The global fermented dairy products market is expected to accumulate US$ 4,920.5 Million in value by 2022-end. During the forecast period ranging from 2022 to 2032, a CAGR worth 8.5% has been projected for the market, with an expected closing value worth US$ 11,125.2 Million. During the 2016-2021 historical period, the industry grew at a value CAGR worth 8.1%.
Manufacturers of dairy products are now adding additional value to their goods using fermented dairy components as a result of the rising use of milk and milk products.
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Demand for nutritional products has soared in recent years, especially in developing countries where malnourishment remains a major concern. Fermented dairy products being a major source of nutrition are gaining traction in both developed and emerging countries. Food and Agriculture Organization (FAO), revealed that approximately 150 million households are currently engaged in milk production across the globe. Over the last three decades, the global milk production has increased by over 50%, from 500 million tonnes in 1983 to 769 million tonnes in 2013.
Among regions, the market in Western Europe accounted for the largest revenue share in 2016, reaching a valuation of US$ 1,366 Mn. Towards the end of forecast period, the region’s market is expected to stand at US$ 3,575.7 Mn, expanding at a CAGR of 9.2%. The abolition of milk quota system and increasing demand for frozen and freeze-dried starter dairy cultures is driving the market for fermented dairy ingredients in Western Europe. Asia Pacific (APEC) and North America are the two other lucrative markets for fermented dairy ingredients. Between 2017 and 2027, the market in APEJ is set to witness a robust CAGR of 10.5%, which is credited to the rising popularity of flavoured milk among consumers across China and Australia.
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Key Segments Covered in the Fermented Dairy Products Industry Report
Fermented Dairy Yogurt
Fermented Dairy Kefir
Fermented Dairy Cheese
Fermented Dairy Sour Cream
Fermented Dairy Buttermilk
Fermented Dairy Products Market by Ingredients:
Culture-Fermented Dairy Products
Enzymes Fermented Dairy Products
