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Dry, Condensed, And Evaporated Dairy Products Market Report 2024 - Industry Analysis And Size
Dry, Condensed, And Evaporated Dairy Products Market
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According to The Business Research Company's, The dry, condensed, and evaporated dairy products market size has grown strongly in recent years. It will grow from $113.09 billion in 2023 to $120.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to dairy farming, long shelf life, global dairy production, military and emergency supplies, global export and trade.
The dry, condensed, and evaporated dairy products market size is expected to see strong growth in the next few years. It will grow to $150.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to health-conscious consumer preferences, sustainability and ethical practices, clean label and natural ingredients, global market expansion, digital marketing and e-commerce. Major trends in the forecast period include lactose-free and dairy-free options, functional and fortified products, alternative milk powders, flavored and instant varieties, customized and specialty products.
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Market Drivers and Trends:
The increasing demand for local, sustainable, and organic food production is expected to positively impact the dry, condensed, and evaporated dairy product manufacturing market during the forecast period. Organic food products, including dry, condensed, and evaporated dairy products, place a strong emphasis on consumer health, environmental protection, and animal welfare. Consumers are now becoming more concerned with how food is raised and prepared and are willing to pay a little more for something they recognize as healthy. For instance, in June 2022, the Organic Trade Association, a US-based trade association representing over 9,500 organic businesses, sales of organic fruits and vegetables increased by 4.5% with revenue of $21 billion representing 15 percent of the total product market in the year 2021 in the US. This growing demand for organic products offers considerable opportunities for dry, condensed, and evaporated dairy product producers in both developed and developing countries, which is likely to drive the market during the forecast period.
The internet of things (IoT) technology is increasingly being used to track dairy products and ensure safe product handling. IoT technology consists of a network of devices, vehicles, or other items that continuously exchange data and provide insights into a process or system. This technology is being used to track ingredients being used in products. Equipment connected to the internet in trucks and storage coolers can be used to monitor dairy products and tag them with environmental conditions like temperature or location that provide information about safe product handling during transportation. For instance, the Chinese government implemented the National Food Quality Safety Traceability Platform, using IoT technology to improve the quality and safety of food production supply chains.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Kerry Group plc, Tate & Lyle plc, Rhodes Food Group, Nestlé S.A, The J.M. Smucker Company, Gcmmf Ltd., Magnolia Inc., Goya Foods Inc., Fonterra USA Inc., Darigold, Prairie Farms Dairy Inc., Crystal Creamery, Milk Specialties Company, Merrick's Inc., PBM Covington LLC, Lactalis American Group Inc., Schreiber Foods Inc., Saputo Inc., Glanbia plc, Dairy Farmers of America Inc., Hiland Dairy Foods Company LLC, Borden Dairy Company, Foremost Farms USA Cooperative, Land O'Lakes Inc., Leprino Foods Company, Agropur Cooperative, Associated Milk Producers Inc., California Dairies Inc., First District Association, Great Lakes Cheese Co Inc., Kraft Heinz Ingredients, MCT Dairies Inc., Michigan Milk Producers Association, Pacific Cheese Co Inc., Tillamook County Creamery Association.
Dry, Condensed, And Evaporated Dairy Products Market 2024 Key Insights:
• The dry, condensed, and evaporated dairy products market size is expected to see strong growth in the next few years. It will grow to $150.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Increasing Demand For Local, Sustainable, And Organic Dairy Products Boosts The Dry, Condensed, And Evaporated Dairy Product Manufacturing Market
• IOT Revolutionizing Dairy Product Tracking For Enhanced Safety And Quality Assurance
• Western Europe was the largest region in the dry, condensed, and evaporated dairy products market in 2023
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