According to a new market report published by Transparency Market Research "Dairy Blends Market By Form (Liquid, Spreadable, Powder) By Application (Infant Formula, Bakery, Beverage, Ice cream, Pharmaceutical lactose, Butter and cheese blends, Others)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016- 2024",the global dairy blends market was valued at USD 2.15billion in 2015 and is expected to reach USD 4.59billion by 2024, growing at a CAGR of 9.0% from 2016 to 2024.
Dairy blends products are showing significant health improvements globally due to the useful results derived from the dairy blend products. The dairy industry value chain is seen to cover large cross sections of population starting from farmers who procure milk and the retailers who supply the milk. Milk products consumption as a beverage has seen to decline mainly because of high prices, diabetes, obesity problems and others. Over the past few decades there has been increasing demand for dairy blend products due to its associated product benefits. With the rising population, change in life style, increasing number women work population there is an inclination towards consumption of dairy blends products.
New consumer research shows that consumers are much more inclined towards the beverages that are formulated with the blends of diary and it is also seen that dairy blends products are preferred due to the rising prices of traditional dairy products. Moreover it has been found that in 2014, milk prices recorded an all-time high in the US Continuous slow growth in production levels due to strong demand from consumers and rising gains from exports in the first half of the year 2014 boosted the prices of milk. This in turn is expected to drive the demand for dairy blends products as a substitute during the forecast period.
Dairy blend products are segmented in different forms which are liquid, spreadable and powder. The market is further segmented by application. By application the market has been segmented into infant formula, bakery, beverage, ice cream, cheese and butter blends, pharmaceutical lactose and others which include yogurt and dairy feeds. Bakery segment is occupying the largest share due to the inclination of population towards baked foods. Infant formula is showing the fastest growth due to the rising women work population, changing life style. Over the past few years, dairy blends as additives are acting as substitutes which are boosting the market of dairy blends products during the forecast period.
Emerging markets in recent years are driving the market of dairy blends products. Consolidation of dairy blends industries through acquisitions and mergers are resulting in the growth of this market. With the rising digital technologies it finds out gap in the existing products and try to innovate newer ways of the usage of products and packaging. This newer way is paving the way into newer markets and creating huge opportunities to dairy blends products market. Big data analytics companies engage in performing real time analysis of sales to understand the consumption patterns which help to modify the marketing strategies to achieve better results, minimizing the costs. This can influence the preferences of customers, thus popularizing dairy blends products.