The global concentrated milk fat market size is expected to reach USD 5.79 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 10.28% during the forecast period. An increase in applications of concentrated milk fat in nutraceuticals, dairy and confectionery, and food and beverage industry is anticipated to fuel the growth. Longer shelf life of the organic product along with ease of storage and transportation are anticipated to further drive the growth. Benefits such as improved vitamin content, enhanced flavors, plasticity, and elastic texture improve the quality of bakery products and cut the overall product cost giving advantage to the food service providers.
Asia Pacific held the largest market share owing to the large consumption of confectionery and bakery products coupled with import of dairy products in countries like India and China. For instance, in 2016 India’s dairy imports were valued at USD 110 million and in terms of volume it was measured at 58,595 metric tons. Europe is forecasted to witness rise in the market share in near future at the highest CAGR of 12.59% from 2019 to 2025. Increase in consumption of dairy products in countries like Germany and France is driving the demand in Europe region.
The bakery and confectionery segment held the largest market share of over 40% in 2018 due to wide scope of product application in bakery products. The application of concentrated milk fat in dairy products is expected to increase at the fastest CAGR of 11.48% from 2019 to 2025. Consumption of confectionery products such as chocolates and milky bars is increasing, thereby providing increased growth prospects in the forecast period. The chocolate confectionery market is expected to rise at a CAGR of 4.4% over the forecast period.
The key players operating in the concentrated milk fat market are Darigold, Inc.; Lactalis Ingredients; Campina Original;California Dairies, Inc.;Grassland Dairy;Fonterra;FIT; Hoogwegt U.S.;G&R Foods Inc.; Pine River Dairy; MCT Dairies; and JLS Foods. Most companies engage in competitive strategies such as mergers and acquisitions, launch of innovating new products, and spreading awareness about the benefits of concentrated milk fats. For instance, the French dairy company Lactalis acquired Siggi's Dairy, a U.S. based company involved in production of yogurts.
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Further key findings from the report suggest:
In terms of regional share, Asia Pacific held the largest market share of over 35% in 2018
Europe is expected to expand at a fastest CAGR of 12.59% from 2019 to 2025
Bakery and confectionery application segment held the largest market of over 45% in 2018
Dairy products application segment is projected to expand at the fastest CAGR of 11.5% during the forecast period
Concentrated milk fat market is led by key players like Darigold, Inc.; Lactalis Ingredients; Campina Original; California Dairies, Inc.; and Grassland Dairy among others
Grand View Research has segmented the global concentrated milk fat market on the basis of product, application, and region:
Concentrated Milk Fat Product Outlook (Revenue, USD Million, 2015 - 2025)
Concentrated Milk Fat Application Outlook (Revenue, USD Million, 2015 - 2025)
Bakery & Confectionery
Concentrated Milk Fat Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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