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Milk Replacers Market Size, Trends And Forecast Report 2024-2033
Milk Replacers Market Size
As per the report, the milk replacers market size has grown strongly in recent years. It will grow from $3.87 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The milk replacers market size is expected to see strong growth in the next few years. It will grow to $6.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
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Rapid Surge In Dairy Product Consumption Fuels Expansion Of Milk Replacer Market
The rapid growth in the usage of dairy products is expected to propel the growth of the milk replacer market going forward. Dairy products are milk and any meal manufactured from milk, such as butter, cheese, ice cream, yogurt, and condensed and dried milk. Due to rapid population growth, changing dietary habits, and increasing awareness of the health benefits of dairy products, consumers are shifting towards the use of dairy products. To meet the growing demand for dairy products, milk replacers can be used to as a substitute for milk, which will drive the growth of the market. For instance, in September 2021, according to the U.S. Department of Agriculture (USDA), a US federal department for forestry, farming, food, and rural economic development, in 2020, an average American consumed 655 pounds of dairy products compared to 652 pounds in 2019. Also, there is a rise in the consumption of dairy products by 3 pounds for the average American. Therefore, the rapid growth in the usage of dairy products is driving the growth of the milk replacer market.
Nutrition-Based Product Enhancement Drives Growth In The Milk Replacer Market
Nutrition-based product enhancement is a key trend gaining popularity in the milk replacer market. Major companies operating in the milk replacer market are focused on enhancing the nutritional profile of milk replacers through the addition of key nutrient content to sustain their position in the market. For instance, in February 2021, PetAg Inc., a US-based manufacturer and retailer of pet nutrition and health products, launched scientifically formulated Goat's Milk Esbilac, a liquid milk replacer with higher nutrition content. Goat's Milk Esbilac is a specially formulated puppy milk made with whole goat's milk protein that provides advanced nutrition, is easily digestible, and is like mother's milk. It is fortified with essential nutrients, vitamins, minerals, and amino acids to ensure proper nutrient absorption. It offers complete and balanced macro- and micro-nutrients and meets AAFCO dog nutrient profiles.
The milk replacers market covered in this report is segmented -
1) By Type: Medicated, Non-Medicated
2) By Source: Milk-Based, Non-Milk-Based, Blended
3) By Form: Powder, Liquid
4) By Livestock: Ruminants, Swine, Equine, Pets, Other Livestock
5) By Distribution Channel: Online Retailing, Super Market, Hyper Market, Convenience Stores, Other Distribution Channels
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Major companies operating in the milk replacers market report are Cargill Incorporated, Archer Daniels Midland Company, CHS Inc., Alltech Inc., Nutreco Holding N.V., Glanbia Public Limited Company, Land O'Lakes Creameries Inc., Groupe Lactalis SA, Van Drie Holding BV, BEWITAL agri GmbH & Co. KG, Nukamel B.V., Kent Nutrition Group, Calva Products LLC, Hi-Pro Feeds LP, Milk Products LLC, Manna Pro Products LLC, Pet-Ag Inc., Lactalis Group, Royal FrieslandCampina N.V., Liprovit BV, Trouw Nutrition, Volac International Limited, Nor-Feed Sud, Bonanza Calf Nutrition, Merrick's Inc., Grober Nutrition, Agribrands Purina Canada Inc., Koninklijke DSM N.V., ForFarmers NV, Harbro Nutrition Inc.
Contents of the report:
1. Executive Summary
2. Milk Replacers Market Report Structure
3. Milk Replacers Market Trends And Strategies
4. Milk Replacers Market - Macro Economic Scenario
5. Milk Replacers Market Size And Growth
…..
27. Milk Replacers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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