Market Overview
Fermented milk and related products are cultured from milk, which are more digestible compared to their uncultured versions. Interest in fermented milk and related products has been stimulated of late by the therapeutic effects aligned with them. Market Research future (MRFR’s) latest report on the global fermented milk market is an in-depth study of all the key dynamics affecting the market. MRFR’s analysis has predicted the market to gain a steady CAGR over the forecast period of 2017-2024.
Fermented milk products have lower levels of lactose than milk, which makes them suitable for the consumption of people with a lactase deficiency. Rise in the population of lactose intolerant consumers has increased the demand for fermented milk. Moreover, fermented milk is a cheap source of nutrient, especially protein. Rise in awareness regarding the health benefits of fermented milk and changing in consumption patterns of the global population is driving the growth of the fermented milk market. Most recent progress in the identification of new probiotic candidates is also likely to uplift the growth of the market. Fermented milk is progressively finding application in the cosmetic industry, where they are used for treating sunburn, skin ulcers, wrinkled skin, canker sores, and others. Such evolving application range of fermented milk is aiding the growth of the market.
Given the soaring popularity of fermented milk, various food manufacturers are introducing fermented milk products in different variants to tap the health-conscious consumer base.
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Competitive Landscape
- Mother Dairy Fruit & Vegetable PVT. Ltd. (India),
- Morinaga Milk Industry Co., Ltd (Japan),
- VALIO Ltd. (Finland),
- Nestle (Switzerland),
- General Mills Inc (U.S.),
- Lifeway Foods, Inc. (U.S.)
- Danone (France)
Industry Updates
August 2019 – Danone, a multinational food products corporation, launched a revolutionary product in the smoothie and juice category, ACTIMEL Fruit & Veg Cultured Shots. The new drink is composed of on-trend ingredient, ACTIMEL’S signature fermented milk and comes in strawberry, elderberry, blueberry, blackberry, and chai spices; mango, mandarin, carrot and turmeric; orange, peach, and apple, kiwi, pear, cucumber, spinach, spirulina and mint Flavor variants. The drink does not contain any added sugar and is available in Ireland and the UK.
Regional Analysis
Region-wise, the fermented milk market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The majority share of the global fermented milk market is captured by APAC. India and China are major milk producing countries and have provided a competitive advantage to the region. Changing lifestyle, and growing consumption of fermented milk products due to growing awareness regarding the health benefits aligned with them are supporting the growth of the market. Rising disposable income is also a key factor which is influencing the market growth.
North America is following APAC closely and is driven by rise in the level of awareness among consumers about the consumption of fermented milk. Similarly, Europe fermented milk market is expanding on account of increasing application of the product in diverse industries. The consumption of fermented milk has been a long standing tradition certain parts of Europe, such as Scandinavia. The U.K., Belgium, Italy, Spain, and the Netherlands are major importers of fermented milk.
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Segmentation
The fermented milk market has been segmented based on type and distribution channel.
By type, the fermented milk market has been segmented into viscous, fluid and others. The viscous type may include cheese, sour cream, yogurt, kefir and others. The yogurt sub-segment is leading the market. The kefir sub-segment is also gaining massive popularity due to the health benefits aligned with its consumption. Among fluids, the buttermilk sub-segment is leading the market.
By distribution channel, the fermented milk market has been segmented into store-based and non-store based. The store-based segment is domineering the global market. The convenience and one stop shopping experience provided by store-based channel can be credited to the growth of the market.
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