Northrook, IL -- (SBWIRE) -- 01/23/2020 -- The dairy ingredients market is projected to grow at a CAGR of 5.61% from 2017, to reach a value of USD 66.11 billion by 2022. The rising popularity of protein-enriched diet foods and beverages among consumers is driving the growth of this market. Dairy ingredients possess various characteristics that offer superior functional benefits such as flavor enhancement, emulsification, viscosity building, solubility, water binding, and bulking. The selection of a dairy ingredient depends on the desired composition of certain milk constituents, such as fats, carbohydrates, proteins, and minerals, in a given food product.

On the basis of type, the dairy ingredients market was led by the milk powder segment in 2016. Milk powder has less moisture content, which contributes to the higher shelf life of a product. This feature is desirable in places with inefficient transportation systems and extreme climatic conditions. Rising income level of the people in emerging nations and increased usage of milk powder as an alternative to milk is driving growth in this market.

The dairy ingredients market, on the basis of source, is segmented into milk and whey. Milk is the main source of protein that is required for manufacturing dairy ingredients. The availability and production of milk are higher than whey; hence, it is estimated to account for a greater market share.

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The dairy ingredients market, based on nature, is segmented into traditional dairy ingredients and non-traditional dairy ingredients. Traditional dairy ingredients account for a larger market share; it includes butter, skimmed/whole milk powder, evaporated milk, cheese, and yogurt. Non-traditional dairy ingredients include whey powder, whey protein concentrate, milk protein concentrate, and lactose.

The market is segmented, on the basis of application, into dairy products; bakery & confectionery; sport & clinical nutrition; infant milk; convenience foods; and other food products, which include processed meat, beverages, and non-dairy creamers. Dairy ingredients are used in almost all dairy products for enhancing their nutritional content, flavor, emulsification, and solubility. Also, the global dairy product industry is bigger than other industries that use dairy ingredients. Hence, the application of dairy ingredients is the highest in dairy products.

The Asia Pacific region is projected to be the fastest-growing dairy ingredients market. The economic growth of the countries in this region and also the growing awareness among consumers about the importance of high-quality nutrition from dairy ingredients are expected to drive the growth of this market.

Dairy ingredients possess various characteristics that offer superior functional benefits such as flavor enhancement, emulsification, viscosity building, solubility, water binding, and bulking. The selection of a dairy ingredient depends on the desired composition of certain milk constituents, such as fats, carbohydrates, proteins, and minerals, in a given food product. A proper understanding of functional properties and characteristics of various dairy ingredients allows food & beverage formulators to meet consumer demands.

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The dairy ingredients market is characterized by companies such as Fonterra Co-operative Group Limited (New Zealand), FrieslandCampina (Netherlands), Arla Foods, (Denmark), Devondale Murray Goulburn (Australia), Groupe Lactalis (Germany), Volac International Limited (U.K.), and Dairy Farmers of America (U.S.). These companies are striving to increase their production capacities and increase their geographical presence. Acquisitions & mergers was an active strategy adopted by companies such as FrieslandCampina (Netherlands), Groupe Lactalis (Germany), Arla Foods (Denmark), Murray Goulburn Co-operative Co. Limited (Australia), and Saputo Inc. (Canada). The key players strengthened their positions in existing markets and increased their presence through these activities. Acquisitions & mergers also helped the companies in enhancing and expanding their product portfolios.

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