Theâ€‹ Global Diary Snack market accounted to USD XX million in 2018, and is expected to Reach USD million by 2023, growing at a CAGR of 4.5% during 2018-2023.Consumers around the world are turning to a healthy lifestyle and so are reducing the intake of unhealthy sugary snacking foods, especially for children in a bid to prevent childhood obesity. Most of the companies want to tap into the demand for convenient and healthy snacks, and so they are considering to have a product catalog that contains a large number of dairy snacks. The common consumer perception for dairy snacks is that they are nutritionally better as they contain more natural product than carbohydrates.
Dairy-based snacks account for around 13% of the total snacks consumed, globally. As consumer perceive dairy snacks to be healthier, currently there is almost a 51% greater chance that most of the large companies will start innovation in dairy snacks, compared to other snack categories.
They has not been immense growth in this industry in past, as this industry could not create any new consumer-friendly snacks, due to the refrigeration, preservation and portability issues. But over time this has changed as most of the companies in this industry have invested heavily on research and development focusing on these problems. The contribution factor for these investment in R and D by these companies are the rising consumer preference for dairy products, the popularity of inherent goodness of milk products, and rising demand for dairy-based ingredients products.
DEVELOPED ECONOMIES ARE THE NEW LATITUDES GLOBAL FROZEN FOOD INDUSTRY
The global dairy snack market is segmented by product type into cheese, yogurt, butter, buttermilk, ice cream, lactose-free milk and others. The demand for ice creams has been growing rapidly, and consumer indulgence is the major reason for this growth. Also, lactose-free milk has gained popularity globally due to the rise in lactose intolerance among the people. By taste, the market is segmented into sweet and sour. Regarding distribution channel, the market is segmented into super markets/hyper markets, grocery stores, convenience stores, online and others. Super markets/hyper markets are the major channels of distribution, globally.
Europe dominates the global dairy snack market. Germany, France and the U.K are the major markets in this region. However, growth in this region is restrained due to the rise in lactose intolerance among the consumers. On the other hand, the Asia-Pacific region is the fastest-growing market for dairy snacks, due to the growing population and increasing disposable incomes in the region. In India, yogurt and buttermilk are consumed daily, by many people.
The market for dairy snacks is highly fragmented with many regional and international vendors, who compete for pricing, innovation and distribution. The introduction of lactose-free milk by manufacturers is an attempt to attract the lactose intolerant population and increase the consumer base. Such innovations are the key to success in this market. Major companies in dairy snacks industry have also invested heavily in R&D, to increase the shelf-life of dairy snacks.
NOTABLE MARKET DEVELOPMENTS
Some of the major players in the market include -
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