After U.S., China would lead the global market by achieving the market size of US$ 8.5 Bn by 2033. In the span of next 10 years, the Chinese market would expand at a CAGR of 5.5%.
The dairy ingredients market is predicted to grow at a CAGR of 6% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 66 Bn in 2023 to US$ 118 Bn by 2033 end.
The dairy ingredients market is strongly supported by the largest contribution of the U.S. market. All 50 states in America have dairy farms, and almost 95% of them are owned by family businesses. The milk that they produce is used by large corporates to process, package, and create other dairy products like cheese and yoghurt. High demand for dairy products and ingredients due to the escalating number of netizens and easily accessible health and diets information is propelling the market.
The wide range of applications of dairy ingredients in bakeries and confectionery is boosting the dairy ingredients market. High consumption of confections that include dairy ingredients like milk chocolate, caramel, fudge, pralines, and toffee, is stimulating the demand for dairy ingredients. The category growth is forecast to be fueled by demand for premium indulgent chocolates. Chocolates are available both as an affordable routine snack and luxury gifting items. Promising growth opportunities for this segment are expected to strongly influence the scope of dairy ingredients manufacturers.
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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
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Mar 20, 2023