Market Research Future (MRFR) assessed the global dairy blends market 2020 through the review period by 2023. By 2023, the worldwide diary blends market can surge at about 6.41% CAGR. The dairy blends market can value at USD 3,750 million by 2023 from USD 2,599 Mn in 2017. The easy availability of raw materials for the production of substantial amount of dairy blends due to its growing demand can support the market rise. The affordability of blending cream and butter, along with other non-dairy ingredients, such as; almonds, cocoa, and vegetable oil among others can favor expansion of the market in the near future. Dairy blend products that are fortified with protein, essential minerals, and vitamins are observed to gain popularity over the study period. They are observed to secure their place in market as inexpensive alternative to dairy products and their applications are noted to rise across various industries. The increase in sales of chocolate and confectionery, frozen dessert, food and beverages, and the production of infant formula are also boosting the demand for dairy blends. These causes are expected to support upsurge of the worldwide diary blends market across the analysis period.
The segment analysis of the diary blends market are based type, form, and application.
The product type-based segments of the diary blends market are dairy mixture, dairy or non-dairy ingredients, dairy as a carrier, and dairy as a functional ingredient among others. The dairy/ non-dairy ingredients segment can dominate the market. The dairy/ non-dairy ingredients segment can surge at 6.90% CAGR in the APAC region across the review period.
The form-based segments of the diary blends market are spreadable, liquid, and powder. The spreadable segment can hold decent share of worldwide market and can rise at 48.43%. The dairy blends market can rise at about 7.01% CAGR.
The application-based segments of the diary blends market are ice cream & frozen dessert, bakery & confectionery, baby food, infant nutrition, beverages, sweet & savory snacks, meat & seafood, and dietary supplements among others. The ice cream & frozen desserts segment can earn market share of above 27.89% in the near future. The bakery & confectionery segment can surge at fastest pace along the forecast period.
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APAC dairy blends market can dominate the world market with about 34.41% share. The regional market can earn above USD 1,395 Mn by 2023. In India, the market can surge with the highest rate, following Japan in the review period. In North America, the dairy blends market can exhibit substantial expansion rate. In Europe, the market rise can be credited to the increase in demand for dairy blends. Canada is anticipated to rise at the highest pace, then Mexico across the analysis period. Health benefits that are associated with dairy blends products are gaining cognizance that is observed to create growth scope for the market. This can support rise of the market in the near future. Moreover, increase in prices of dairy products and shift in consumer preference towards dairy alternatives can boost surge of the market. The rise in sales of dairy blends across emerging economies can favor dairy blends market.
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Fonterra Co-operative (New Zealand), Cape Food Ingredients (South Africa),Galloway Company (U.S.), AK Foodservice (U.S.), Royal Frieslandcampina N.V. (The Netherlands), Kerry Group PLC(Ireland), Cargill Inc. (U.S.), Dohler GmbH (Germany), Agropur Cooperative (Canada), and AFP advanced food products llc (U.S.) are some key companies in the global dairy blends market that are recognized by MRFR.
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