A new Future Market Insights report predicts that the global fortified dairy products market will register an impressive CAGR during the forecast period, 2017 to 2026. According to the report, the global fortified dairy products sales are expected to generate revenue of more than $ 150,000 million. by 2026-end. According to the WHO, many schoolchildren suffer from vitamin A deficiency. Therefore, dairy products fortified with vitamin A have immense potential to reduce this deficiency.
With the boom in the use of fortified dairy products, manufacturers of fortifying agents have focused on identifying new micronutrients in accordance with the development of new innovative solutions for manufacturers of finished products. A major challenge that prevails for manufacturers of fortified dairy products is providing the required calcium content comprising the products while maintaining the taste and attractive properties of the products. Companies actively contributing to the growth of the global fortified dairy market as described in the IMF report include Fonterra Group Cooperative Limited, BASF SE, NestlÃ© SA, General Mills, Inc., Bright Dairy & Food Co., Ltd ., Danone, China Modern Dairy Holdings Ltd., GCMMF Ltd., Arla Foods UK Plc and Dean Foods Company.
The need to replenish lost nutrients stimulates the penetration of fortification into dairy products
The dairy industry is one of the most promising among the various applications in the food and beverage industry. Although dairy products are considered an excellent source of essential nutrients, many processing methods that include ultra-heat processing, pasteurization, spray drying and heating result in the loss of some essential nutrients. Replenishing lost nutrients has therefore become imperative, and fortification has become a very effective method of retaining lost nutrients in dairy products. In addition, dairy products fortified with vitamin D can improve the rate of absorption of calcium while maintaining the level of calcium in the blood.
Health-conscious consumers have started consuming yogurt, seeing them as healthier alternatives to dairy products, including ice cream and milkshakes, which are high in calories. The accelerated penetration of fortification technology in yogurt has further boosted the sale of functional food products. Several countries around the world better understand the importance of fortification and accept the practice of fortification of dairy products, thereby increasing sales of these products. On the other hand, the relatively higher price of fortified dairy products compared to their unfortified counterparts will to some extent hamper their adoption in developing and low-income countries.
APEJ will dominate the global fortified dairy products market
The global fortified dairy products market will remain dominated by Asia-Pacific Excluding Japan (APEJ), with sales expected to reach nearly $ 50,000 million in revenue by the end of 2026. Market revenues APEJ are expected to post the highest CAGR through 2026, followed by North America. Europe will establish itself as the second most lucrative market for fortified dairy products. The market in North America will grow at a relatively higher CAGR than in Europe until 2026.
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Milk powder and formula powder are expected to remain the main income generating product in the market, followed by milk and flavored milk. Flavored milk is expected to persist as a fast-selling product in the market until 2026. Sales of yogurt and dairy-based milk in the global fortified dairy market are expected to register a parallel increase until 2026.
Modern commerce will remain the main sales channel for fortified dairy products
In terms of revenue, modern commerce is expected to remain the primary sales channel for fortified dairy products, with an estimated market share of over 30% during the forecast period. Revenues from sales of fortified dairy products in convenience stores and department stores will also remain significant, collectively ready to close roughly similar to those obtained from sales in modern commerce.
Although vitamins will remain dominant among the micronutrients used to fortify dairy products in terms of revenue, sales of minerals are expected to register the fastest growing market growth through 2026.
About the Food Market Division of IMF
Expert analysis, actionable insights and strategic recommendations – the Food & Drinks team at Future Market Insights helps customers around the world meet their unique business intelligence needs. With a repository of over 1,000 reports and over a million data points, the team has lucidly analyzed the food industry in over 50 countries for more than a decade. The team provides end-to-end research and consulting services; reach out to find out how we can help.