Concentrated Milk Fat Global Market Report 2023
Major players in the concentrated milk fat market are Darigold Inc., Grassland Dairy Products Inc., Lactalis Ingredients, FrieslandCampina Professional, California Dairies, Fonterra Co-operative Group, Hoogwegt US Inc.
New York, March 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Concentrated Milk Fat Global Market Report 2023" - https://www.reportlinker.com/p06426508/?utm_source=GNW
, FIT Company, JLS Foods, G&R Foods Inc., Fista Group, CP Ingredients Ltd., Provilac, DANA Dairy Group Ltd., Keynote Dairy Corp. Ltd., and Anand Milk Union Limited (AMUL).
The global concentrated milk fat market grew from $4.32 billion in 2022 to $4.86 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The concentrated milk fat market is expected to grow to $7.1 billion in 2027 at a CAGR of 10.0%.
The concentrated milk market consists of sales of evaporated milk and condensed milk.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Concentrated milk is defined as a dairy product that has a longer shelf life as the milk is obtained by removing moisture. It contains minerals and vitamins same as milk.
North America was the largest region in the concentrated milk fat market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the concentrated milk fat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in concentrated milk fat are organic and conventional.Organic products are produced without the use of chemicals and involve the use of only natural products.
Organic milk products contain more nutrients as well as healthier omega-3 fatty acids and disease-fighting antioxidants than non-organic milk products. The various applications include bakery and confectionery, dairy products, nutraceuticals, and others and are distributed through several channels such as online stores and offline stores.
The strong growth of the dairy industry is contributing significantly to the growth of the concentrated milk fat market going forward.The dairy industry comprises the production of milk on dairy farms and the processing of milk and milk products at dairy plants.
Concentrated milk fat is extensively used in the dairy industry to manufacture cheese, ice cream, and dairy creams, thereby fueling the market’s growth.For instance, according to an article published in Business Standard, an Indian daily edition newspaper, the Indian dairy industry will grow by 9–11% during 2021–22.
Also, according to Invest India, an India-based investment promotion and facilitation agency, the dairy industry in India is expected to reach $355 billion by 2025. Therefore, the strong growth of the dairy industry is driving the growth of the concentrated milk fat market.
Rising demand for long-shelf-life products is expected to drive the concentrated milk fat market going forward.The shelf-life refers to the length of time in which any product is safe and suitable for use.
The concentrated milk fat possesses a longer shelf life due to low water activity in the product, and it can be stored at room temperature for several months, thereby promoting its use in manufacturing bakery and confectionery products.For instance, in June 2020, Truebell, a UAE-based fast-moving consumer goods firm, reported a 300% increase in demand for long-shelf-life products.
Therefore, rising demand for long-shelf-life products will promote the growth of the concentrated milk fat market.
In March 2021, Darigold, a US-based company that manufactures dairy and agricultural products, partnered with Girl Scout councils.This partnership aimed to expand the existing relationship between Darigold and Girl Scouts to raise funds specifically for financial assistance for Girl Scouts.
Darigold donates a portion of sales from every carton or bottle of Darigold extended shelf-life milk sold at participating retailers to the partnering Girl Scout councils. Girl Scouts is a US-based leadership development organization for girls.
The countries covered in the concentrated milk fat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The concentrated milk fat market research report is one of a series of new reports that provides concentrated milk fat market statistics, including global market size, regional shares, competitors with a concentrated milk fat market share, detailed concentrated milk fat market segments, market trends and opportunities, and any further data you may need to thrive in the concentrated milk fat industry. This concentrated milk fat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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