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The condensed whey market is projected to grow from $3.05 billion in 2023 to $3.35 billion in 2024, with a CAGR of 9.7%. Factors contributing to this growth include increasing demand for dairy-based products, advancements in dairy production, health and wellness trends, and regulatory support aimed at reducing food waste.
Global Condensed Whey Market Size Forecast and Annual Growth Rate Predictions
The market size is expected to see strong growth in the next few years. It will grow to $4.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to global population growth, health-conscious consumers, sustainability concerns, e-commerce growth, research and development, international trade agreements, consumer education. Major trends in the forecast period include plant-based and dairy-free alternatives,clean label products, functional ingredients, flavored varieties, online retail and d2c sales.
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What Are The Major Factors Driving The Growth Of The Condensed Whey Market?
The growth of the bakery and confectionery industry is expected to boost the market. Condensed whey enhances dairy products, bread, and other baked goods by improving structure, porosity, freshness retention, and taste, while also increasing nutritional value. For example, according to a report from Canada.ca, retail sales of baked goods in the U.S. are projected to grow at a rate of 2.2% from 2022 to 2026, reaching $75.8 billion. Consequently, the expansion of the bakery and confectionery sector is driving demand for condensed whey.
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Which Major Market Players Are Propelling the Condensed Whey Market?
Major companies operating in the market include Agri-Mark Inc., Berkshire Dairy and Food Products LLC., Chicago Dairy Corporation, Dairy Farmers of America, Foremost Farms USA Cooperative Inc., Associated Milk Producers Inc., Leprino Foods Company Inc., Fonterra Co-operative Group Limited, Saputo Inc., Agropur Dairy Cooperative, Optimum Nutrition Inc., Arla Foods AMBA, Glanbia plc, Lactalis Group, Hilmar Cheese Company Inc., Kerry Group plc, Lacto Japan Co. Ltd., Royal FrieslandCampina NV, Darigold Inc., Schreiber Foods Inc., California Dairies Inc., Land O'Lakes Inc., First District Association, Great Lakes Cheese Co. Inc., Kraft Food Ingredients Corp., Milk Specialties Global Co., Pacific Cheese Co. Inc., Prairie Farms Dairy Inc., Savencia Fromage & Dairy Pvt. Ltd., Swiss Valley Farms Cooperative
What Trends Are Shaping the Future of the Condensed Whey Market Size?
In the market, companies are launching products like Lacprodan IF-7390 Organic, a whey protein concentrate aimed at enhancing their competitive stance. This certified organic whey protein concentrate is derived from organic whey. For example, in March 2022, Arla Foods Ingredients, a Denmark-based provider of food ingredients, launched Lacprodan IF-7390 Organic, along with Premium Lactose Organic, highlighting its strong associations with health and food safety.
What Is the Segmentation of the Global Condensed Whey Market?
The condensed whey market covered in this report is segmented –
1) By Product: Plain Condensed Whey, Sweetened Condensed Whey, Condensed Acid Whey
2) By Application: Food and Beverage, Bakery Products, Confectionery, Sauces, Soups, and Dressings, Jams and Jellies, Meat Products, Animal Nutrition and Feed
Regional Insights: North America's Dominance in the Condensed Whey Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Defining the Condensed Whey Market
Condensed whey is a nutrient-rich byproduct of cheese production, containing essential proteins and immunoglobulins, making it a valuable ingredient in various food products.
The Condensed Whey Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Condensed Whey Market Report: Trends, Opportunities, Strategies, and More
The Condensed Whey Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into condensed whey market size, condensed whey market drivers and trends, condensed whey market major players, condensed whey competitors' revenues, condensed whey market positioning, and condensed whey market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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