LONDON--(BUSINESS WIRE)--The global dairy whiteners market is expected to grow at a CAGR of 5.65% during the forecast period to reach USD 10.12 billion by 2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global dairy whiteners market for 2016-2020. The market size and forecast provided in this report are calculated based on revenue generated from retail sales of dairy whiteners products. The report includes sales of both skimmed milk powder and whole milk powder, which also include coffee creamers. The sales of non-dairy creamers are excluded from this report.
Technavio’s research study segments the global dairy whiteners market into the following regions:
APAC: largest market for dairy whiteners
According to the report, the market in APAC had a market share of 53.6% in terms of revenue in the global dairy whiteners market in 2015. India and China are the major markets for dairy whiteners in the APAC region. Increasing population and rising urbanization will boost the demand for dairy whiteners in the region. Busier lifestyles will necessitate convenience in everyday-use products such as dairy whiteners. These are easier to use and store than milk and will therefore find widespread use in the preparation of tea and coffee.
“Rising disposable income and the increasing consumption of tea and coffee in the APAC region are also expected to increase the demand for dairy whiteners. China, Japan, and India are some of the leading consumers of tea in the world,” says Vijay Sarathi, a lead analyst at Technavio for non-alcoholic beverages.
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Dairy whiteners market in the Americas
The market in the Americas had a share of 12.8% in terms of revenue in 2015 in the global dairy whiteners market. Increasing urbanization in the Americas, especially in South America, and the rising disposable income here are expected to increase the demand for dairy whiteners during the forecast period.
Rising consumption of tea and coffee and the increasing demand for infant formula products are also expected to increase the demand for dairy products in the Americas region during the forecast period. Technavio analyst has estimated that nearly 50% of the population above the age of 18 years consumed coffee every day in the US in 2015. The average coffee consumption among regular coffee drinkers is about 3.1 cups per day. The increasing infant population in the Americas has propelled the demand for infant formula products.
Dairy whiteners market in Europe
The market in Europe had a market share of 27.6% in terms of revenue in the global dairy whiteners market in 2015. The demand for dairy whiteners is expected to increase in the European region given the growing demand for infant formula products here. “The infant formula market in Europe grew by almost 7% in terms of sales in 2014 as compared to 2013. In addition to that, the increasing number of infants in the region is expected to fuel the demand for infant formula products, which in turn will increase the demand for dairy whiteners,” says Vijay.
Dairy whiteners market in MEA
MEA had a market share of 5.9% in terms of revenue in the global dairy whiteners market in 2015. Population growth and rising disposable income in the region will increase the demand for dairy whiteners during the forecast period. Due to the rising disposable income, consumers are able to spend more money on products such as dairy whiteners.
The rising infant population in the region will fuel the demand for infant formula, which in turn will boost the demand for dairy whiteners. The infant formula market in MEA grew by almost 16% in 2014, and the trend is expected to continue during the forecast period.
Some of the top vendors in the global dairy whiteners market highlighted in the report are:
- FrieslandCampina DMV
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