Dairy Blends Market Scenario
The global market for dairy blends has witnessed a significant demand during the last few years and is projected to reach USD 3,750 million at a CAGR of 6.41%, during the forecast period of 2017 to 2023. Dairy blends are usually prepared by blending cream or butter and other non-dairy ingredients such as cocoa, vegetable oil, almonds and many others. Dairy blend products contain protein, vitamins, and essential minerals. It is an inexpensive alternative to dairy products and is applicable in various industries, such as frozen dessert, chocolate and confectionery, food and beverages.
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Health benefits associated with dairy blends products is creating a positive impact on the health-conscious population. Moreover, high prices of dairy products globally have influenced the consumers to shift in their preference for dairy alternatives which is boosting the growth of the market. Additionally, there is an increasing demand for dairy blends in emerging economies which creates a huge potential for the dairy blends market.
Based on the type, dairy/ non-dairy ingredients segment is dominating the market followed by dairy mixtures. Moreover, dairy/ non-dairy ingredients segment is witnessed to grow at the highest growth rate of 6.90% in APAC region over the forecast period. Since form, the spreadable segment is expected to hold the maximum market share of 48.43% on the global level. Additionally, dairy blends market is projected to grow at a CAGR of 7.01% in the application of bakery & confectionery segment over the forecast period.
The major key players in dairy blends are:
APAC is dominating the dairy blends market with over 34.41% of the global market share and is projected to account for a share of more than USD 1,395 million by 2023. India is expected to grow at the highest rate, followed by Japan and China, through the forecast period.
North America is projected to witness a substantial growth rate, followed by APAC region, during the forecast period. Canada is estimated to grow at the highest rate, followed by Mexico, through the review period.
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On the basis of the type, dairy blends market is segmented into the dairy mixture, dairy/non-dairy ingredients, dairy as a functional ingredient, dairy as a carrier, and others. Among the type, dairy/non-dairy ingredients are estimated to account for the major market proportion of 35.89% in the year of 2017. However, dairy as a carrier segment is projected to be the fastest growing segment during the forecast period of 2017-2023.
Based on the form, dairy blends market is segmented into spreadable, liquid, powder, others. Among them, the spreadable segment is observed to be dominating with a major market share of 48.43% in the year 2017. However, powder segment is predicted to witness a healthy growth during the noticed period.
On the basis of the application, it is segmented into bakery & confectionery, ice cream & frozen dessert, infant nutrition, & baby food, sweet & savory snacks, beverages, dietary supplements, meat & seafood, and others. Among them, ice cream & frozen desserts segment are dominating with the market share of 27.89% in the year 2017. However, bakery & confectionery segment is anticipated to be the fastest growing segment during the forecast period of 2017-2023.
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