Modified Milk Ingredients Global Market Report 2024: Market Size To Reach $158.23 Billion By 2028
Modified Milk Ingredients Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Is the Modified Milk Ingredients Market Experiencing Growth?
Indeed, the modified milk ingredients market is witnessing robust growth and is expected to grow from $107.97 billion in 2023 to $116.49 billion in 2024 at a compound annual growth rate CAGR of 7.9%. This growth can primarily be attributed to increased demand for organic dairy products, rising milk solids production, increased health consciousness, and increased exports of modified milk ingredients.
To further get a comprehensive understanding of this rapidly growing market, access the report sample: https://www.thebusinessresearchcompany.com/sample.aspx?id=19117&type=smp
What Factors Will Drive the Continued Growth of the Market?
In the coming years, the modified milk ingredients market is expected to see even stronger growth, reaching $158.23 billion in 2028 at a CAGR of 8%. The forecasted growth can be mostly credited to the rising popularity of flavoured beverages, increasing demand for functional foods and drinks and protein supplements, along with the increasing use of milk ingredients.
What Are the Emerging Trends in the Market?
Increasingly, major players like Nestlé are stepping up their game with innovative, lower lactose products, catering to the increasing demand for lactose-free and low-lactose food options, further driving the market growth. A prime example of such innovative strategies is Nestlé's launch of N3 milk in China, a product that reduces lactose by up to 80% while converting it into beneficial prebiotic fibers.
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What Are the Key Market Segments?
The modified milk ingredients market's primary segments include:
1 By Type: Calcium Reduced Skim Milk, Casein, Caseinates, Other Types
2 By Form: Liquid, Concentrated, Dry, Frozen, Reconstituted
3 By Application: Food and Beverages, Cosmetics and Personal Care, Nutraceuticals, Pharmaceuticals, Other Applications
4 By Distribution Channel: Business-To-Business B2B, Business-To-Consumer B2C
While this report doesn't segment the data by region, it's essential to note the rising demand for dairy products is propelling the growth of the modified milk ingredients market. The rich nutritional content of dairy products and increasing consumer focus on health and wellness contribute to this demand.
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