Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Anhydrous Milk Fat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global anhydrous milk fat (butter oil) market has seen significant growth, with a value of approximately US$2.7 billion in 2022. Looking ahead, it is expected to reach US$4.1 billion by 2028, with a compound annual growth rate (CAGR) of 7.2% during the period of 2023-2028. Several key factors are contributing to this market growth:
- Increasing Consumption of Fast Food: The thriving fast-food industry is driving the demand for anhydrous milk fat. Fast-food chains around the world are serving dishes that use anhydrous milk fat, and they are adopting effective marketing strategies to attract customers.
- Rise in Recombined Dairy Products: Anhydrous milk fat is being used in the manufacturing of recombined dairy products like condensed milk, further boosting its demand.
- Growth of Fast-Food Joints: The increasing number of fast-food joints globally, offering flavorful dishes at affordable prices, is contributing to the demand for anhydrous milk fat.
- Changing Work and Dining Trends: The trend of working from cafes, conducting business meetings in restaurants or cafes, and arranging get-togethers in such places is supporting the growth of the anhydrous milk fat market.
- Popularity of Fried Foods: The consumption of various fried foods like French fries, falafel, egg rolls, spring rolls, tempura, fritters, and chicken nuggets is increasing, which is driving the demand for anhydrous milk fat.
- Convenience Foods: The growing consumption of ready-to-eat (RTE) food products among working individuals to save time and satisfy their appetite is creating significant demand for anhydrous milk fat.
- Nutritional Benefits: Anhydrous milk fat contains essential vitamins (A, D, E, K2) and calcium, which are beneficial for bone health and immunity. This nutritional value is driving its use in various food products.
- Health Consciousness: The demand for organic anhydrous milk fat, produced from organic milk due to increasing health consciousness, is offering growth opportunities in the market.
- Investment in the Dairy Sector: Governing agencies in many countries are investing in the dairy sector to increase milk production and other dairy products, which supports the anhydrous milk fat market.
- Product Differentiation: Anhydrous milk fat's longer shelf life and cost-effective storage requirements compared to butter make it an attractive alternative, further driving market growth.
This growth is being observed in the context of a fragmented market structure with numerous global and regional players. The industry also faces challenges related to high capital investment, complex procurement of raw materials, and stringent government regulations.
The market is categorized based on end-use, including dairy, bakery, confectionery, and others. Among these, dairy is the largest segment due to its use in a wide range of dairy products.
Regionally, Oceania leads the market, followed by Europe, North America, Asia, Latin America, and the Middle East and Africa. Oceania's dominance is attributed to factors such as increased consumption of dairy-based diets and the utilization of anhydrous milk in various local cuisines.
Companies Mentioned
- Fonterra
- Dairy Farmers of America
- Hilmar Cheese Company
- Murray Goulburn
- Westland Milk Products
- Synlait Milk Limited
In summary, the anhydrous milk fat market is experiencing growth due to changing dietary preferences, the expansion of the fast-food industry, and the versatility of this product in various food applications. Additionally, health-conscious consumers and the adoption of organic options are contributing to market expansion.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 149 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.7 Billion |
| Forecasted Market Value (USD) by 2028 | $4.1 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/6qhnm7
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
