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The Milk Protein Concentrates Market size is projected to increase by USD 1.02 billion and the market size is estimated to grow at a CAGR of 5.44% between 2023 and 2028. Our report examines historic data from 2018 to 2022, besides analyzing the current market scenario.
The growing infant formula market is the key driving factor. Infant formula is mainly a powder or liquid formula given to babies and infants between 6 months and 12 months old, as it provides the nutritional needs for the healthy development of babies. The demand for infant formulas is increasing globally, driven by certain factors such as the growing awareness among parents about its nutritional benefits, an increase in the birth rate in many countries, and the increasing number of working women. Hence, the rise in the demand for infant formula is leading to the increased demand for protein ingredients used in infant formulas, such as soy and whey. Therefore, the increase in demand for infant formula will propel the growth during the forecast period.
The Market shows an accelerated CAGR during the forecast period.
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Growth in organized retailing is the primary trend shaping growth. Organized retailing has grown across the globe with the upsurge in the number of supermarkets, hypermarkets, and specialty stores, particularly in Brazil, South Africa, Germany, the UK, China, Poland, Spain, France, Mexico, Japan, South Korea, Australia, Portugal, Turkey, Israel, and Russia.
Moreover, in India, the growth of supermarkets has been increasing over the past few years. This is due to growth in urbanization and increasing disposable income. Urbanization in India is anticipated to increase in the next five years. This will give a huge possibility for the players to tap into the country's immense potential. Therefore, the global market will grow significantly during the forecast period.
Growing preference for plant-based protein products is a challenge that affects growth. The rising demand for plant-based protein products, such as soy and wheat protein, might restrict the global market. Additionally, plant protein ingredients are eco-friendly as their production processes consume less energy, land, and water, and reduce emissions of toxic gases.
Moreover, the average price of animal proteins is higher than that of plant proteins. The increasing investment in the market will also drive its growth in the next five years. Therefore, such factors may impede the global market during the forecast period.
The offline distributional channel includes supermarkets, hypermarkets, department shops, drugstores, and other stores. Offline stores may have higher operational costs, but with the availability of sales representatives for product consultation, they also have scope for increased profit margins. Moreover, the presence of different brands under one roof helps buyers to compare and check them physically. This also helps to create awareness about them. Therefore, the offline stores segment is anticipated to boost market during the forecast period.
The market share growth by the dairy products segment will be significant during the forecast period. Milk protein concentrates are utilized in dairy such as cheese, cultured dairy products, dairy-based beverages, and ice creams. Primarily, lower concentrations of milk proteins are used as ingredients in cheese, while higher concentrations are used in beverages. They are used as ingredients that rely on non-fat dry milk or skim milk powder but require higher protein, whereas casein and caseinate are used traditionally.
The dairy products segment was valued at USD 1,185.60 million in 2018.
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The growth of the market is propelled by the launch of these made-from-milk protein concentrates. The process enables minimal denaturation and confers optimal functional and nutritional properties. In 2020, the FDA approved the International Dairy Foods Association to use high-protein milk in dairy products. Hence, such factors are expected to drive the market during the forecast period.
North America is estimated to contribute 33% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US was the largest market in North America in 2023. Growing health awareness among consumers and a rising number of people undertaking fitness activities have led to a peak in demand for sports and nutrition supplement products, which will have a direct impact on the demand for milk protein concentrate products in the region.
Moreover, the market is also driven by increasing product launches and product innovations. The growth in the market in North America is also expected to drive the market in the region. Wider distribution through various distribution channels is expected to drive the demand for milk protein concentrates. Therefore, the market will witness significant growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is driven by the demand for Nutritious Products and Protein-rich Food in the Food and Beverages segment. With products like Slim Milk and supplements, it caters to health-conscious Consumers and the rising health awareness trend. Market growth is also fueled by Sport Nutrition Products and Protein-rich Food and Beverages, particularly among Millennials. The market offers various forms such as Concentrates, Hydrolyzed, and Isolates, prepared through methods like Ultrafiltration and Spray Drying.
The market serves various End Use (Animal Feed, Food and Beverages, Personal Care and Cosmetics, Supplements), with a focus on Certainties and Raw milk quality. Developing countries play a significant role in the market, impacting Global milk production and Dairy cattle numbers. Technological Innovations and Product Approvals are driving factors, alongside geographic expansions and application niches. Major players like Arla Foods Ingredients Group P/S and Westland Milk Products offer these in various forms and Content percentages, meeting the needs of End Use segments like Dietary Supplements, Dairy Products, and Infant Formula.
Milk Protein Concentrates Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.44% |
Market growth 2024-2028 |
USD 1,021.13 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.18 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMCO Proteins, Bega Cheese Ltd., Dairy Farmers of America Inc., Darigold Inc., Erie Foods International Inc., Farbest Brands, FIT, Glanbia plc, Grassland Dairy Products Inc., Groupe Lactalis, Idaho Milk Products Inc., Kerry Group Plc, Milk Specialties Global, Nestle SA, Nutrinnovate Australia, Royal FrieslandCampina NV, Saputo Inc., Savencia SA, Schreiber Foods Inc., and VRS Foods Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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