Dairy Blends Market Growth
Global Dairy Blends Market is expected to register a CAGR of 7.8%, during the forecast period of 2020 – 2025. Health benefits associated with dairy blends products is creating a positive impact on the health-conscious population. Moreover, high prices of dairy products globally have influenced the consumers to shift in their preference for dairy alternatives which is boosting the growth of the market. Additionally, there is an increasing demand for dairy blends in emerging economies which creates a huge potential for the dairy blends market.
Dairy blends are usually prepared by blending cream or butter and other non-dairy ingredients such as cocoa, vegetable oil, almonds, and many others. Dairy blend products contain dairy protein, vitamins, and essential minerals. It is an inexpensive alternative to dairy products and is applicable in various industries, such as frozen dessert, chocolate and confectionery, food, and beverages, and for preparation of infant formula.
The major key players in dairy blends are:
Kerry Group PLC (Ireland, Cargill Inc. (U.S.), Fonterra Co-operative (New Zealand), Royal AAK Foodservice (U.S.) Cape Food Ingredients (South Africa), Galloway Company (U.S.), Agropur AFP advanced food products LLC (U.S.), Cooperative (Canada), Dohler GmbH (Germany)
Based on the type, dairy blends market growth is segmented into the dairy mixture, dairy/non-dairy ingredients, dairy as a functional ingredient, dairy as a carrier, and others. Among the type, dairy/non-dairy ingredients are estimated to account for the major market proportion of 35.89% in the year of 2017. However, dairy as a carrier segment is projected to be the fastest growing segment during the forecast period of 2017-2023.
Based on the form, dairy blends market is segmented into spreadable, liquid, powder, others. Among them, the spreadable segment is observed to be dominating with a major market share of 48.43% in the year 2017. However, powder segment is predicted to witness a healthy growth during the noticed period.
Based on the application, it is segmented into bakery & confectionery, ice cream & frozen dessert, infant nutrition, & baby food, sweet & savory snacks, beverages, dietary supplements, meat & seafood, and others. Among them, ice cream & frozen desserts segment are dominating with the market share of 27.89% in the year 2017. However, bakery & confectionery segment is anticipated to be the fastest growing segment during the forecast period of 2017-2023.
APAC is dominating the dairy blends market with over 34.41% of the global market share and is projected to account for a share of more than USD 1,395 million by 2023. India is expected to grow at the highest rate, followed by Japan and China, through the forecast period.
North America is projected to witness a substantial growth rate, followed by APAC region, during the forecast period. Canada is estimated to grow at the highest rate, followed by Mexico, through the review period.
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