Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Functional Milk Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The functional milk market is expected to grow at a CAGR of approximately 6.42% from 2022 to 2028. The growth is due to a rise in disposable income and improved living standards leading to the inclusion of fortified food products in the diet.
The functional milk market is also driven by a growth in the geriatric population, increased incidence of malnutrition among hospitalized patients, and prevalence of communicable and non-communicable chronic diseases.
Milk is one of the most consumed dairy products globally due to its high nutritional value. Functional milk can help reverse various deficiencies and related diseases, such as osteoporosis, night blindness, exophthalmia, and anemia. Moreover, functional milk contains added or fortified nutrients.
Milk fortified with vitamins A and D is highly popular in the U.S. A global increase in the demand for clinical nutrition and health consciousness and a rise in the prevalence of macro and micronutrient deficiencies and obesity drive the U.S. functional milk market growth.
Functional milk fills nutrient gaps in the diet, helps reverse night blindness and other nutrition deficiency diseases, and promotes nervous system maintenance in children and adults. Milk fortification is a simple, preventive, low-cost approach to reducing micronutrient inadequacies.
Some new developments in the global functional milk market include:
- The need to replenish lost nutrients leads to the fortification of dairy products.
- Health-conscious consumers consider functional milk as a healthier alternative to normal milk, as it includes vitamins A and D, calcium, protein, and other nutrients.
- Countries globally increase the sales of functional milk products due to awareness of their benefits.
China and India experienced an increase in functional milk, resulting in increased growth of the functional milk market. Additionally, many other market segments are anticipated to perform fairly and attain promising growth prospects during the forecast period. However, the shift in consumer preferences toward functional milk alternatives, trade barriers, and associated socio-economic challenges are expected to affect the functional milk market growth.
Market Trends and Drivers
Availability of Fortified Milk Powders for Adults
Milk powder is a dried dairy product prepared by the evaporation of milk. The milk powder has a much longer shelf life than liquid milk and does not need refrigeration due to its low moisture content. Functional milk powder or dried milk contains fortified vitamins and minerals not naturally found in milk in significant amounts.
Growth in consumer awareness of functional milk powder's health and nutritional benefits is expected to create lucrative opportunities for leading functional milk powder manufacturers during the forecast period. Fortified milk powder contains additional macro and micro-nutrients and can help consumers prevent and fight various lifestyle disorders.
Demand for Lactose-free Functional Milk
The global functional milk market has several lactose-free milk products. In adults' lactose-intolerance shows up most often in people of East Asian heritage, affecting 70% to 100% of the population, according to the National Institutes of Health (NIH).
The increase in the prevalence of lactose intolerance and growth in the demand for low-added sugar or sugar-free products are expected to fuel the sales of lactose-free milk globally.
Vendor Landscape
The global functional milk market is highly fragmented and competitive, with significant international and regional vendors. Nestle, Danone, Lactalis International, and Abbott are the top four vendors that hold dominant functional milk market shares.
Other significant players include Dairy Farmers of America, Arla Foods amba, GCMMF, Glanbia, Ehrmann, and SADAFCO. Companies focus on organic growth by investing in R&D activities to develop new and innovative products. On April 28, 2021, Synlait announced the launch of its skim milk powder, Made with Better Milk.
Key companies in the functional milk market are also investing in business expansions. For instance, in 2019, Crediton Dairy invested around USD 13.46 million in its flavored and functional milk processing facility in the UK. Further, some innovative products in the industry include breakfast milk drinks and formulated milk powders for adults in various flavors.
Lactose-free milk, vitamins A and D-fortified milk, and low-fat or fat-free milk are popular due to their applications in disease and weight management. Other latest industry innovations include functional milk to improve sleep, beauty, and skin health and high protein functional milk to build muscles.
For example, Lycotec and Parag Milk Foods are leading companies that offer functional milk for beauty and skin health and flavored milk with extra proteins to increase muscle mass. Many functional milk market vendors exist in emerging countries, such as India and South Africa. For instance, in May 2022, Nestle launched its NESTLE EVERYDAY functional milk powder 120 G fortified with iron and vitamin C in South Africa.
Key Company Profiles
- Nestle
- Danone
- Lactalis International
- Abbott
Other Prominent Vendors
- Aroma Milk Products
- Arla Foods amba
- Best Way Ingredients
- Best Health Foods
- Bright Life Care
- CAPSA
- Crediton Dairy
- Dairy Farmers of America
- Ehrmann
- F&N Dairies
- FrieslandCampina
- Fonterra
- Glanbia
- GCMMF
- Heritage Foods
- INGREDIA
- Land O' Lakes
- Lycotec
- MEGMILK SNOW BRAND
- Milligans Food Group
- Mother Dairy Fruit & Vegetable
- Parag Milk Foods
- SADAFCO
- SLEEPWELL
- Stolle Milk Biologics
- Synlait
- Tirlan
- Tesco
- Vindija d.d.
- Valfoo
- Vinamilk
Key Questions Answered:
- How big is the functional milk market?
- What is the growth rate of the global functional milk market?
- Who are the key players in the global functional milk market?
- What are the significant trends in the functional milk market?
- Which region dominates the global functional milk market share?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 326 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $25.22 Billion |
| Forecasted Market Value (USD) by 2028 | $36.63 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market by Form
4.3.2 Market by Age Group
4.3.3 Market by Application
4.3.4 Market by Distribution Channel
4.3.5 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.1.1 Highlights
8 Premium Insights
8.1 Market Scenario
9 Market Opportunities & Trends
9.1 Increased Demand for Personalized Nutrition
9.2 Availability of Fortified Milk Powders for Adults
9.3 Fortified Milk for Beauty & Skin Health
10 Market Growth Enablers
10.1 Demand for Lactose-Free Functional Milk
10.2 Micronutrient Inadequacies
10.3 Demand for Protein-Rich Milk
11 Market Restraints
11.1 Preference for Functional Milk Alternatives
11.2 Increasing Stringent Trade Barriers
11.3 Socioeconomic & Raw Material Formulation Challenges
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Insights by Form
12.2.2 Insights by Age Group
12.2.3 Insights by Application
12.2.4 Insights by Distribution Channel
12.2.5 Insights by Geography
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Form
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Powder
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 Liquid
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
14 Age Group
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 14-19
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 20-64
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
14.5 1-13
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Market by Geography
14.6 65 & Above
14.6.1 Market Overview
14.6.2 Market Size & Forecast
14.6.3 Market by Geography
15 Application
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Immunity & Disease Management
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Market by Geography
15.4 Weight Management
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Market by Geography
15.5 Clinical Nutrition
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.5.3 Market by Geography
15.6 Others
15.6.1 Market Overview
15.6.2 Market Size & Forecast
15.6.3 Market by Geography
16 Distribution Channel
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Convenience Stores
16.3.1 Market Overview
16.3.2 Market Size & Forecast
16.3.3 Market by Geography
16.4 Hypermarkets
16.4.1 Market Overview
16.4.2 Market Size & Forecast
16.4.3 Market by Geography
16.5 Grocery Stores
16.5.1 Market Overview
16.5.2 Market Size & Forecast
16.5.3 Market by Geography
16.6 Online
16.6.1 Market Overview
16.6.2 Market Size & Forecast
16.6.3 Market by Geography
16.7 Specialty Stores
16.7.1 Market Overview
16.7.2 Market Size & Forecast
16.7.3 Market by Geography
16.8 Institutional Sales
16.8.1 Market Overview
16.8.2 Market Size & Forecast
16.8.3 Market by Geography
17 Geography
18 APAC
19 North America
20 Europe
21 Latin America
22 Middle East & Africa
23 Competitive Landscape
24 Key Company Profiles
25 Other Prominent Vendors
26 Report Summary
27 Quantitative Summary
28 Appendix
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