Dairy Ingredients Market is Expected to Reach 66.11 Billion USD by 2022
The report Dairy Ingredients Market by Type (Milk Powder, Whey Ingredients, MPC & MPI, Lactose & Its Derivatives, Casein & Caseinates, Milk Protein Hydrolysates), Source (Milk and Whey), Nature, Application, and Region – Global Forecast to 2022″, The dairy ingredients market is projected to reach a value of USD 66.11 Billion by 2022, at a CAGR of 5.61% from 2016. The market is driven by factors such as rise in awareness about the health benefits of nutritional food products, along with economic growth and increase in disposable income in developing nations, especially in the Asia-Pacific region.
The application of dairy ingredients in dairy products segment was the largest in 2015.
Dairy products accounted for the largest share in the application of dairy ingredients in 2015. Dairy ingredients are used in almost all dairy products for enhancing the nutritional content, flavor, and other benefits from dairy ingredients such as emulsification and solubility. Owing to which, the application of dairy ingredients is extensive in dairy products.
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Milk powder accounted for the largest share by type, in the dairy ingredients market in 2015
On the basis of type, milk powder accounted for the largest share in the dairy ingredients market in 2015. The milk powder segment dominated the market, owing to its less moisture content, which contributes to the higher shelf life of the product. The growth in infant food market is another key factor that fueled the growth of this segment.
Asia-Pacific dominated the dairy ingredients market in 2015
The Asia-Pacific region accounted for the largest market share in the dairy ingredients market in 2015. In Asia-Pacific, China had the largest market share in 2015. Improvement in the living standards of the Chinese, growth in the infant formula industry and aging population are the factors that drive the growth of the Chinese dairy ingredients market. India is projected to grow at the highest CAGR during the forecast period.