Rise in disposable income of people, surge in expenditure on high-quality food products, expansion of food and beverage industry, growth in consumer preference for western cuisine, rise in investments in the dairy sector drive the global anhydrous milk fat market.
PORTLAND, Ore., March 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Anhydrous Milk Fat Market by Nature (Organic, Conventional), by Application (Dairy, Bakery, Confectionary, Others), by Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global anhydrous milk fat industry generated $3.0 billion in 2021 and is estimated to generate $6.0 billion by 2031, witnessing a CAGR of 7.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Rise in disposable income of people, surge in expenditure on high-quality food products, expansion of food and beverage industry, growth in consumer preference for western cuisine, rise in investments in the dairy sector drive the global anhydrous milk fat market. On the other hand, high percentage of saturated fatty acids & cholesterol, and high cost of anhydrous milk fat in comparison to vegetable fats hinder the market growth. However, technological advancements in production methods and container designs will present new growth opportunities for the global anhydrous milk fat market in the coming years.
- The COVID-19 outbreak had a negative impact on the anhydrous milk fat market, owing to the disruption of the global supply chain.
- However, the market had the potential to grow in several ways because consumers were preferring natural and organic products over those manufactured with chemicals since they were so concerned about their health and adhered to a healthy diet to prevent virus attacks. Owing to the strength and anti-microbial properties of milk products, people continued to consume them.
- The market also benefited from the uncertainties caused by fiscal 2021 due to increased demand for anhydrous milk fat.
The conventional segment to grab lion’s share during the forecast period
Based on nature, the conventional segment contributed to the largest share of nearly two-thirds of the global anhydrous milk fat market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. This is due to economic viability and an easy & less-lengthy manufacturing process as compared to that of organic products. However, the organic segment is projected to showcase fastest CAGR of 7.7% from 2022 to 2031, owing to its increased demand in the food & beverages industry.
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The dairy segment to dominate the market during the forecast period
In terms of application, the dairy segment grabbed the highest share of nearly two-fifths of the overall anhydrous milk fat market in 2021 and is projected to maintain its dominance in 2031. Anhydrous milk fat is significant in the dairy sector since it not only contributes to flavor development but also to texture, color, and viscosity. Moreover, the confectionery segment is expected to witness the fastest CAGR of 7.9% from 2022 to 2031. The growth of the segment is driven by expanding retail sales, an increase in the practice of giving confectionery items as gifts, rising disposable income, rising urbanization and population, busy lifestyles, and an increase in the number of women in the workforce.
The offline segment to achieve the highest revenue during the forecast period
By distribution channel, the offline segment contributed the largest share of nearly three-fourths of the global anhydrous milk fat market and is expected to maintain its leadership in terms of revenue during the forecast period. The anhydrous milk fat business is expanding as a result of the possibilities that specialty shops offer, including savings and the advantage of instant gratification. However, the online segment will showcase the fastest CAGR of 7.8% during the forecast period. This is attributed to easy availability and the benefits such as information about the attributes of the products, time-saving features, and the facility of home delivery provided by the online platform.
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Asia Pacific to achieve the largest revenue by 2031
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for nearly two-fifths of the global anhydrous milk fat market and is likely to maintain its dominance during the forecast timeframe. This is because manufacturers of anhydrous milk fat have a lot of potential opportunities in the region. Anhydrous milk fat products from New Zealand are increasingly being exported to China and Australia, which is changing the market. However, the market in Europe is projected to witness a fastest CAGR of 7.9% from 2022 to 2031. This is due to the rising demand for clean label and sustainable milk and dairy products.
Leading Market Players
- Interfood Holding BV
- Lactalis Group
- Asha Ram & Sons Pvt. Ltd.
- Gloria Argentina SA
- UGA Group
- Royal VIVBuisman
- Eurial Ingredients & Nutrition
- Polmlek Group
- Royal FrieslandCampina N.V.
- Vitusa Corp,
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