Global Dairy Blends Market: Players Focus on Product Innovation to Bolster Position, Says TMR
Dairy Blends Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024
Albany, NY -- (SBWire) -- 09/08/2017 --The global dairy blends market features a high degree of competition on account of presence of a large number of large, mid-sized, and small-sized firms. Savvy players in the dairy blends market are focused on acquisitions and expansions to stay competitive in this market. Introduction of novel products with new flavors is also a key growth strategy that leading players in the market have adopted. Some of the prominent participants in the global dairy blends market are Fonterra Cooperative Group Ltd., Agropur Ingredients, Kerry Group, Doehler Group, and Royal FrieslandCampina N.V.
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According to a report by Transparency Market Research (TMR), the global dairy blends market is predicted to display moderate growth for the forecast period between 2017 and 2022. In terms of revenue, the global dairy blends market is anticipated to expand at a moderate 5.8% CAGR between 2017 and 2022, for the market to be worth US$3,789.3 mn by the end of 2022. The market was evaluated to be worth US$2,853.7 mn in 2017.
The global dairy blends market is studied on the basis of form, product type, and region. Amongst all product type segments, the segment of dairy mixtures is displaying the leading year on year growth of US$71.5 mn each year. On the basis of form, the market is divided into spreadable, liquid, and powder. The spreadable segment dominated the market in the recent past on the back of its widespread usage in place of margarine and butter.
The key regions into which the global dairy blends market is divided are North America, Europe, Latin America, Asia Pacific except Japan, Japan, and the Middle East and Africa. North America, powered by the U.S. is expected to dominate the global dairy blends market vis-à-vis revenue in 2017. The region is expected to hold on its dominant position until 2022.
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Low Cost Factor and Low Fat Content Boosts Demand for Dairy Blends
"The primary growth drivers of the global dairy blends market include higher prices of traditional dairy commodities and health benefits of dairy blends, says an analyst at TMR. The high cost of dairy products in comparison to dairy blends is leading to the uptake of the latter. This is because dairy products are perishable and need cold chains and safe refrigeration until they reach the end-use consumer. On the contrary, dairy blends have a long shelf life and do not require cold chains for transportation.
The low fat content of dairy blends over butter and margarine is also leading to the increased demand for dairy blends. This is because dairy blend is not 100% butter leading to its demand among health conscious consumers. The manufacture of dairy blends either involves butter blends that are mixed with vegetable oils, or processed butter fat that are free from saturated fat.
Virtue of Dairy Blends to be used with Other Food Ingredients Benefits Market
Apart from this, the demand for dairy blends is being driven because of the virtue of dairy blends to be used with other ingredients such as butter, sugar, cocoa powder, vegetable fats, and dextrin. Dairy blends when added to soy or other protein not only enhances the flavor of the product, but makes it more affordable due to the cost effective factor of soy protein.
Expanding food industry across the world, increasing awareness of nutraceuticals among consumers, and increasing popularity of foods such as pizza and burger are some other drivers behind the growth of dairy blends market. The use of dairy blends in the manufacture of packaged juice is also favoring the growth of dairy blends market.
The review is based on the findings of a report, titled "Dairy Blends Market (Product type - Dairy Mixtures, Dairy/Non-Dairy Ingredients, Functional Ingredients, and Carrier Dairy Blends; Form - Powder Dairy Blends, Liquid Dairy Blends, and Spreadable Dairy Blends) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
The global dairy blends market is segmented as follows:
Dairy Blends Market, by Product Type
Carrier Dairy Blends
Dairy Blends Market, by Form
Dairy Blends Market, by Region
Asia Pacific except Japan
Middle East and Africa
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