Global Dairy Market Sizeto Grow at a CAGR of 2.7% in the Forecast Period of 2023-2028
The ‘Global Dairy Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global dairy market, assessing the market on the basis of its segments like product and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 2.7%
With increasing urbanisation, rising incomes, and growing health awareness over the past several decades, people are consuming more proteins including dairy. Milk containing omega-3 fatty acids, cheese, and yoghurt containing probiotics are examples of dairy products that hold a significant global dairy market share. Some dairy products have additives that promote health and provide physiologic advantages in addition to essential nutrition.
Food with functional attributes, such as sour milk, are in high demand due to consumer preferences towards healthier lifestyles, which has had a positive impact on the market for dairy throughout the forecast period. Since they are low in calories, enhanced with omega-3, and contain certain proteins, bioactive peptides, vitamins, antioxidants, probiotic bacteria, organic acids, and oligosaccharides, functional dairy products have a high nutritional value, thus aiding the global dairy market growth.
Innovations in yoghurt such as availability of yoghurts that are flavoured, fat-free, and drinkable are anticipated to offer manufacturers significant growth prospects. The demand for yoghurts is also being driven by packaging innovation, such as single-serve, on-the-go packs, and small portion sizes, which presents a huge opportunity to the manufacturers.
Dairy products are increasingly in demand from consumers due to their benefits for maintaining healthy bones and teeth, as well as for enhancing heart health and lowering the risk of type 2 diabetes. The size of the global dairy market is expanding rapidly due to the demand for dairy products from nations with growing populations and rising disposable incomes.
Industry Definition and Major Segments
Milk and milk-derived goods including butter, cheese, yoghurt, and cream are referred to as dairy. Calcium, proteins, vitamins A, B, B12, riboflavin, and other nutrients and minerals are found in dairy products, which are also known to strengthen bones. Dairy milk is typically obtained from a variety of animals, including cows, goats, camels, and sheep.
Based on product, the market is segmented into:
- Fluid/UHT/Flavoured Milk
- Anhydrous Milk Fat (AMF)
- Skimmed Milk Powder/Non-Fat Dry Milk
- Whole Milk Powder
- Whey Protein (Powder and Concentrate)
- Indian Cheese (Paneer)
- Probiotic Dairy Products
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
As milk products are a key component of diets in both developing and established economies, it is anticipated that population expansion will have a favourable effect on the demand for dairy products. Moreover, dietary preferences around the world have been shifting due to rising incomes and health consciousness, with a decline in the share of staple foods such grains, roots, and tubers and an increase in dairy products.
Moreover, premiumisation and value addition are key trends that have contributed to the expansion of the global dairy market. This involves putting more emphasis on flavour, health, premium ingredients, and eye-catching packaging. A crucial factor driving dairy product sales globally is the surging consumer demand for quick-to-prepare, nutritious, on-the-go snacks.
Dairy products are considered as a healthy snack option because they naturally contain a lot of calcium. The important factors driving the expansion of the market for dairy are the increased consumption of dairy products and the shift in customer preference from meat to dairy products for protein augmentation. Due to modern retail facilities and cold chain logistics, dairy products are easily accessible, which contributes to the market’s growth.
Dairy products are employed in a variety of other industries in addition to direct human consumption, including medicinal nutrition, sports nutrition, and new-born formula. Based on the global dairy market report, the rising demands from end-user industries are the key trends in the market.
Key Market Players
The major players in the global dairy market report are Danone S.A., Royal FrieslandCampina N.V., Arla Foods amba, Nestlé S.A., Fonterra Co-operative Group Limited, Dairy Farmers of America, Inc., Lactalis Group, Saputo Inc., and China Mengniu Dairy Company Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.