The global dairy ingredients market is projected to grow significantly from an estimated value of USD 45.6 billion in 2015 to USD 59.8 billion by 2020 at a CAGR of 5.6 percent, says a Research and Marketsreport.
The growth in this market is driven by the increasing aging population and increasing health issues, which makes consumers focus on healthy diets.
The Asia-Pacific market will register the highest growth by 2020 owing to the significant increase in the health awareness level in consumers and the increasing demand for healthy and nutritional food products. The growth in this region is supplemented by the increasing per-capita spending power and changing food habits, especially in economies such as China and India.
By type, the milk powder segment is projected to dominate the global dairy ingredients market between 2015 and 2020. By application, the dairy products segment is projected to have the largest market during the forecast period.