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Fortified Dairy Products Market Segmentation: By Product Type (Fortified Milk, Formula Milk Powder, Cheese, Yoghurt and Others); By Age (Children, Elderly and Others); By Sales Channel (Convenience Stores, Departmental Stores, Hypermarkets and Supermarkets, Online Stores and Others); By Micronutrients (Vitamin, Calcium and Others) and Region - Analysis of Market Size, Share & Trends for 2017- 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Fortified Dairy Products Market to reach USD 214.5 billion by 2030 from USD 112 billion in 2020 at a CAGR of 6.7% in the coming years, i.e., 2021-30.
The fortified dairy product market is an enriched dairy product. It consists of adding micronutrients such as minerals and vitamins to dairy products, in this phase of enrichment or fortification to minimize the deficiency in different age groups of consumers. Fortification of dairy products is carried out to replenish the nutrients lost during the processing of these products. Some of the processing techniques that could result in nutrient loss from dairy products include spray drying, heating, ultra-heat treatment, and pasteurization. As these processing methods gain popularity, demand in the global fortified dairy products market is projected to escalate.
According to the Organization for Economic Co-operation and Development, which recorded an increase in global dairy product consumption from 411,173 thousand tons in 2015 to 435,805 thousand tons in 2019. This leads to increased demand for dairy products. This, in turn, drives demand for fortified dairy products in the forecast period, i.e. 2020-030
The latest Fact. MR report shows that demand for fortified dairy products will increase exponentially and that they are anticipated to generate a total of $56 billion opportunities in the 2020-2030 forecast period. The WHO and the FAO have also presented food fortification as an effective way in which children and young people in underdeveloped countries and remote areas can fight against malnutrition and weak immunity.
Shortly, attractive growth opportunities for fortified dairy products are predicted for India and Japan.
Between 2015 and 2019, the Indian food fortification Premix market grew fast at 23.2 percent annually with a value of over INR 1.7 billion. With a forecast CAGR of around 18% for the period 2020-2025, the market will continue to show impressive growth over the next five years.
Big food businesses such as Cargill, Tata Global Beverages, and the Future group, expressed interest in the launch of fortified food products to combat malnutrition.
Fortified dairy products will supposedly be a promising sector in the next half-decade and are expected to grow at an important rate of growth.
Due to its nutrition and a wide range of applications, Milk is a highly consumed milk product around the world that leading to high growth of the market in fortified milk products.
In a study of 296 high school children from the Chinese region, riboflavin and iron deficiencies were lower for those who drank fenced milk. In comparison with drinking unfortified milk, they also showed increased academic achievement and motivation.
Vitamins have been the largest segment in terms of sales, contributing to overall sales of the global market for fortified milk products, where more than half the market share in the global fortified dairy market is driven by an increase in the demand for poor vitamins. However, it is anticipated that in the next few years the segment of minerals will be strengthened, as it is important for fortified milk products.
Vitamin A deficiency affects many schoolchildren. Vitamin A-enforced dairy products, therefore, have enormous potential to reduce this shortcoming. Children are the most concentrated target classes of fortified dairy products companies because their food tastes or diets are often affected by nutrient shortages or even malnutrition.
Government initiatives on nutrition deficiency eradication or reduction
Milk and dairy products are some of the best and easiest available sources of essential nutrients. Nutrient absorption is, however, impeded by a variety of manufacturing processes. Fortification is essential to replenish all lost nutrients in milk and its products. The industry has seen an unprecedented demand for fortification milk, milk powder, infant formula, and various other dairy products as a result of the spread of target government initiatives aimed directly at eradicating nutritional deficiencies.
Fortified dairy products are suitable for the supply of additional growth minerals, such as calcium and iron, to children or teenagers. Second, a wide range of fortified dairy products is growing, mainly for the elderly. Calcium fortification plays a significant role here.
Increasing awareness among people to change their eating habits
Consumers ' growing health awareness has shifted their preferences to healthy foods and supplements. Dairy products are enriched to meet the increasing demand for fortified milk products with the artificial addition of micronutrients.
The multiple channels available for the distribution of fortified milk products also stimulated the growth of fortified global dairy products. In addition, the investments made by major investors also increased the growth.
High prices and non-penetration to the remote areas of underdeveloped countries
The equipment and resources used in the fortification of dairy products make the commodity more costly than the local sellers' dairy products. Furthermore, remote areas do not have the knowledge and the money to use such fortified goods as a way of improving their nutrition levels, which would, in turn, minimize their use in the underdeveloped and lower-income countries in contrast to their non-fortified counterparts.
The global fortified dairy products market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Asia-Pacific excludes Japan (APEJ) will remain dominant in the global fortified milk product market, driven mainly by strong demand from its emerging nations such as India and China. In addition to the rising consumer consciousness and the increasing penetration of food enhancer technology, the booming food industry would have an impact on the growth and demand for fortified food products in the region.
As compensatory regions for market growth, Europe and North America will also prevail, due to the rising demand in the region for healthy food supplements among consumers, who are becoming increasingly conscious of their health.
In North America, the well-known physicians approved of the use of fortified dairy products will also fuel demand.
The highest market share for fortified dairy products in the Asia Pacific is projected to contribute to India and China because of increased demands for nutrient value for dairy products.
As for the production and consumption of fortified dairy products, North America and Europe are following Asia-Pacific because of the increased sensitivity to health and increased demand for healthy dietary supplements.
The global fortified dairy products market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
As COVID 19 impacts negatively most of the sectors and markets of the global economies, it has also disrupted the fortified dairy product market with the lockdown making the industries being closed for a while but as the lockdown gets lifted and the COVID 19 pandemic slows down the demand for the fortified dairy product is expected to grow immensely.
There is also a growing tendency for the masses after COVID 19 to consider healthier alternatives to their existing eating habits thus raising the demand for these fortified products.
Fortified Dairy Products Market Segments:
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