of the players in the market are focusing on increasing their production and bringing product innovation. The market is also benefitting from growing demand for convenient food items as busy lifestyles leave little or no room for elaborate meals.
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The increasing investments in research and development and implementation of impactful business and marketing strategies are also expected to have a significant impact on the global market. The fact that adequate consumption of dairy blends helps in building immunity and improves healthy are also promoting the growth of the market.
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However, the global market faces challenges such as poor rate of awareness amongst several potential consumers, which is hampering its growth. Furthermore, the fact that excessive consumption of dairy blends can complicate existing healthy issues such as diabetes, gastrointestinal problems, and obesity is also restraining the growth of the overall market.
Bakery to Remain Key Applicant of Dairy Blends during Forecast Period
The forms of dairy blends available in the global market are liquid, spreadable, and powder. These are applied in infant formula, beverages, pharmaceutical lactose, bakery, butter, and cheese blends. Additionally, dairy blends are also used in making dairy feeds and yogurt. Out of the various applications, the bakery segment holds a dominant position in the global market due a growing preference for confectionary products. Analysts anticipate that the infant formula segment will gain momentum in the coming years as several working mothers will opt for it.
Europe Shows Dominance in Global Market
In terms of geography, the global dairy blends market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. According to the study, the Europe dairy blends market is expected to witness a spike as consumers are realizing the need to consume the right kind of food for proper nutrition. The growing awareness about intake of low-calorie foods and the foods that are of low fat content for their long-term benefits has augmented the demand for dairy blends across Europe. Asia Pacific has also shown a signs of excellent growth rate during the forecast period due to a huge population base.
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The leading players operating in the global dairy blends market are Kerry group, Cargill Inc., Agropour Ingredients, Fonterra Co-Operative Limited, Agropour Ingredients, FrieslandCampina, Dohler Group, Intermix Australia Pty Limited, Advanced Food Products LLC, Galloway Company Inc., and Cape Food Ingredients, among others.
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