Major companies in the dry, condensed, and evaporated dairy product market include Nestlé S. A; The J. M. Smucker Company; GCMMF PVT LTD; Magnolia Inc. and Goya Foods Inc. The global dry, condensed, and evaporated dairy products market is expected to grow from $85.
New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dry, Condensed, And Evaporated Dairy Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018871/?utm_source=GNW
46 billion in 2020 to $93.46 billion in 2021 at a compound annual growth rate (CAGR) of 9.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $118 billion in 2025 at a CAGR of 6%.
The dry, condensed, and evaporated dairy product market consists of sales of dry, condensed, and evaporated dairy products by entities (organizations, sole traders and partnerships) that produce dry, condensed and evaporated milk and dairy substitute products. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. The dry, condensed, and evaporated dairy product market is segmented into dry dairy product; condensed dairy product and evaporated dairy product.
Western Europe was the largest region in the global dry, condensed, and evaporated dairy products market, accounting for 32% of the market in 2020. Asia Pacific was the second largest region accounting for 31% of the global dry, condensed, and evaporated dairy products market. Africa was the smallest region in the global dry, condensed, and evaporated dairy products market.
The internet of things (IoT) technology is increasingly being used to track dairy products and ensure safe product handling. IoT technology consists of a network of devices, vehicles or other items that continuously exchange data and provide insights about a process or system. This technology is being used to track ingredients being used in products. Equipment connected to the internet in trucks and storage coolers can be used to monitor dairy products and tag them with environmental conditions like temperature or location that provide information about safe product handling during transportation. For instance, the Chinese government implemented the National Food Quality Safety Traceability Platform, using IoT technology to improve quality and safety of food production supply chains.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the dry, condensed, and evaporated dairy product manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the dry, condensed, and evaporated dairy product manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The increasing demand for local, sustainable and organic food production is expected to positively impact the dry, condensed, and evaporated dairy product manufacturing market during the forecast period. Organic food production including dry, condensed, and evaporated dairy products places a strong emphasis on consumer health, environmental protection and animal welfare. Consumers now are becoming more concerned with how food is raised and prepared and are willing to pay a little more for something they recognize as healthy. Across Europe, there is a very high import rate (especially for fruits and vegetables) as the rate of production is far lower than the consumption demands for organic produce. For instance, according to the Soil Association, sales of organic products in the UK increased by 4.5% in 2019 to reach £2.45 billion. Similarly, sales of organic food in the US increased by 5.9% to reach $47.9 billion, according to the 2019 Organic Industry Survey. This growing demand for organic products offers considerable opportunities for dry, condensed, and evaporated dairy product producers in both developed and developing countries, thus likely to drive the market during the forecast period.
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