Global Anhydrous Milk Fat (Butter Oil) Market 2019-2023
About this market
The growing demand for several dairy products, including anhydrous milk fat products has resulted in the expansion of production capacities by vendors. For instance, in 2018, Amul, an Indian dairy brand, announced its plans to expand its business operations in the US by acquiring a manufacturing plant in Wisconsin. The company is planning to produce dairy products such as paneer, ghee, cheese, and butter at the new plant. In the same year, another Indian dairy brand Ananda Dairy announced its plans to set up a new processing plant in Uttar Pradesh, India. The company also has plans to launch over a thousand retail stores across India by 2020. The increasing investments in expanding production capabilities in the dairy industry will result in an increase in the production of various dairy products, including anhydrous milk fat. As a result of these factors, the global anhydrous milk fat (butter oil) market size is expected to grow at a CAGR of over 11% during the forecast period.
Increase in M&A
Key players in the anhydrous milk fat market are acquiring smaller market players to gain access to new products and technologies at lower costs. M&A activities are also helping companies to increase their market share. For instance, Groupe Lactalis acquired an Indian company, Prabhat Dairy Ltd. in January 2019. The increasing cases of M&A activities are boosting the growth of the market.
The increasing popularity of vegan diet
The growing awareness about the benefits of a vegan diet has encouraged several consumers to adopt a vegan lifestyle. The increasing popularity of veganism across countries such as the US, Canada, and Mexico is expected to hinder the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the anhydrous milk fat (butter oil) market size during the 2019-2023, view our report.
The market is fairly fragmented with several payers occupying the market share.
Companies such as Fonterra Co-operative Group Ltd. and Groupe Lactalis have intensified the competition. Factors such as the increase in the number of M&A activities and the increasing investments to expand production capacities will provide significant growth opportunities for anhydrous milk fat manufacturers. Fonterra Co-operative Group Ltd., Groupe Lactalis, Meadow Foods Ltd., Royal FrieslandCampina NV, and Saputo Inc. are some of the major companies covered in this report.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook