Fortified dairy products contain extra vitamins and minerals that not naturally found in products in significant amounts. Fortified dairy products include milk and powder, flavored milk, cheese, dairy-based yogurt, and others. Dairy products can be fortified with other nutrients such as iron, folic acid, and zinc. Fortified dairy products can be used widely worldwide due to a lack of nutrient deficiency. Moreover, they fulfil additional nutrients to the body, enhance bone strength, and promote the kid's growth. These factors drive the market of fortified dairy products during the forecasted period.
GROWTH DRIVERS AND CHALLENGES
The market for fortified dairy products is anticipated to grow as consumer demand for such products increases worldwide. The global demand for nutrient-rich food products has increased, fueling the market for fortified dairy products. Fortified dairy products market growth is positively impacted by the food & beverage industry's growing use of technology. Global consumer awareness of the benefits of vitamins and minerals will increase during the projected period, driving demand for fortified dairy products.
In addition, the global market for fortified dairy products is anticipated to grow rapidly during the forecast period due to the increase in dairy product consumption across the world. Additionally, the fortified dairy products market is predicted to increase favorably due to consumers' increasing purchasing power and shifting dietary tastes towards healthier options. However, the product's high price compared to other dairy products is anticipated to hinder the growth of the fortified dairy products market globally in the coming years.
REPORT SEGMENTATION AND SCOPE
The "Global Fortified Dairy Products Market Analysis to 2030" is a specialized and in-depth study with a major focus on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by product type, micronutrients, sales channel, and geography. The global fortified dairy products market has been witnessing high growth over the recent past and is anticipated to endure this trend during the forecast period. The report provides key statistics on the consumption of fortified dairy products worldwide, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the fortified dairy products market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the fortified dairy products market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global fortified dairy products market. This helps understand the entire supply chain and various market growth factors.
The global fortified dairy products market is segmented on the basis of product type, micronutrients, and sales channel. The fortified dairy products market is categorized by product type into milk, milk powder, formula, flavored milk, cheese, dairy-based yogurt, and others. Based on micronutrients, the fortified dairy products market is segmented into vitamins, minerals, and others. Based on sales channels, the fortified dairy products market is classified into modern trade, convenience stores, departmental stores, drug stores, online stores, and others segment the channel.
The milk segment held the largest share of the fortified dairy products market. Milk is used in a number of food items and have a very high nutritional value. It is one of the most consumed dairy products worldwide. Consumption of fortified milk can curb several diseases, including osteoporosis, night blindness, anaemia, exophthalmia, and various others that are often caused by deficiency of certain minerals and vitamins.
The report provides a detailed overview of the global fortified dairy products market with respect to five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. North America held the largest global market share for fortified dairy products due to the rising technological innovation that increases the production of dairy products, which are good for the body. Additionally, the demand for fortified dairy products is increasing owing to the hectic lifestyles of the working population worldwide. People are shifting to these products to supply their bodies with the required nutrients, and these factors are fueling the market for fortified dairy products.
Increasing consumer demand for nutritious foods owing to rising spending capability of people drives the demand for fortified milk in Asia Pacific, which is predicted to be a significant-growing region during the forecasted period. Due to its nutritious value, fortified milk products are being produced more frequently in China and India, further boosting the market's expansion.
FUTURE OPPORTUNITIES AND INDUSTRIAL DEVELOPMENTS
The constantly changing lifestyle of people is resulting in an increased intake of healthy foods. Fortified dairy products are nutrients rich, thus increasing the demand for fortified dairy products in the forecast period. Additionally, technological advancement in dairy products for Vitamin A and D rich will be opportunities market for the fortified dairy products market in the upcoming estimated period.
- May 2023: Aavin introduced fortified milk in a purple sachet; Avain is a state government corporative and large-scale manufactured pasteurized Skimmed milk in India. Avain sells milk in green, orange, and blue sachets according to their milk processing procedure and is market priced accordingly. Such purple sachet is sold according to their milk procedure and price tag.
- June 2019: Grofers launched its milk brand, fortified with vitamin A and vitamin D, which increases the demand among consumers and thus raises the market growth.
IMPACT OF COVID/IMPACT OF RECESSION
COVID-19 had an insignificant impact on the fortified dairy products market. Various regions' governments imposed pandemic regulations on industries, manufacturers, and livelihoods. These regulations impacted on supply of fortified dairy products. However, the fortified milk comprises added nutrients such as Vitamin A and D, which helps in boosting immunity. For instance, several companies in the Asia Pacific focused on increasing the amount of micronutrient fortification in their F&B products post the COVID-19 outbreak.
Furthermore, owing to the recent recession, the production of milk has decreased drastically. For instance, the production of milk in the seven largest export regions of the globe (Argentina, Brazil, Australia, Uruguay, the EU, New Zealand, and the US) is constantly decreasing since Q3 2021 till Q3 2022.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the global fortified dairy products market include Ace International Llp, Arla Foods Ltd, BASF, China Modern Dairy Holdings Ltd., Dean Foods, Fonterra Co-Operative Group, FRIESLANDCAMPINA, Guangming Dairy Co., Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., Nestlé, SANCOR COOPERATIVAS UNIDAS LIMITADA, The Kraft Heinz Company, among others.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Product Type, Micronutrients, Distribution Channel, and Geography
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The List of Companies
1.Arla Foods Ltd
2.China Modern Dairy Holdings Ltd.
4.Fonterra Co-operative Group
6.Guangming Dairy Co., Ltd.
7.Gujarat Cooperative Milk Marketing Federation Ltd.
9.SanCor Cooperatives United Limited
10.The Kraft Heinz Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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