Production and consumption of flavoured milk across North America is expected to witness a significant rise especially in the U.S. owing to growing consumer preferences for value added milk products such as flavoured milk and organic milk. Besides, consumers are not willing to bargain on taste, health or convenience. The flavoured milk product type segment is expected to witness significant growth in the global market and is gaining popularity as an alternative to other beverages. Increasing preference for flavoured milk as a post-exercise drink has prompted consumers to look for healthier dairy products with better taste. This is expected to fuel the consumption of flavoured milk in turn influencing the demand for ingredients required to produce fermented dairy beverages.
Growing demand for frozen and freeze dried starter dairy cultures from the global market for dairy ingredients is expected to result in increased investments in dairy products such as yogurt as well as fresh and fermented cheese. This has resulted in increasing focus of leading players in the global fermented dairy ingredients market to expand their culture manufacturing capacity. Also, competition in the sweeteners space has been witnessing a steady increase in the recent past. Stevia is a sweetener and sugar substitute obtained from the plant leaves of stevia rebaudiana and manufacturers are increasingly using this as an alternative to sugar for application in the food and beverage sector. The increasing demand for sweeteners is creating a positive impact on the overall fermented dairy ingredients market.
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Increasing consumption of drinkable yogurt especially among young consumers is a primary driving factor for revenue growth of fermented dairy ingredients. Dairy ingredients add additional nutritional value and flavour to fermented products including drinkable yogurts. Drinkable yogurts have always remained popular in regions such as Central & Eastern Europe and Latin America; however, in recent years several new product launches across China, Brazil and the U.S. have resulted in increasing demand for the respective product category in the market in Asia as well.
The yogurt product type segment is anticipated to receive maximum revenue returns. Consumption of dairy products is increasing globally and consumer preferences are changing from ice-creams to yogurt and speciality cheese. For instance, as per Farm Credit Canada reports, Canada witnessed stagnant consumption of dairy products between 2005 and 2014. However, dairy products such as yogurt and cheese witnessed high growth during the said period with an increase of 34.2% and 6.4% respectively.
Yogurt product type segment expected to witness maximum growth in the near future
The yogurt product type segment is anticipated to gain more than 100 BPS by 2027 when compared to 2017 owing to factors such as growing demand for milk and milk products, which includes fermented dairy products. Also, per capita spending on dairy products is expected to drive the market growth of fermented diary beverages over the forecast period. The yogurt segment is expected to register the highest CAGR of 9.2% among the other product type segments. In terms of attractiveness index, the cheese product type segment is expected to be the most attractive market for fermented dairy ingredients exhibiting a market attractiveness index of 1.4 over the forecast period. The flavoured milk segment followed by the yogurt segment is expected to be the second and third lucrative market respectively in the global fermented dairy ingredients market with market attractiveness index of 0.9 and 0.6 recorded during the forecast period.