Dairy Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Protein, Milk Powder, Milk Fat Concentrates, Lactose & Lactose Derivatives, and Others) and Application (Food & Beverages, Animal Feed, Pharmaceuticals & Nutr

Dairy Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Protein, Milk Powder, Milk Fat Concentrates, Lactose & Lactose Derivatives, and Others) and Application (Food & Beverages, Animal Feed, Pharmaceuticals & Nutraceuticals, and Personal Care)

The dairy ingredients market was valued at US$ 85,684.15 million in 2021 and is projected to reach US$ 105,295.16 million by 2028. It is expected to grow at a CAGR of 3.0% from 2021 to 2028.

Dairy ingredients are widely used as stabilizers, thickening agents, and setting agents in various food products and beverages, such as bakery products, confectioneries, frozen desserts, tea, coffee, dairy products, and infant food. They are significant sources of proteins, including whey proteins and casein. Dairy ingredients add functional benefits to food and beverages. Moreover, they are used to manufacture protein supplements extensively consumed by health-conscious consumers, fitness enthusiasts, and sportspersons.

Based on the application, the dairy ingredients market is segmented into food & beverage, personal care, and pharmaceuticals & nutraceutical. The food & beverage segment accounted for a larger market share in 2020. The food and beverage industry is growing at a rapid pace. The rising demand for processed foods and beverages due to high per capita income, changing food consumption patterns, and improving people's lifestyles is driving the global food and beverage industry. However, with the rising demand for convenience foods, people are increasingly preferring health food products that deliver functional benefits. This factor is projected to drive the demand for dairy ingredients across the food and beverage industry.

Based on the region, the dairy ingredients market is segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). In 2020, Asia-Pacific held the largest share of the global dairy ingredients market, whereas the Middle East and Africa is projected to register the fastest growth over the forecast period. According to the Food and Agriculture Organization (FAO), in Asia, the total milk production accounted for 379 million tonnes in 2020. China and India are among the largest milk and dairy products producers in Asia-Pacific. The demand for dairy ingredients in the Asia-Pacific market is rising due to the accelerated economic growth of many countries in this region, increased production of milk, growing facilities in the supply chain industry, and strong support from the government to promote the dairy sector.

The leading players in the dairy ingredients market include Agropur, Arla Foods Ingredients Group P/S, Lactalis Ingredients, Frieslandcampina, Saputo Inc., Fonterra Co-Operative Group Limited, Kerry, Amco Proteins, Prolactal, and Glanbia Ireland, among other players.

The size of the global dairy ingredients market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the dairy ingredients market.

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