The global camel milk market is expected to grow at a CAGR of close to 7% during the period 2018-2022, according to a new market research study by Technavio, which revealed that suppliers of camel milk have increased the production due to rising demand from consumers seeking alternative sources of dairy products.
Technavio said the growing popularity of camel milk among diabetic patients will lead to an increase in investments in the market during the forecast period. For example, the Australian Wild Camel Corporation is planning to increase its herd size from 450 camels to 2,500 camels over the next two years as the number of dairies producing camel milk in the country have increased to 10 in the past two years, the firm revealed.
Along with Australia, African countries such as Kenya and Ethiopia are focusing on increasing camel milk production, thus fuelling the growth of the market.
Players in the market are also trying to capitalize on the increasing demand for camel milk among consumers by introducing new products based on camel milk, such as chocolates and ice creams, said Technavio. The demand is expected to remain high during the forecast period due to increasing awareness of the benefits of camel milk among consumers.
Many F&B companies are launching innovative products such as camel milk chocolates and camel milk ice creams in a variety of flavours such as date, cardamom, saffron, chocolate and raspberry vanilla.
But while demand is increasing, camel milk is still facing stiff competition from plant-based milk alternatives such as soy milk, almond milk and coconut milk. Vegans, lactose or dairy intolerants, and people with milk allergies are the primary users of these plant-based alternative dairy drinks, said the firm.
These drinks have low-fat and low-cholesterol levels. Medical benefits, rising health-consciousness among consumers, and increasing vegan population are driving the demand for such products, Technavio concluded.