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Dairy Blends Market 2024-2033 - Growth Analysis and Market Trends
Dairy Blends Market
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According to The Business Research Company's, The dairy blends market size has grown strongly in recent years. It will grow from $3.67 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to changing consumer preferences, cost efficiency, improved shelf stability, globalization of food industry, functional and nutritional enhancements.
The dairy blends market size is expected to see strong growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to supply chain enhancements, emerging market demand, diverse food applications. Major trends in the forecast period include regional and ethnic variations, packaging innovation, transparency and traceability, culinary innovation and applications, allergen-free options, marketing strategies, product innovation.
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Market Drivers and Trends:
Growing consumption of ready-to-eat food products is expected to propel the growth of the dairy blend market going forward. Ready-to-eat food products refer to meals or food items that are prepared, cooked, and often packaged in a way that allows them to be consumed directly without the need for additional cooking or significant preparation by the consumer. Dairy blends enhance ready-to-eat food products by providing a versatile combination of dairy ingredients, contributing to improved taste, texture, and nutritional profiles, and meeting consumer preferences for convenient and flavorful on-the-go options. For instance, in 2022, according to the Food Export Association of the Midwest USA, a US-based nonprofit organization, retail sales of packaged foods in Japan are predicted to reach $235.9 billion by 2026, an increase of 9.1%, or $19.6 billion, from 2022. Therefore, the growing consumption of ready-to-eat food products is driving the dairy blend market.
Product innovation is a key trend in the dairy blend market. Major companies operating in the dairy blends sector are focused on developing new products to meet customer demand. For instance, in June 2022, Danone, a France-based company operating in dairy blends, launched a unique dairy and plant blend baby formula to provide a better option for parents to feed their babies. This unique formula combines dairy blends with plant nutrition that provides complete nutrition for babies, including plant proteins, fats, and fibers. This is the first blended baby formula with 60% proteins from plants and 40% dairy proteins.
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Major Key Players of the Market:
Cape Food Ingredients West Africa Ltd., All American Foods Inc., Cargill Incorporated, Fonterra Co-operative Group Limited, Kerry Group plc, Royal FrieslandCampina NV, Döhler Inc., Agropur Ingredients LLC, Advanced Food Products LLC, Glanbia plc, Galloway Company Inc., Interfood Holding B.V., Intermix Australia Pty Ltd., Ace International LLP, Dairy Farmers of America Inc., Danone SA, Nestlé SA, Dean Foods Company, Land O'Lakes Inc., Archer Daniels Midland Company (ADM), Batory Foods, Bunge Limited, Foremost Farms USA Cooperative, Idaho Milk Products Inc., Lactalis Ingredients SA, Leprino Foods Company, MCT Dairies Inc., Milk Specialties Global Co., Pacific Dairy Ingredients Inc., Westland Co-operative Dairy Company Limited
Dairy Blends Market 2024 Key Insights:
• The dairy blends market size is expected to see strong growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rising Milk Production Driving Growth In The Dairy Blend Market
• Product Innovation Drives Dairy Blend Market
• Asia-Pacific was the largest region in the dairy blends market share in 2023
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