The modified milk ingredients market has experienced strong growth, with a projected increase from $107.97 billion in 2023 to $116.49 billion in 2024, reflecting a CAGR of 7.9%. Growth drivers include the increasing demand for organic dairy products, rising milk solids production, growing health consciousness, rising demand for health-promoting products, and higher exports of modified milk ingredients.
The modified milk ingredients market is expected to reach $158.23 billion by 2028 at a CAGR of 8%. Growth drivers include the popularity of flavored beverages, functional foods, protein supplements, and health-promoting products. Trends include technological advancements, flavor innovations, and new manufacturing technologies.
Major Driver In The Modified Milk Ingredients Market
The increasing demand for dairy products is expected to fuel the growth of the modified milk ingredients market. The demand for dairy products is driven by their rich nutritional content, which includes essential proteins, vitamins, and minerals, along with a growing consumer focus on health and wellness. Modified milk ingredients play a crucial role in the dairy industry by enhancing the functionality, texture, and nutritional value of dairy products, enabling manufacturers to meet diverse consumer needs and innovate with new formulations. For instance, in November 2023, the United States Department of Agriculture (USDA) projected that Australia's milk production would rise by 0.6% in 2024, reaching 8.50 million metric tons (MMT), following a stabilization in 2023 at an estimated 8.45 MMT after years of decline. Therefore, the rising demand for dairy products is driving the growth of the modified milk ingredients market.
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Modified Milk Ingredients Market Competitive Landscape
Nestle SA, Danone S.A., Groupe Lactalis S.A., Fonterra Co-operative Group Limited, Saputo Inc., China Mengniu Dairy Co. Ltd., Kerry Group, Savencia Fromage And Dairy, Agropur Cooperative, Glanbia plc, Emmi Group, Bel Group, Royal A-ware, Vinamilk, Leprino Foods, Arla Foods Group, Schreiber Foods, Valio Ltd., First Milk Ltd., Amul, Royal FrieslandCampina N.V.
Key Modified Milk Ingredients Market Trend
Companies in the modified milk ingredients market are creating products with reduced lactose to meet the growing demand for lactose-free and low-lactose options. These products enable individuals with lactose intolerance to benefit from dairy’s nutritional advantages without digestive issues. For example, in November 2023, Nestlé launched N3 milk in China, which reduces lactose by up to 80% and converts it into prebiotic fibers. N3 milk retains the essential nutrients of regular milk, such as proteins, vitamins, and minerals, and has more than 15% fewer calories than conventional milk.
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Global Modified Milk Ingredients Market Segmentation
The modified milk ingredients market covered in this report is segmented –
1) By Type: Calcium Reduced Skim Milk, Casein, Caseinates, Other Types
2) By Form: Liquid, Concentrated, Dry, Frozen, Reconstituted
3) By Application: Food And Beverages, Cosmetics And Personal Care, Nutraceuticals, Pharmaceuticals, Other Applications
4) By Distribution Channel: Business-To-Business (B2B), Business-To-Consumer (B2C)
By Geography:The regions covered in the modified milk ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the modified milk ingredients market in 2023, and is expected to be the fastest-growing region in the forecast period.
The Modified Milk Ingredients Global Market Report 2024 furnishes information about the global modified milk ingredients market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
