(Entertainment-NewsWire.com, February 26, 2020 ) The dairy blends market is projected to grow at a CAGR of 8.1% from 2016 to 2022. The growth can be attributed to the increase in demand for dairy blends in infant formulations, due to its high-protein and low-fat characteristics. Other factors adding to the growth of the dairy blends market are high prices of traditional dairy products, various health benefits associated with dairy blends, and increase in demand in countries such as Canada, China, South Korea, and countries in South America.
In the recent years, the dairy blends industry witnessed a significant number of acquisitions and expansions by leading players such as Fonterra Co-operative Group Ltd. (New Zealand), Doehler Group (Germany), Agropur ingredients (Canada), Royal FrieslandCampina N.V. (Netherlands), and Kerry Group (Ireland). These companies started new manufacturing facilities & regional offices in developing countries, and acquired other food companies to strengthen their presence in the dairy blends market.
Infant formula is projected to be the fastest-growing application segment in the dairy blends market, followed by yogurt. The increase in demand for infant formula is also attributed to the increase in working women population, who prefer minimum cooking time; infant formula, which is low in fat and high in protein, facilitates the same. The availability of flavored yogurt and yogurt products has added to the demand for dairy blends in the yogurt segment. The powdered form of dairy blends is projected to witness marked increase in demand, owing to the increase in usage in infant formulas, bakery products, confectionery items, specialty flavorings, snack foods, frozen desserts, salad dressings, soups, sauces, beverages, and dips.
The Asia-Pacific is the fastest-growing region in the dairy blends market. The region has a large population, with countries such as China, South Korea, Japan, and India, recording a large-scale consumption of bakery products. Australia & New Zealand, being two of the largest regions, witnessed industrialized growth over the years, followed by improvements in the bakery food industry, which in turn has provided new opportunities for the dairy blends market. The growing middle-class population in the region, with increase in disposable income and demand for non-conventional food that offer on-the-go consumption are propelling the growth of the dairy blends market. The per capita consumption of dairy blends in the Asia-Pacific region is driven by growing economies such as Australia & New Zealand, China, Japan, and South Korea. A large number of dairy companies have expanded their reach in these countries, which has also driven the market for dairy blends.
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