Dairy Ingredients Market Size Worth $86.97 Billion By 2024

The global Dairy Ingredients Market size is expected to reach USD 86.97 billion by 2024, according to a new report by Grand View Research, Inc.The rising demand for dairy products in emerging markets including China and India as a result of product innovation by companies including Nestlé is expected to promote usage of milk powder as a functional ingredient. Rising importance of frozen bakery goods as a result of new product launches by companies including ABF is expected to promote the use of milk powder further over the forecast period.

Infant formula is projected to witness revenue growth at a CAGR of 4.8% from 2016 to 2024. The emergence of China and India as a major hub for manufacturing baby products on account of increasing birth rates on a domestic level is expected to promote market demand over the projected period.

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Further key findings from the report suggest:

• The global dairy ingredients market size is anticipated to witness a rapid growth in the near future, according to a new report by Grand View Research. Demand for niche products, shift in demographics and changing traditional food industry are major drivers to the dairy ingredients market 

• Available alternatives in the dairy industry is likely to influence the demand for yogurt, and other organic dairy foods. In addition, rapid evolution in the consumer segment is also driving the market growth in the long term. For instance, by now it is evident that millennials have more spending power as compared to their previous generation. This has caused a major disruption in the dairy industry since the consumer choices are based on preference and values 

• Increase in consumption of fortified functional food products to enhance diet and nutrition in the urban population is anticipated to have a strong influence on the market. For instance, dairy product companies such as Kellogg are facing a huge spike in the demand for milk powder and whey 

• Growing penetration of mobile devices and digitization is resulting in unprecedented demand for dairy products through online responses in the consumer segment. Social media influence and shifts in purchasing behavior led in a strong impact over product demand in the recent years. Moreover, social media based marketing models and personalized advertising methods have contributed immensely 

• The retail channels in the commercial markets have gained tremendous traction and are mainly driven by discounts upon market value. Based on the increase in competition between retailers in the consumer segment, retailers are pushing forward to bridge the gap driven by consumer taste and preference. Large retailers with big brands have paved the way for small retailers resulting in a niche strategy for marketing based growth 

• In the long term, dairy manufacturing companies have adopted zero budgeting models to keep the revenue growth and performance intact. Rather, they are investing in value proposition, marketing, and sales integrally. Ultimately, global companies are now emphasizing on manufacturing efficiency, innovation, and customer service followed by customer insights

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