Global Dairy Blends Market: Players Focus on Product Innovation to Bolster Position

With the swift rise in disposable incomes across many parts of the world and changing lifestyle, the demand for specialty food ingredients such as dairy blends is on the rise. Apart from this, the low fat content of dairy blends is also leading to their rising uptake among health savvy consumers. The low cost factor of dairy blends and their easy refrigeration and storage in comparison to dairy products is also having a positive bearing on the market’s growth.

On the flip side, preference of food manufacturers to use conventional dairy products instead of dairy blends, and concerns among food manufacturers as well as consumers that dairy blends deteriorate the taste of food are acting as roadblocks to the market’s growth.

According to a report by Transparency Market Research, the global dairy blends market is predicted to expand at a CAGR of 5.8% for the forecast period between 2017 and 2022. At this pace, the market’s valuation of US$2,853.7 mn in 2017 will become worth US$3,789.3 mn by the end of 2022.

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Dairy Mixtures Product Segment Expected to Stay Dominant through 2022

The global dairy blends market is studied in terms of product type, form, and region. The segments of the market depending upon product type are dairy mixtures, dairy/non-dairy ingredients, functional ingredients, carrier, and others. Of them, the segment of dairy mixtures holds dominance with the segment expected to represent 35.4% of the market in 2017. Expanding at a CAGR of 6.2% between 2017 and 2022, the dairy mixtures segment is expected to be worth US$1,367.7 mn by the end of 2022. The segment is displaying a year on year growth of US$71.5 mn surpassing the growth exhibited by any other product type segment.

In terms of form, the segments into which the global dairy blends market is divided are powder, spreadable, and liquid.

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Backed by Economic Growth Asia Pacific to Emerge as Attractive Regional Market

The report studies the global dairy blends market across the regional segments of North America, Europe, Latin America, Asia Pacific except Japan, Japan, and the Middle East and Africa. Powered by the U.S., the North America dairy blends market is expected to dominate in 2017 amongst other key regional markets for dairy blends. Going forward too, the region is expected to maintain its lead position expanding at a CAGR of 6.9% for the forecast period between 2017 and 2022. In absolute value, the North America dairy blends market is expected to increase from US$1,161.8 mn in 2017 to US$1,623.5 mn by the end of 2022.

Asia Pacific except Japan is another significant market for dairy blends. The region is expected to display an attractive 5.6% CAGR between 2017 and 2022 backed by the rising disposable income and increasing spending on specialty food ingredients. The presence of an established dairy industry in Australia and New Zealand is also expected to have a positive bearing on the growth of this regional market.

Europe dairy blends market is expected to rise at a CAGR of 5% between 2017 and 2022 and become worth US$1,104.7 mn by the end of 2022.

Prominent participants in the global dairy blends market profiled in this report are Cargill Inc., Koninklijke Viv Buisman B.V., Dohler GmbH, Advanced Food products LLC, Agri-Mark Inc., Kerry Group plc, Agropur Cooperative, Hormel Foods Corp., Fonterra Cooperative Group Ltd., and All American Foods Inc. The presence of a large number of players of varying sized renders high competition in the global dairy blends market. Keen players in the market are hard focused on introducing novel products and have resorted to acquisitions and expansions to gain competitive advantage.

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This release was published on openPR.