Condensed Whey Market

According to Stratistics MRC, the Global Condensed Whey Market is accounted for $4.60 billion in 2024 and is expected to reach $8.33 billion by 2030 growing at a CAGR of 10.4% during the forecast period. Condensed whey is a dairy by-product that is produced when liquid whey is evaporated with a large amount of water removed, creating a thicker, and more concentrated product. Because it preserves important nutrients like essential amino acids, high-quality proteins, vitamins, and minerals like calcium and phosphorus, this condensed form of whey is a common ingredient in nutritional supplements, animal feed, and baked goods. In animal feed applications, the high lactose content of condensed whey boosts its energy content, supporting the growth and health of livestock. 

According to the Food and Agriculture Organization (FAO), global cheese production, which generates substantial whey by-products, reached approximately 25 million metric tons in 2021. 

Market Dynamics: 

Driver: 

Growing interest in dairy-based goods

Due to shifting lifestyles that prioritize convenience and nutrition as well as increased disposable incomes, the global dairy market is expanding rapidly. Dairy products are becoming more popular among consumers who are concerned about their health because of their high nutritional content, which includes vital vitamins, calcium, and protein. As a byproduct of making cheese, condensed whey is a useful component of many foods, including protein bars, smoothies, and baby formulas. Moreover, food producers who want to satisfy consumer demand for premium dairy products favor it because of its capacity to improve flavor and texture.

Restraint:

Raw material price volatility

Climate change, feed prices, and disruptions in the global supply chain are some of the factors that can cause significant volatility in the prices of dairy raw materials, such as milk and whey. For producers of condensed whey, this volatility may result in higher production costs, making it more difficult to stay profitable. Additionally, price fluctuations may also discourage smaller producers from growing their businesses or entering the market, which could restrict competition and innovation.

Opportunity:

Growth of health-conscious product categories

The movement toward wellness and health is still gaining traction, and customers are looking for more products that fit their dietary objectives. There is a significant chance for producers to develop and promote new lines of health-conscious products that use condensed whey. Furthermore, these products can be marketed as nutrient-dense, low-calorie, or high-protein options, appealing to a range of consumers, including bodybuilders, athletes, and those who are health-conscious. For instance, condensed whey's nutritional advantages can be utilized in meal replacement shakes, protein-enriched snacks, and ready-to-drink beverages. 

Threat:

Health trends favoring plant-based substitutes

The market for condensed whey is seriously threatened by the growing trend toward plant-based diets. Many consumers are choosing vegan or dairy-free options as they grow more environmentally conscious and health conscious. Plant-based proteins, like pea, soy, and almond, are becoming more popular because they provide comparable nutritional advantages to dairy products without the lactose or cholesterol. Moreover, condensed whey and other traditional dairy ingredients may become less popular as a result of this change, especially among younger consumers who are more likely to follow alternative diets.

Covid-19 Impact: 

The COVID-19 pandemic had a big effect on the condensed whey market. At first, it increased demand for high-protein products as people looked for nutritional supplements to help them stay healthy. As fitness facilities and gyms closed, people began looking for other ways to get protein at home, which boosted the market for whey-based products. But there were also difficulties brought on by the pandemic, such as supply chain interruptions and operational difficulties brought on by lockdowns and social distancing policies that reduced production capabilities. Additionally, the market appeared to be recovering as businesses started to adjust and reorganize their operations after the pandemic. 

The Plain Condensed Whey segment is expected to be the largest during the forecast period

The segment with the largest share is expected to be plain condensed whey. Its adaptability and broad range of uses in a variety of sectors, such as dairy, baking, and food production, define this market. The process of pasteurizing and evaporating whey yields plain condensed whey, a nutrient-rich product that keeps vital proteins, vitamins, and minerals. It is a common ingredient in many formulations and finds use in a wide range of food products, including baked goods, soups, sauces, and baby formulas. Furthermore, plain condensed whey is becoming more and more popular in the condensed whey market as a whole due to the rising demand for dairy-based products and the expansion of the bakery and confectionery sectors.

The Goat's Milk segment is expected to have the highest CAGR during the forecast period

In the condensed whey market, the goat's milk segment is anticipated to grow at the highest CAGR. Because of its distinct nutritional profile, which includes higher concentrations of some vitamins and minerals than cow's milk, and its ease of digestion, goat's milk is becoming more and more popular. This makes it a desirable choice for consumers who are lactose intolerant or have dairy sensitivities. Moreover, condensed whey and other products made from goat's milk are also gaining popularity due to the growing trend of health-conscious eating and the growing need for dairy substitutes. In order to satisfy a growing consumer base that favors natural and health-conscious food options, producers are concentrating on creating cutting-edge products that contain goat's milk whey. 

Region with largest share:

Due in large part to its established dairy industry and high rates of dairy product consumption, North America has the largest share of the condensed whey market. The area has a strong dairy processing infrastructure that makes it easier to produce and distribute condensed whey products for use in a variety of products, such as baked goods, candies, and dietary supplements. North America's dominance in this industry is further supported by the existence of significant market players and ongoing innovation in product offerings. Additionally, the market for condensed whey has benefited from rising demand for high-protein food products brought on by growing consumer awareness of nutrition and health issues.

Region with highest CAGR:

The Asia-Pacific region is anticipated to show the highest CAGR in the condensed whey market. Numerous factors, such as the fast-growing middle class, growing health consciousness, and the growing demand for dairy products in nations like China, India, and Indonesia, are responsible for this growth. This trend is further supported by the industrialization of dairy production and the region's growing interest in foods high in protein. Furthermore, encouraging government initiatives to improve food processing capacities and dairy industry investments are probably going to open up new markets for condensed whey products.

Key players in the market

Some of the key players in Condensed Whey market include DMK Group, Optimum Nutrition Inc., Agri-Mark Inc., Saputo Inc., Fonterra Co-operative Group Limited, Arla Foods AMBA, Leprino Foods Company Inc., Glanbia plc, Foremost Farms USA Cooperative Inc., Lactalis Group, Associated Milk Producers Inc., Hilmar Cheese Company Inc., Kerry Group plc, Cargill and Schreiber Foods Inc.

Key Developments:

In April 2024, Arla Foods Ingredients has today signed an agreement to acquire the Whey Nutrition division of Volac’s business through a purchase of the shares in Volac Whey Nutrition Holdings Limited and its subsidiaries, Volac Whey Nutrition Limited and Volac Renewable Energy Limited. Completion of the transaction is expected later this year subject to required regulatory approvals.

In March 2024, Saputo Inc. announced it has entered into a 15-year virtual power purchase agreement (VPPA) with Capital Power, a North American power producer. The long-term commitment, supported by energy procurement advisor Schneider Electric, marks a key milestone in Saputo’s sustainability efforts, as it will allow the Company to make significant strides towards its climate target for 2025 and future environmental goals. 

In December 2023, New Zealand dairy group Fonterra, opens new tab said on Thursday food and beverage giant Nestle, opens new tab will make additional payments to its farmers for achieving certain sustainability goals under a new agreement. Depending on the number of Fonterra farmers achieving one of the three levels of the company's sustainability goals during the 2023-24 season, Nestle is expected to pay an additional 1-2 New Zealand cents per kilogram of milk solids (kgMs) under the agreement.

Product Types Covered:
• Plain Condensed Whey
• Sweetened Condensed Whey
• Acid Condensed Whey 
 
Sources Covered:
• Cow's Milk
• Goat's Milk
• Sheep's Milk 

Fat Contents Covered:
• Full-Fat Condensed Whey
• Low-Fat Condensed Whey
• Non-Fat Condensed Whey 

Functionalities Covered:
• Emulsifier
• Stabilizer
• Water Binding Agent
• Gelling Agent
• Thickener 

Applications Covered:
• Food & Beverage
• Animal Feed & Nutrition
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances