LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global dairy whiteners market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The steady economic growth and development, especially in APAC, MEA, and Latin America, has resulted in higher income of consumers. The consequent increase in the purchasing power of the middle-income consumer segment in these regions has resulted in the generation of more revenues for the dairy whiteners industry.
Manjunath Reddy, a lead analyst from Technavio, specializing in research on food sector, says, “Urbanization has led to busy lifestyles, due to which people seek convenience when it comes to food preparation. Dairy whiteners are convenient and viable substitutes for milk given their ease of use, portability, and long shelf life.”
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The top three emerging market trends driving the global dairy whiteners market according to Technavio research analysts are:
- Rising demand for infant formula products
- Declining prices of skimmed milk
- Wider accessibility through online retailing
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Rising demand for infant formula products
A major application of dairy whiteners is in the production of infant formula. An increased demand for infant formula will, therefore, boost the global dairy whiteners market. It is expected that the global infant formula market will grow at a CAGR of more than 7% during the forecast period. The rising infant population base and increasing birth rates in most regions of the world will help increase the demand for infant formulas, and in turn, for dairy whiteners. The increasing working women population worldwide is likely to increase further the demand for infant formulas as most working mothers seek convenient and time-saving options.
Declining prices of skimmed milk
One of the key trends that has helped to put a check on the prices of dairy whiteners is the falling price of skim milk, one of the key ingredients of dairy whiteners. The price of skim milk declined significantly during 2015 due to surplus supplies. Due to the low price of skim milk, vendors of dairy whiteners were compelled to reduce the price of their product offerings. In Europe, the prices of skimmed milk declined by more than USD 300 per metric ton between January 2015 to December 2015.
Wider accessibility through online retailing
With the growth of the e-commerce business worldwide, vendors now have the potential to enhance their profitability, as e-commerce accounts for nearly 12% of the world’s retail trade. Customers prefer online shopping and pay for their orders using credit or debit cards, which helps them avoid time-consuming journeys and billing queues. Online shopping portals have also incorporated enhanced security features for efficient customer service and payment along with customer-friendly website designs offering enhanced product visibility.
“This trend of online retailing is encouraging vendors to concentrate on the internet-savvy customer segment. This mode of business will help vendors in saving operating costs and overheads, which are much lower in the online retail format as compared to the physical store format,” says Manjunath.
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