Market Insight
The Dairy By-Products market is expected to achieve a CAGR of 5.4% and attain a worth of USD 584.3 billion by 2030.
The dairy by-products market 2020 can attain a decent CAGR of 5.2% between 2022 and 2030 (analysis period), suggests Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Primary Drivers and Challenges
Sales of milk and milk products like butter and cheese has been escalating in line with the global population. High-end and advanced technologies are increasingly being adopted to cater to the growing consumer need by focusing on boosting the milk processing capacity and striving to maintain the product quality. The dairy sector is extremely localized due to milk products’ perishable nature. The surging adoption of technologically innovative transportation measures to maintain the quality and efficiency of the milk-based goods during long-distance transport is deemed to work in favor of the Dairy By-Products Market.
Government arbitration has been a major factor in the regulation of the global market growth. The government bodies in the prominent dairy-producing nations like Canada are known for their active involvement in price and quantity monitoring of key dairy by-products. The government also monitors the techniques and processes involved in the storage of dairy by-products, with the aim to ensure the quality for extended durations and prevent wastage. Favorable regulations formed by the government to avoid fluctuations in global market prices and the increased prevalence of sedentary lifestyles are projected to benefit the global market. Bad eating habits along with the rising awareness level with regard to nutritional foods among consumers also ensure that the dairy by-products market progresses smoothly over the coming years.
Novel diary by-products with better quality and higher nutritional content are progressively being introduced by renowned firms to capture a wide customer base in the market. Some of the most popular products are toned milk, low-fat energy drinks, skimmed milk, savory yogurt dip and seasonal fruit yogurts. Many of the companies are putting a new spin on their products, be it new flavors or addition of low sugar or sugar free products that caters to health conscious or diabetic consumers. For instance, in November 2020, Ellenos launched Ellenos Milk + Fruit, which is a Greek Yogurt made from fresh milk that has been derived directly from one local farmer, while the fruit puree is made in-house using a couple of whole food ingredients.
Market Segmentation
Type, form and application are the top market segments listed in the MRFR report.
Dairy by-products are available in different types, namely ghee residue, whey, and others. Among these, the whey segment controls the biggest share since it observes high use in the manufacturing of protein beverages as well as nutritional supplements.
Dairy by-products come various forms, such as granules, powder, liquid, and others. Between these, the powder segment is in the lead with the primary reason being the soaring use in functional food & beverages and supplements. The powdered form is comparatively stable and easy to use compared to other forms.
The key applications of these products are functional beverages, functional food, dietary supplements, nutraceuticals, and more. The dietary supplements note significant demand due to their high nutritional and functional properties.
Regional Study
The regional study of the dairy by-products industry has covered Europe, Asia Pacific/APAC, North America, along with rest of the world (RoW).
The biggest market for dairy by-products is North America, while Europe is the second most lucrative region. The substantial demand for nutritional rich products with high protein content in the United States has boosted the sales of dairy by-products. High awareness among people about the nutritional content in various products and the rising introduction of modern equipment for milk processing also add to the regional market’s value. The bakery sector in the region is one of the key end-users that make extensive use of dairy by-products like cheese, butter and cream, for producing varieties of bread and biscuits.
APAC is touted to be the fastest progressing market between 2017 and 2023, since the region is observing a massive demand for dietary supplements. Expanding population, surging uptake of dairy products, and the rapid economic development in the region also act as key growth rendering factors in the regional market.
Key Market Firms
Some of the Key Dairy By-Products Market Players mentioned in the MRFR report include Danone, Inc. (Canada), Groupe Lactalis S.A. (France), Saputo Inc. (Canada), Fonterra Co-operative Group Ltd. (New Zealand), Nestle S.A. (Switzerland), Dairy Farmers of America, Inc. (U.S.), Koninklijke FrieslandCampina NV (the Netherlands), Inner Mongolia Yili Industrial Group Co., Ltd. (China), Arla Foods amba (Denmark), China Mengniu Dairy Company Ltd. (China), and more.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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