Asia-Pacific dairy ingredients market is projected to grow at a CAGR of 4.3% during the forecast period, 2020 - 2025.
- Improving living standards of the population, growth of the infant formula industry, increasing demand for health products, and healthy lifestyles of the consumers are driving the growth of the Asia-Pacific Dairy Ingredients Market.
- Additionally, Asia-Pacific being an abundant reserve for dairy production in the world ensures plentiful supply to food processing industries at a very competitive price. These factors where on the one hand foster market studied, the aspects such as lactose intolerance, growing veganism are concerns anticipated to restrain the market in the forecast period.
Key Market Trends
Milk Powder Held the Largest Market Share
The demand for dairy products in the Asian market is rising. Skimmed milk powder is largely used in the ice-cream industry which is pushing the market for skimmed milk products in Asia. For instance, as per the data revealed by the Food and Agricultural Organization, the consumption of fresh dairy products in India is expected to increase by 2.3% a year, reaching 108kg per capita in 2028. However, increasing prices of skimmed milk powder in the Indian market has resulted in the decline in milk procurement during winter, the peak producing season has triggered concern about supplies in summer, a lean season. This has led to rising demand for the creation of a buffer stock of skimmed milk powder.
India Remains Fastest Growing Country
India being a nerve center of the global dairy industry, offers galore of opportunities to investors and entrepreneurs, willing to capitalize on one of the world's fastest-growing markets for milk and milk products. As a result, the dairy ingredient market in the country has been witnessing a surge in market entries followed by diversified product launches. Food companies in India are now more inclined to procure quality and differentiated raw materials to formulate their products, portraying promising opportunities for dairy ingredient manufacturers to emphasize in research and development sector and eventually come up with the exceptional products.
Product innovation is a highly preferred strategy by companies to strengthen their market dominance. Major players, such as Arla Foods, Eurosérum, Saputo Inc, and Groupe Lactalis extensively focus on providing consumers with innovative offerings, combined with functional benefits in each of the product. Expansion is another strategy extensively used to strengthen their market dominance. Major players are constantly trying to expand their production facilities to accommodate the growing demand.
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