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Anhydrous Milk Fat Market to Garner $6.0 billion by 2031 at 7.2% CAGR
Rise in disposable income of people, surge in expenditure on high-quality food products, expansion of food and beverage industry, growth in consumer preference for western cuisine, rise in investments in the dairy sector drive the global anhydrous milk fat market. On the other hand, high percentage of saturated fatty acids & cholesterol, and high cost of anhydrous milk fat in comparison to vegetable fats hinder the market growth. However, technological advancements in production methods and container designs will present new growth opportunities for the global anhydrous milk fat market in the coming years.
Based on nature, the conventional segment contributed to the largest share of nearly two-thirds of the global anhydrous milk fat market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. This is due to economic viability and an easy & less-lengthy manufacturing process as compared to that of organic products. However, the organic segment is projected to showcase fastest CAGR of 7.7% from 2022 to 2031, owing to its increased demand in the food & beverages industry.
In terms of application, the dairy segment grabbed the highest share of nearly two-fifths of the overall anhydrous milk fat market in 2021 and is projected to maintain its dominance in 2031. Anhydrous milk fat is significant in the dairy sector since it not only contributes to flavor development but also to texture, color, and viscosity. Moreover, the confectionery segment is expected to witness the fastest CAGR of 7.9% from 2022 to 2031. The growth of the segment is driven by expanding retail sales, an increase in the practice of giving confectionery items as gifts, rising disposable income, rising urbanization and population, busy lifestyles, and an increase in the number of women in the workforce.
By distribution channel, the offline segment contributed the largest share of nearly three-fourths of the global anhydrous milk fat market and is expected to maintain its leadership in terms of revenue during the forecast period. The anhydrous milk fat business is expanding as a result of the possibilities that specialty shops offer, including savings and the advantage of instant gratification. However, the online segment will showcase the fastest CAGR of 7.8% during the forecast period. This is attributed to easy availability and the benefits such as information about the attributes of the products, time-saving features, and the facility of home delivery provided by the online platform.
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Based on region, the market in Asia-Pacific was the largest in 2021, accounting for nearly two-fifths of the global anhydrous milk fat market and is likely to maintain its dominance during the forecast timeframe. This is because manufacturers of anhydrous milk fat have a lot of potential opportunities in the region. Anhydrous milk fat products from New Zealand are increasingly being exported to China and Australia , which is changing the market. However, the market in Europe is projected to witness a fastest CAGR of 7.9% from 2022 to 2031. This is due to the rising demand for clean label and sustainable milk and dairy products.
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