Market Definition:
Dairy by-products are used to prepare functional foods & beverages, dietary supplements, and nutraceutical products. The high demand of functional drinks and protein supplements is supporting the growth of the global dairy by-products market. Rise in health concerns is one of the major factors contributing to growth of the market.
The increasing sale of dairy by-products such as whey & ghee residues is driven by the increase in demand for high protein containing products. The demand of dairy by-products in functional foods & beverages is high amongst the athletes. Whey is popular due to its application in infant food as it provides necessary protein needed by the infant’s body. Furthermore, the sale of powdered dairy by-products is anticipated to grow at a higher rate due to higher shelf-life of the product.
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Market Scenario:
Globally the dairy by-products market share in functional foods and beverages industry is escalated by an increasing demand of functional dairy products in the developed countries. Dairy by-products are found to have multi-purpose applications in various other industries, amongst which the application in the sports nutrition food and beverages & dietary supplements is increasing at a higher rate. However, high processing cost, health and safety concerns, and the stringent regulatory concerns for marketing of dairy by-products are considered to be the major challenges to this market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 5.2% of dairy by-products market during the forecast period 2017-2023.
Key Players:
Some of the key players profiled in the global dairy by-products market: Nestle S.A. (Switzerland), Danone, Inc. (Canada), Groupe Lactalis S.A. (France), Dairy Farmers of America, Inc. (U.S.), Koninklijke FrieslandCampina NV (the Netherlands), Fonterra Co-operative Group Ltd. (New Zealand), Arla Foods amba (Denmark), Inner Mongolia Yili Industrial Group Co., Ltd. (China), Saputo Inc. (Canada), China Mengniu Dairy Company Ltd. (China).
Regional Analysis:
The global dairy by-products market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Among these North American region has the major market share followed by Europe. The U.S. is among the major producers of whey. Increasing demands of dietary supplements is supporting the growth of the market in North American and European region. Additionally, the major key players are actively involved in research & developments to develop superior quality functional products.
Furthermore, in Asia Pacific region China, Japan and India accounts for a major market share owing to increasing demand for functional beverages and dietary supplements from the consumers.
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