Latin America Dairy Blends Market was worth $0.35 billion in 2022 and estimated to be growing at a CAGR of 7.24%, to reach $0.49 billion by 2028. Dairy blends are prepared by combining butter blends with either vegetable oils, or with processed butter fat.
One of the key advantages of dairy blend is that it is spreadable as it comprises of vegetable oil and hence, can be consumed with breads. Dairy blends can also be utilised with several ingredients like butter, cocoa powder, and sugar, which thus, drives the demand for the market. A dairy blend when added or combined with soy or other proteins not only augments the flavour of the product but also controls cost formulation.
The growth of the Latin America Dairy Blends market is majorly driven by factors such as cost effectiveness, low fat content when equated to butter and margarine, and rise in demand for dairy blends in baby formula. The high growth potential in the developing markets in this region offers new prospects for the market players. However, factors such as stringent regulations in the industry and globally declining prices of dairy products are restraining the growth of the market in this region.
The Latin America Dairy Blends market is segmented based on Application, Form, and Type. The market for Dairy Blends, on the basis of Application, is classified into Yogurt, Bakery, Feed, Beverage, Butter & Cheese Blends, Infant Formula, Ice Cream, and Others. On the basis of Form, the Dairy Blends market is segmented into Powder, Liquid, and Spreadable. On the basis of Type, the Dairy Blends market is segmented into Dairy/Non-Dairy Ingredients, Dairy as Carrier, Dairy as Functional Ingredient, Dairy Mixtures, and Others. Dairy/non-dairy ingredient segment accounts for the largest share of the market. They are utilised in applications such as bakery, ice cream, and confectioneries. The Infant formula segment is anticipated to be the fastest-growing, in the dairy blends industry. The usage of dairy blends in baby formula provides flexibility with regard to the usage of dairy ingredients, enhances protein levels, and decreases fat contents.
Geographically the Latin America Dairy Blends Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The Latin America market is one of the fastest growing markets for dairy blends. South America is a developing market with huge potential and sturdy growth rates. Brazil accounts for the largest market share in the region with more than 30% of the market and is expected to lead the market in this region during the forecast period.
Key Players in the Market:
Major Key Players in the Latin America Dairy Blends Market are
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