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I AgreeAnalysis of Functional Dairy Ingredients market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global functional dairy ingredients market accounts for a revenue of US$ 201.47 billion in 2022 and is anticipated to surge to a market valuation of US$ 417.16 billion by the end of 2032. Worldwide consumption of functional dairy ingredients is predicted to surge at a CAGR of 7.5% through 2032.
Rising awareness about the benefits associated with the consumption of dairy products is anticipated to majorly drive demand for functional dairy ingredients over the coming years.
Report Attributes |
Details |
---|---|
Functional Dairy Ingredients Market Size (2022E) |
US$ 201.47 Billion |
Forecasted Market Value (2032F) |
US$ 417.16 Billion |
Global Market Growth Rate (2022-2032) |
7.5% CAGR |
North America Market Share (2022) |
21.3% |
Europe Market Share (2022) |
23.4% |
Key Companies Profiled |
|
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Focus on health has increased over the past years and people are increasingly aware of the health benefits associated with the consumption of dairy products. These factors are projected to positively impact functional dairy ingredient demand over the years to come.
Rising popularity of a protein-rich diet, adoption of healthy eating habits, increasing use of lactose derivatives in pharmaceutical formulations as prebiotics, and rising consumption of protein supplements are other factors that drive functional dairy ingredients market potential across the forecast period.
However, increasing demand for plant-based products is anticipated to have a negative impact on the consumption of dairy products, which could restrain functional dairy ingredients market growth over the coming years.
From 2022 to 2032, global consumption of functional dairy ingredients is projected to surge at 7.5% CAGR.
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“Increasing Demand for Functional Foods across the World”
People across the world have grown more aware and conscious of their health than ever before and this has driven the demand for functional foods across the world.
With the rising consumption of functional and fortified consumables, demand for functional dairy ingredients is also anticipated to increase across the forecast period.
“Rising Consumer Demand for Plant-based Products”
Demand for plant-based products has seen a substantial increase over the past few years as the popularity of veganism has risen among the population across the world. This has hampered the demand for dairy products, and, in turn, restrained functional dairy ingredients market growth to some extent.
Increasing awareness and incidence of lactose intolerance among the general population is also expected to slow down functional dairy ingredient consumption.
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“New Entrants Can Focus on Research to Develop Novel Ingredients”
R&D is crucial to developing novel functional ingredients, and with such supportive initiatives, start-ups can improvise their research to gain a better grasp of the current market trends and capitalize on those opportunities.
New market entrants should aim for collaborations and mergers with established functional dairy ingredient companies to advance their research scope and make a mark in the global functional dairy ingredients industry.
“Europe & Asia Pacific Lead Global Functional Dairy Ingredient Demand”
Asia Pacific is anticipated to be the most lucrative region for functional dairy ingredient suppliers across the forecast period. High demand for functional dairy ingredients in this region can be attributed to the presence of a robust dairy production industry and the presence of multiple dairy producers.
India and China are anticipated to lead functional dairy ingredients market growth in the region through 2032. The market for functional dairy ingredients in China stands at US$ 16.29 billion and accounts for a market share of 8.4% in the global landscape in 2022.
At present, the Europe functional dairy ingredients market accounts for a significant market share of 23.4% and is valued at US$ 47.14 billion. Rapid procurement of functional dairy ingredients in this region is anticipated to drive market growth over the coming years. The presence of key dairy manufacturing companies in this region is also expected to propel functional dairy ingredient sales.
Fact.MR, a market research and competitive intelligence provider, in this latest functional dairy ingredients market study report, gives a detailed regional analysis of the industry with trends, opportunities, and restraints affecting market growth.
Functional dairy ingredient manufacturers are expected to focus on mergers, collaborations, and partnerships to advance their market presence and fast-track the launch of new products.
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The global functional dairy ingredients market is valued at US$ 201.47 billion.
By 2032, the market is projected to reach US$ 417.16 billion.
Sales of functional dairy ingredients are slated to increase at 7.5% CAGR through 2032.
The market in North America accounts for a valuation of US$ 42.91 billion.