The rising demand for dairy products in fast-growing markets, including China and India, is a result of new products launched by companies such as Nestlé. The rising importance of frozen bakery goods as a result of new product launches, coupled with the use of milk powder as a functional ingredient, is expected to increase milk powder usage over the forecast period.
Infant formula is expected to experience a revenue growth at a compound annual growth rate (CAGR) of 4.8 percent from 2016 to 2024. The emergence of China and India as a hub for manufacturing baby products, due to increasing birth rates in their countries, will propel market demand over the projected period.
Buttermilk powder is forecasted to have a volume growth at a CAGR of 3.5 percent from 2016 to 2024, which is due to increased use of buttermilk powder in batter or breading, chocolates and processed cheese.
The global demand for permeate powder or dried permeate powder demand was 209 kilo tons in 2015. The product is manufactured after ultrafiltration of milk to extract protein and fat which is used extensively as a functional additive for the production of beverages, seasonings, confectionery, soups, sauces, desserts, and baked goods.
Asia Pacific is expected to experience a volume growth at a CAGR of four percent from 2016 to 2024 in dairy products. Consumers are enjoying increasing disposable incomes in emerging markets such as China, Thailand, Bangladesh, Indonesia, and Malaysia. These nations are expected contribute to the increase in the consumption of food and beverage products, and predicted to heighten the growth of the dairy ingredients market.
Major dairy ingredients companies are placing focus on developing new products and expanding their manufacturing capacity to bolster their presence in the global dairy market.