Advances in technologies for the extraction and modification of valuable milk components have opened up new opportunities for the food and nutraceutical industries. Reviewing the latest research in this dynamic area, this book covers modern approaches to the separation of dairy components and manufacture of dairy ingredients. It highlights the biological functionality of dairy components and their nutraceutical applications, including milk oligosaccharides, lacctoferrin, and the role of dairy products in metabolic regulation. The text concludes with a discussion of the technological functionality of dairy components and their applications in food and non-food products.