Dairy Ingredients Market Size, Share, Growth Analysis, By Product (MPC & MPI, Skimmed Milk Powder), By Form (Powdered, Liquid), By Application (Dairy Products, Convenience Foods), By Region -Industry Forecast 2024-2031

Global Dairy Ingredients Market size was valued at USD 84.37 Billion in 2022 and is poised to grow from USD 84.53 Billion in 2023 to USD 126.81 Billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).

Rising consumption of healthy nutrients is one major factor that accounts for the increase in demand for dairy products. The global dairy ingredients industry is growing due to increased awareness regarding the consumption of healthy diet and healthy life. Since dairy products are milk-derived and have nutritional benefits as known, they have been widely used in many industries. These dairy products are ideal for products that promote bone strength, the immune system, among others, because they contain high levels of calcium and other nutrients. The aging population and increased rates of health issues, such as obesity, have brought about a shift in food consumption patterns that has increased at a fast pace globally over the past two decades. Today, people consume a large protein diet. This is in addition to raising awareness of health benefits that are accrued from the consumption of whey and other milk products, which helps expand the global market. In addition, rapid dairy ingredients market growth and an increase in milk production will further contribute to the expansion of the market in the future. Conversely, growth in awareness about sustainability and animal cruelty has suppressed the expansion of the dairy business. Besides that, the market for dairy substitutes is also expected to gain growth in terms of demand due to rising awareness of animal abuse which is also expected to restrain the growth of the global dairy ingredients market during the forecast period.