Published By : 08 Dec 2016 | Published By : QYRESEARCH
The global dairy blend market is expected to gain significant traction over the next few years, owing to the rising consumption of dairy products as an integral ingredient of the majority of meals. The introduction of a wide range of products is also contributing to the growth of the market. According to a research report by Transparency Market Research (TMR), the global dairy blends market is poised to rise at a CAGR of 9.0% from 2016 to 2024, reaching a valuation of US$4.59 bn by 2024 from US$2.15 bn in 2015.
Low Consumer Awareness Level to Impede Market Growth
The growing focus on healthy food items coupled with the increasing preference for low-fat food items, owing to the excellent nutrition they offer, are fuelling the demand for dairy blends. To meet the burgeoning demands, several key players in the market are bringing product innovation and increasing their production capacity. The rising demand for convenient food items due to busy lifestyles is assisting the growth of the market.
On the other hand, low awareness level among potential consumers, particularly in emerging economies is inhibiting the growth of the market. Moreover, the disproportionate consumption of dairy blends can trigger health issues such as gastrointestinal problems, diabetes, and obesity. This factor is limiting the market from realizing its full potential.
Europe to Maintain Lead Owing to Rising Health-consciousness Among Consumers
Europe will continue to be the dominant regional market in terms of revenue until 2024. The increasing health consciousness among consumers will provide a significant momentum to the region. The rising awareness regarding the intake of low-fat and low-calorie foods for their long-term health benefits has boosted the sales of dairy blends across the Europe region. The rapidly growing population and the rising disposable income is contributing to the growth of Asia Pacific. On the basis of application, the bakery segment will account for lion’s share throughout the forecast period. The infant segment is anticipated to rise at a significant CAGR owing to the increasing number of working mothers across the globe.