Milk protein concentrate is a highly concentrated milk ingredient enriched with milk proteins. Widely available in powdered form, milk protein concentrate has lower lactose content that makes it ideal for dietary consumption. The most common products containing milk protein concentrate are cheese, yogurts, and soups. However, the proportion of milk protein concentrate in various products differ on the basis of their protein content requirement. Milk protein concentrates with high protein content are widely applicable in dietary foods and beverages.
Fueled by a wide range of end-user applications, the global milk protein concentrate market recorded the revenues worth US$ XX Mn in 2017. Up from US$ XX Mn estimated in 2017, the market is likely to reach beyond US$ XX Mn by the end of 2024. Over the six-year forecast period 2017-2024, the global market for milk protein concentrate will witness a CAGR of XX%; several trends and opportunities will continue to boost the revenue sales throughout the aforementioned period.
Global Milk Protein Concentrate Market: Drivers and Restraints
Besides major application in cheese and yogurts, milk protein concentrate will gain remarkable traction in dietary foods and beverages sector. With substantial consumption by frozen food, infant formula, and bakery and confectionary sectors, the market revenues are expected to elevate during the forecast period. Rising health conscious consumer population will also impact heavily on the demand for protein milk concentrate in near future. Increasing awareness about consuming high-protein-low-calorie diet is anticipated to be an influential trend among consumer, which will eventually benefit the sales of milk protein concentrate-based products. Growing popularity, availability, and preference for sports diet is expected to play a key role in bolstering the market for milk protein concentrate and derived products.
However, lack of awareness about the significance and availability of food and beverage products based on milk protein concentrate, especially among developing countries, will continue to pose a long-term challenge to rapid market penetration.
Global Milk Protein Concentrate Market: Segment Analysis
The global milk protein concentrate market is segmented on the basis of application. The key application segments include nutritional beverages, infant formula, dietary products, frozen food, yogurts, and bakery and confectionary. Nutritional beverages segment is likely to hold dominance, attributed to a host of health benefits associated with the nutritional beverage consumption. Dietary supplements segment, followed by the infant formula segment, will experience the fastest growth over the forecast period. This growth is due to exploding infant population observed since the past few years.
Global Milk Protein Concentrate Market: Regional Outlook
On the basis of regional analysis, the global milk protein concentrate market is segmented into North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East and Africa, and Japan. North America will retain dominance, led by the U.S. The second largest market will possibly be Europe and Asia Pacific will register a significant CAGR over the forecast period. Growth in APAC is primarily due to rising population in China and India, coupled with growing preference for nutritious food products among consumers in emerging economies.
Global Milk Protein Concentrate Market: Key Players
Fonterra Co-Operative Group, Arla Foods Ingredients Group P/S Ltd., Glanbia Nutritionals, FrieslandCampina, and Lactalis Ingredients Ingredion Incorporated are a few of the key players operating in the global milk protein concentrate market. Other notable companies profiled in the report, include Erie Foods Inc., Theo Müller, Sole Mizo, Dairiconcepts, Darigolds, Devondale Murray Goulburn Co-Operative, Laïta Group, Grassland, Idaho Milk, Milk Specialties Inc., Tatura Milk Ind, United Dairymen of Arizona, and Westland Milk Products. In order to meet evolving consumer needs, a majority of leading companies are focusing on enhancing their product portfolio.