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Global Concentrated Milk Fat Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 6.35 Bn by 2028, Likely to Grow with the CAGR of 9.7% During the Forecast Period.
The global concentrated milk fat has witnessed rapid growth over the forecast period and it is estimated to grow at the highest compound annual growth rate over the forecast period. Some of the major factors fuelling the growth of the global market include a wide range of applications in several industries, benefits offered by concentrated milk fat, and cost-effectiveness.
Rising Adoption from the Food & Beverages Industry is Likely to Fuel the Growth of Global Concentrated Milk Fat Market
The concentrated milk fat is being used in several applications in the food & beverages industry such as ice creams, edible oil, and chocolates. The growing demand for these products is expected to put a positive impact on market growth. Moreover, the concentrated mil fat helps in enhancing flavour, texture, and consistency of bakery products, which results in improved quality and better taste. These products contain the very lilted amount of moisture and can be stored at room temperature for a long time. Also, the concentrated fat has rich nutritious and organic value and prevent consumers from multiple skins and heart-related problems which is anticipated to boost the demand for these products across the globe.
However, the presence of saturated fat can cause obesity and diabetes which might hamper the growth of the market. Though, in response to higher demand from different industry verticals manufacturers are engaged in R&D activities to overcome these hurdles in the market growth.
Conventional Segment Dominates the Global Concentrated Milk Fat Market
Based on product type, the global market is dominated by conventional milk segment. The conventional milk has a large customer base as these are used on an everyday basis around the globe. The products are expected to maintain its dominance throughout the forecast period. This is mainly due to the beneficial features associated with it such as anti-viral, antimicrobial, anti-fungal, and anti-cancer properties.
Furthermore, the organic segment is estimated to grow at the highest compound annual growth rate. The organic products help in increasing the level of essential fatty acids, vitamin concentration, and minimizing the risk of eczema. This is expected to boost the demand for organic products. Moreover, inclination towards organic and natural ingredients is expected to spur the growth of the organic segment in the coming years.
Bakery and Confectionery Segment Held Largest Share in Global Concentrated Milk Fat Market
By application, the bakery and confectionary segment is anticipated to be the dominant segment. The concentrated milk fat is used in almost each bakery products such as bread, cake, roll, and pastries. The rising popularity of bakery products is expected to create growth opportunities for concentrated milk market. Moreover, the adoption of concentrated milk in several confectionary products such as bars and chocolate is estimated to positively impact the demand for concentrated milk fat during the forecast period.
However, the dairy products segment is projected to witness the fastest growth over the forecast period. The rising demand for dairy products in developed, as well as developing countries such as the U.S., India, and China, is expected to favour the growth of the segment during the forecast period.
Asia Pacific Concentrated fat Milk market held a significant share in Global Markets in 2019.
In terms of region, Asia Pacific dominates the global market by holding a significant share in 2019. The trend is anticipated to continue during the forecast period. The rising consumption of dairy products in Asian countries such as China and India are favouring the growth of the region. Also, the import value is comparatively high in the Asia Pacific. Furthermore, the growing population of middle-class population and growing health awareness across the region is expected to spur the growth of concentrated milk market in the Asia Pacific. Europe is also projected to witness the fastest growth rate during the forecast period due to higher consumption of dairy products mostly from Western Europe.
Key Players Are Getting Into Mergers & Acquisitions to Increase Their Competitive Advantages
Some of the prominent companies operating in global Concentrated Milk Fat market include JLS Foods, Darigold, Inc., MCT Dairies, Lactalis Ingredients, Pine River Dairy, Campina Original, G&R Foods Inc., California Dairies, Inc., Hoogwegt U.S., Grassland Dairy, FIT, and Fonterra.
Global Concentrated Milk Fat Market by Product Type
Global Concentrated Milk Fat Market by Application
- Dairy Products
- Bakery & Confectionery
Global Concentrated Milk Fat Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America