The selling of dairy products with additional nutrients is referred to as the market for fortified dairy products. Products like milk, yoghurt, and cheese that have additional vitamins, minerals, and other components added to improve their nutritional value fall under this category. Due to consumers’ rising health consciousness and desire to include more nutrients in their meals, there has been a surge in demand for these goods in recent years. As consumers become more aware of the advantages of fortified dairy products and as new products are released to satisfy this demand, the market is anticipated to continue expanding.
Recently, a wide range of dairy products were added to the market for fortified dairy products. Along with dairy-based meals, creamy foods like yoghurt, cheese, cream cheese, fromage frais, milkshakes, and flavoured milk are becoming more and more popular. Due to growing consumer interest in healthy eating, sales of common dairy products like yoghurt are rising.
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Fortified Dairy Products Market: Segmentation
Key Takeaways of Global Fortified Dairy Products Market
- Milk powder and formula product type segment in fortified dairy products accounts for more than one third of market share and is expected to show significant growth in fortified dairy products market during period of forecast, owing to increased demand from milk powder and nutritional formula manufacturers across the globe.
- Vitamins micronutrients in fortified dairy products is majorly contributing to the global fortified dairy products consumption and is projected to grow 1.5X over period of forecast, owing to increased demand in milk, milk powder and milk formula.
- Fortified dairy products market in Asia Pacific excluding Japan holds around one third of the market share. However, increasing consumer inclination towards fortified dairy products is projected to grow at significant growth rate as compared to other regions.
- Modern trade sales channels of fortified dairy products holds more than one third of market share. However, online stores are growing at a faster pace as compared to other sales channels of fortified dairy products.
- Flavored Milk segment is projected to create an absolute $ opportunity of US$ 14.4 Bn during forecast period 2019 – 2026. Moreover, it will exhibit fastest growth among product type of fortified dairy products market.
Product Portfolio Strengthening to Remain Market Imperative
Tier 1 fortified dairy products market players such as Nestle SA, BASF SE and Danone SA etc, have been expanding their product portfolio in the potential markets such as United States, India, China, Germany etc.
To develop new applications of fortified dairy products, companies are investing money in research and development to strengthen their product portfolio with innovative fortified dairy products such as breakfast milk drink, flavored protein milk drinks etc.
For instance, in the year 2018, the company Nestle USA, launched Nesquik-SuperBreakfast protein-rich milk drink. This has helped Nestle USA boost its revenue with new fortified dairy product offerings in market.