Nowadays,
the dairy industry is dealing with various challenges such as
slow-down in demand from developing countries, fluctuation in the
pricing system, and rampant corruption in the dairy industry. Despite
this, the long-term outlook for the dairy industry seems positive due
to rising population, changing lifestyle, and increasing demand for
health and nutritional food products globally. Milk is the one of the
most produced and appreciated agricultural commodities globally owing
to rising disposable income in emerging markets, growing demand for
healthy and clean label products, and accelerating demand for protein
consumption which will drive the innovation in the market. Before
2017, Canada changed its policy and stopped importing milk from the
U.S., owing to which there has been an oversupply of milk in the U.S.
for over a year resulting in financial pressure for dairy farmers.
However, this supply and demand imbalance lead to increase in the
production of ultrafiltered milk and create a new marketplace for
ample milk supplies. Ultrafiltered milk is also known as diafiltered
milk which is a subcategory of milk protein concentrate which has
become a more widely available product in the market. Ultrafiltered
milk offers various health benefits such as it contain more protein,
calcium, vitamins & minerals, lactose-free, and less sugar than
ordinary milk, thus the product offering resonates well with the
consumer’s growing demand. Changing consumer preferences, and
demanding for nutritional products has created a new platform for
ultrafiltered milk in the market. It can be used to produce fresh
dairy-based food and beverages that are rich in protein, lower sugar,
and carbohydrates than ordinary milk.
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Expanding
dairy industry, rising consumer awareness, rapidly growing demand for
high protein milk products, increasing prevalence of lactose
intolerance in adulthood, innovation in product packaging,
accelerating online sales channel that helps in distributing the FMCG
products directly to end-use consumers are the some of the reasons
for focusing on ultrafiltered milk market. Moreover, companies are
seeking for a natural dairy ingredient for cheese making, and are
focused on inorganic growth through partnership with retailers to
reinvest in the dairy products to change the customer perception and
past product experience. However, stringent government regulations,
consumers are inclining towards non-dairy products, the presence of
alternative products in the market with high market penetration, and
price fluctuation in the dairy market are some of the factors that
may hinder the growth of global ultrafiltered milk market during the
forecast period.
Some
of the key players operating in the global ultrafiltered
milk market are The Coca-Cola Company, HP Hood LLC, Idaho
Milk Products, Inc., Fonterra Co-operative Group, Kerry Group, Tatura
Milk Industries Ltd., Darigold Ingredients Company, Erie Foods
International, Inc., Enka Sut Company, Grassland Dairy Products, and
others.
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