According to Arizton’s latest research report, the functional milk market will grow at a CAGR of 6.42% from 2022-2028.
Rise in disposable income and improved living standards leading to the inclusion of fortified food products in the diet. The market is also driven by a growth in the geriatric population, increased malnutrition among hospitalized patients, and the prevalence of communicable and non-communicable chronic diseases. Several health benefits associated with functional milk helped it gain popularity among people suffering from vitamin D deficiency and malnutrition, propelling the growth of the global functional milk market.
The demand for powder-based functional milk was the highest in 2022. Powder form functional milk has a long shelf life, is low-cost, has less wastage, and is easy to carry and store, contributing to its fastest growth during the forecast period. The demand for the powder form will continue to grow during the forecast period. In 2022, APAC dominated the global powder functional milk market revenue share. The growth in the awareness of the benefits of functional milk powder, coupled with its increasing market penetration in other potential regions, such as Latin America, is expected to increase its demand further.
Functional Milk Market Report Scope
|Market Size (2028)||USD 36.63 Billion|
|Market Size (2022)||USD 25.22 Billion|
|Market Segmentation||Form, Age Group, Application, Distribution Channel, and Geography|
|Regions||North America, Europe, APAC, Latin America, and Middle East & Africa|
|Countries Covered||China, Japan, South Korea, Australia, India, Thailand, Indonesia, Philippines, Malaysia, Vietnam, the US, Canada, Germany, France, the UK, Spain, Italy, Russia, Brazil, Mexico, Argentina, Turkey, Saudi Africa, and Saudi Arabia|
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China has the largest number of people with diabetes globally, with around 116 million in 2019. By 2045, the number is expected to reach 134 million. As a result, various foreign companies plan to expand their footprint in China, wherein several foreign brands are already present in the country, which include Abbott, Danone, and Nestle.
In 2019, China recorded the lowest birth rate, with only 14.65 million newborns, which declined to 12 million in 2020. As a result, pregnant women are required to ensure nutritious food intake. Advancements in the milk formula and increased investments in R&D are expected to drive the demand for high-quality functional milk during the forecast period.
APAC has one of the highest incidences of pre-term births, with China, India, Pakistan, Bangladesh, and Indonesia accounting for the highest number of pre-term births. Thus, APAC is one of the key markets for pre-term parenteral nutrition supplements, which, in turn, fuels the growth of the global functional milk market. The growth in pre-term births and malnourished children leads to the prescription of enteral feeding to avoid the risk of death. Approximately 13.6% of the total APAC population is 60 years and above, and it is projected to reach about 1.3 billion by 2050. This population growth will lead to the incidence and prevalence of various age-related diseases that will drive the demand for functional milk during the forecast period.
Key Company Profiles
- Lactalis International
- Aroma Milk Products
- Arla Foods amba
- Best Way Ingredients
- Best Health Foods
- Bright Life Care
- Crediton Dairy
- Dairy Farmers of America
- F&N Dairies
- Heritage Foods
- Land O’ Lakes
- MEGMILK SNOW BRAND
- Milligans Food Group
- Mother Dairy Fruit & Vegetable
- Parag Milk Foods
- Stolle Milk Biologics
- Vindija d.d.
Form: Powder and Liquid
Age Group: 14–19, 20–64, 1–13, and 65 & Above
Application: Immunity & Disease Management, Weight Management, Clinical Nutrition, and Others
Distribution Channel: Hypermarkets, Convenience Stores, Online, Grocery Stores, Specialty Stores, and Institutional Sales
Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
Countries Covered: China, Japan, South Korea, Australia, India, Thailand, Indonesia, Philippines, Malaysia, Vietnam, The US, Canada, Germany, France, The UK, Spain, Italy, Russia, Brazil, Mexico, Argentina, Turkey, Saudi Africa, and Saudi Arabia
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