Market Overview
Fermented milk is milk, which undergoes fermentation procedure which involves adding lactic acid producing bacteria to the milk products. The fermentation process makes the fermented milk product easier to digest, especially for people who have milk allergies or are lactose-intolerant. Fermentation also increases the shelf-life of the milk product. Increasing number of working population and changing consumption pattern among consumers is driving the growth of fermented milk market. Moreover, owing to the antioxidant and immune- stimulating attributes present in fermented milk products, it helps to reduce blood pressure, cholesterol, and prevent cancer from growing. Additionally, it is used in cosmetic industry for canker sores, sunburn, skin ulcers, vaginitis, and wrinkled skin.
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Market Forecast
Fermented milk consists of active bacterial cultures which are one of the common sources of adding probiotics in the dairy products. Health benefits associated with probiotic fermented milk is gaining popularity in health conscious consumers. Escalating demand for nutritious products is driving the market of fermented milk. Moreover, rising concern for healthy skin among consumers is adding fuel to the growth of fermented milk market. The fermented form allows its consumption by lactose intolerant consumers as well which is responsible for this market reaching a larger consumer base than normal diary products.
Furthermore, its longer shelf life attribute is gaining popularity among the increasing number of working population depending on processed foods. Additionally, high focus on R&D is increasing its application in various industries. However, intense competition in developed countries may hamper the market growth of fermented milk. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 3.7% of fermented milk market during the forecast period 2017-2023.
Downstream Analysis
Fermented milk is segmented on the basis of type such as viscous, fluid and others. Among viscous products, yogurt is witnessed to dominate the market. However, kefir milk is gaining popularity among health conscious population owing to various health benefits associated with its source – kefir grains. Moreover, in fluid type, buttermilk is projected to be growing in the fermented milk market.
On the basis of distribution channel, it is segmented as store-based and non-store based. Store-based distribution channel dominates the market owing to one stop shopping experience.
Competitive Analysis
The major players in the Fermented Milk Market
Danone (France)
Nestle (Switzerland)
General Mills Inc (U.S.)
Lifeway Foods, Inc. (U.S.)
Valio Ltd. (Finland)
Mother Dairy Fruit & Vegetable Pvt. Ltd. (India)
Morinaga Milk Industry Co., Ltd (Japan)
Fermented milk has substantial growth in the forecast period. High focus on R&D is contributing to the growth of fermented milk market. However, there is intense competition in the developed countries for fermented milk market which is affecting the fermented milk market.
Regional Analysis
The global fermented milk market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific is projected to dominate the market followed by North America. India and China are the largest milk producing countries in the world which is a key factor in the rapid growth of fermented milk market in Asia Pacific. Moreover, changing lifestyle and rising disposable income in the countries of Asia Pacific is adding fuel to the growth of fermented milk market.
Moreover, rising demand for healthy lifestyle is driving the fermented milk market in North America.
Europe is experiencing steady growth based on increasing awareness for healthy and nutritious fermented milk products and technological advancements leading to innovations. Furthermore, owing to increasing application of fermented milk in various industries have opened doors for its growth in rest of the world.
Market Segmentation
Fermented Milk Market is segmented on the basis of type, distribution channel and region.
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