Dairy Market Dynamics: Growth, Innovations, and Future Trends

LONDON, GREATER LONDON, UK, January 16, 2024 /EINPresswire.com/ -- The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033.

The dry, condensed, and evaporated dairy products market has witnessed substantial growth, escalating from $113.09 billion in 2023 to a projected $120.16 billion in 2024, representing a commendable Compound Annual Growth Rate (CAGR) of 6.3%. Projections for the upcoming years indicate robust expansion, with the dry, condensed, and evaporated dairy products market expected to reach $150.99 billion by 2028, sustaining a CAGR of 5.9%.

Driving Forces:
Demand for Local, Sustainable, and Organic Products: The surge in demand for local, sustainable, and organic food production is a key driver influencing the dry, condensed, and evaporated dairy products market. Consumers are increasingly prioritizing health, environmental conservation, and animal welfare. The Organic Trade Association's findings underscore this shift, revealing a 4.5% increase in sales of organic fruits and vegetables in the US in 2021, reaching $21 billion. This growing preference for organic products presents significant opportunities for dry, condensed, and evaporated dairy product manufacturers, driving market growth.

Food and Beverage Industry Dynamics: The burgeoning demand in the food and beverage industry is propelling the growth of dry, condensed, and evaporated dairy products. These products play a crucial role in enhancing the taste, texture, and quality of a wide array of food and beverage products. With global food and beverage sales reaching $506 billion in 2022, a substantial increase from $435.3 billion in 2021, and an anticipated further surge to $857 billion by 2025, the market is poised for continued growth.

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Key Market Players:
Major companies contributing to the thriving dry, condensed, and evaporated dairy products market include Kerry Group PLC, Tate & Lyle PLC, Nestlé S.A, The J.M. Smucker Company, Gcmmf Ltd., and others. These industry leaders are capitalizing on the growing trends by focusing on innovative products and leveraging market dynamics.

Innovations Shaping the Market:
IoT Revolution in Product Tracking: The adoption of Internet of Things (IoT) technology is revolutionizing the tracking of dairy products, ensuring enhanced safety and quality assurance. IoT enables real-time monitoring of product handling during transportation by tagging products with environmental conditions like temperature and location. The Chinese government's implementation of the National Food Quality Safety Traceability Platform exemplifies the use of IoT in improving the quality and safety of food production supply chains.

Premium Infant Milk Formula (IMF): Companies in the dry, condensed, and evaporated dairy productsmarket are introducing innovative products to meet the growing demand for premium infant milk formula (IMF). Valio Ltd.'s launch of Valio Prime skimmed milk powder (SMP) is a prime example. This infant-grade SMP, made from fresh Finnish milk, is designed for dry-blend IMF production. Its microbiologically pure composition, optimized for easy use in dry blending, caters to the increasing demand for high-quality IMF products.

Regional Dynamics:
•Western Europe: The largest region in the market in 2023.
•Asia-Pacific: The second-largest region in the market.

Market Segmentation:
The dry, condensed, and evaporated dairy products market covered in this report is segmented –
1) By Type: Dry Dairy Product, Condensed Dairy Product, Evaporated Dairy Product
2) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
3) By End Use: Food, Beverages, Intermediate Products, Condiments, Other End Users

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Dry, Condensed, And Evaporated Dairy Products Global Market Report 2024from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

TheDry, Condensed, And Evaporated Dairy Products Global Market Report 2024byThe Business Research Company is the most comprehensive report that provides insights on dry, condensed, and evaporated dairy products market size, dry, condensed, and evaporated dairy products market drivers and trends, dry, condensed, and evaporated dairy products market major players, dry, condensed, and evaporated dairy products market competitors' revenues, dry, condensed, and evaporated dairy products market positioning, and dry, condensed, and evaporated dairy products market growth across geographies.The dry, condensed, and evaporated dairy products market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the dry, condensed, and evaporated dairy products market report and tap into segments with the highest growth potential.

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