Market Analysis:
The Global Market for Dairy Blends has witnessed a significant demand during the last few years and is expected to reach USD 3,750 million at a CAGR of 6.41%, during the foresight period of 2017 to 2023. Increasing prices of traditional dairy products will continue to drive the rising demand for dairy blends market. Moreover, health benefits associated with dairy blend products are likely to boost the growth of dairy blends market further. Dairy blends are dairy mixtures prepared by concentration of cream or butter and other non-dairy ingredients, such as vegetable oil, almonds, cocoa and others. It is made from butter blends which are mixed with vegetable oils, or from processed butterfat that is free from saturated fat.
Dairy blends are widely used across various industries, including frozen dessert, chocolate and confectionery, infant nutrition and baby food, dietary supplements, and beverage industries. For instance, in ice cream industry, dairy blends are used to replace milk solids, thus driving the growth of the market. Moreover, dairy blends are broadly used for the preparation of infant formula, which has a high consumption volume across the globe.
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Major Key Players Analysis:
Some of the key players profiled in the Global Dairy Blends Market Galloway Company (U.S.), Fonterra Co-operative (New Zealand), Kerry Group plc (Ireland), Cargill Inc. (U.S.), Royal Frieslandcampina N.V. (The Netherlands), AAK Foodservice (U.S.), Cape Food Ingredients (South Africa), Agropur Cooperative (Canada), Afp Advanced Food Products LLC (U.S.), Dohler GmbH (Germany), and others.
Regional Analysis:
The global Dairy Blends Market is segmented into Europe, North America, Asia Pacific and Rest of the World. Asia Pacific accounted for the maximum market share of 31.65% in the year of 2017, and the trend is expected to continue throughout the forecast period. Moreover, in Asia Pacific, India is growing at the highest rate followed by Japan. Increasing consumption of dairy products in the U.S. is boosting the growth of dairy blends market in North America. North America accounted for a 29.08% market share in the year 2017.
Industry Segment:
On the basis of type, it is segmented into the dairy mixture, dairy/non-dairy ingredients, dairy as a carrier, dairy as a functional ingredient others. Among them, dairy/non-dairy ingredients are estimated to account for the major market proportion of 35.89% in the year of 2017. Moreover, it has highest market share in the Asia Pacific region followed by North America. Also, dairy as a carrier is expected to grow at the fastest rate of 7% over the forecast period.
Based on form, dairy blends market is segmented into spreadable, powder, liquid and others. The liquid segment dominated the market with a share of 35.98% in the year 2017. However, powder segment is expected to witness a healthy growth during the review period.
On the basis of application, dairy blends market is segmented into bakery & confectionery, ice cream & frozen dessert, sweet & savory snacks, infant nutrition, & baby food, beverages, dietary supplements, meat & seafood, and others. The ice cream & frozen desserts segment are dominating the market in the year of 2017. However, the bakery & confectionery segment has witnessed a healthy CAGR of 7.01% during the forecast period of 2017-2023.
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Key Findings:
APAC region is estimated to dominate the market with a market share of 34.41%. Furthermore, in APAC, China is estimated to account for a major market share followed by India during the forecast period of 2017-2023.
Powder segment is expected to have the highest growth rate during the review period in which North America is witnessed to have the fastest growth rate of 9.19%
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