Dairy Products Market Overview
The Dairy Products market size was estimated at USD 517.40 billion in 2023 and is projected to reach USD 684.54 billion in 2030 at a CAGR of 4.08% during the forecast period 2023-2030.
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Milk, which has been a vital part of human diet for thousands of years, is the source of all dairy products. These include dairy products like butter, cheese, yogurt, kefir, and ice cream. In addition to milk from other animals, like sheep and goats, cow's milk is available worldwide. Milk, cheese, and yogurt are dairy products that all include nutrients that your body needs. For instance, all three include protein, calcium, and vitamin B12, which support the growth and repair of muscular tissue, the development and maintenance of healthy bones and teeth, and the maintenance of a healthy neurological system, respectively. Every cup of milk also contains protein, zinc, selenium, vitamins A and D, all of which build a strong immune system.
Numerous causes, such as population growth, consumer income growth, increased health consciousness, increased milk production in emerging countries, and increased protein-fortified food consumption, all contribute to the rising demand for dairy products. The demand for dairy products worldwide is being further boosted by the growing knowledge of the health advantages of these products. Demand is anticipated to increase dramatically in the forecast period due to customers' preference for dairy-based products over meat in terms of vitamins and proteins. In addition, the market for dairy products is anticipated to expand as a result of the expansion of government initiatives and programs aimed at increasing milk output and raising cow productivity.
On the other hand, public demand for plant-based food alternatives is rising as public knowledge of animal welfare rises. Due to the rising belief that plant-based goods are safer and healthier, plant-based dairy products alternatives such soy milk, almond milk, non-dairy ice creams, cheese substitutes, and whipped cream are quickly gaining ground in the mainstream retail market. It is anticipated that the fast-expanding dairy alternatives market whose growth is being driven by new product developments including non-dairy ice cream, cheese replacements, and whipped creams, might hamper the growth of the dairy products market during the forecast period.
The market for dairy products has been significantly impacted by the COVID-19 epidemic. Due to the interruption in supply and demand, manufacturers of dairy products experienced issues, making the development of long-term strategy challenging. In addition, rising worries about freight prices and container shortages have collectively made supply chain issues worse. As a result, the cost of raw materials skyrocketed, sending makers of dairy products into a panic.
Delvens Industry Expert's Standpoint
The Dairy Products is expected to grow during the forecast period. This growth can be attributed to several factors. Population growth, consumer income growth, increased health consciousness, increased milk production in emerging countries, and increased protein-fortified food consumption, all contribute to the rising demand for dairy products. Moreover, growing knowledge of the health advantages of these products is expected to boost the growth of the market further during the forecast period. However, the rising competition from alternatives as well as rising awareness about animal welfare might hamper the growth of the market during the forecast period.
Dairy Products Market Key Findings
• Based on product type, the market is segmented into milk, cheese, butter, desserts, yogurt, and others. Milk dominated the market in this segment. The rising consumption of milk in homes and numerous business establishments throughout the world is to attributed for the domination of milk. The expansion of this sector throughout the worldwide market is being driven by milk's nutritious qualities and growing public awareness of its health advantages.
• Based on type, the market is segmented into lactose and lactose-free. Lactose products dominated the market in this segment. Lactose has a varied range of benefits in the food industry. Lactose is considered less sweet than sucrose. It helps maintain the sugar content of the product without making it too sweet. Due to this, the demand for lactose containing milk has increased substantially.
• Based on distribution channel, the market is segmented into supermarket/hypermarket, specialty stores, convenience stores, and others. The supermarket/hypermarket segment dominated the market in this segment. Due to the availability of a large selection of food and beverage products as well as home goods, supermarkets draw a sizable consumer base. As a result, customers prefer to make weekly or monthly grocery and household supply purchases. The supermarkets are also situated in easily accessible metropolitan locations. The producers of dairy products receive a steady stream of income from this sales channel.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific is estimated to account for the largest market share during the forecast period. Large population, increased milk consumption, expanded milk production, rising government measures to improve milk output, rising disposable income, and fast urbanization are driving the growth of the market in the region. The industry is expanding as a result of growing consumer knowledge of the health advantages of dairy products. Additionally, the rising use of milk in nearly every household in countries like China and India has made a substantial contribution to the consumption of dairy products.
Dairy Products Market Regional Analysis
Asia-Pacific to Dominate the Market
• Asia-Pacific is estimated to account for the largest market share during the forecast period. This can be attributed to factors such as large population, increased milk consumption, expanded milk production, rising government measures to improve milk output, rising disposable income, and fast urbanization.
• Moreover, growing consumer knowledge of the health advantages of dairy products is expected to drive the growth of the market further during the forecast period.
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Dairy Products Market Competitive Landscape
• Arla Foods amba
• China Mengniu Dairy Co., Ltd.
• Dairy Farmers of America Inc.
• Danone S.A.
• Dean Foods Company
• DMK Group
• Fonterra Co-operative Group Limited
• Frieslandcampina
• GCMMF
• Inner Mongolia Yili Industrial Group Co Ltd
• Kraft Heinz Company
• Lactalis
• Megmilk Snow Brand Co., Ltd.
• Meiji Holdings Co. Ltd.
• Nestle S.A.
• Parmalat S.p.A.
• Royal Friesland Campina N.V.
• Saputo Inc.
• SODIAAL
• Unilever N.V.
Recent Developments in The Dairy Products Market
• In September 2023, Bellamy's Australia, a manufacturer of organic baby formula, was purchased by China Mengniu for USD 1 billion.
• In October 2022, Unilever partnered with ASAP for the distribution of its ice cream goods. As per the partnership, ASAP will also deliver ice cream and treats from Unilever's virtual storefront, The Ice Cream Shop.
Reasons to Acquire Dairy Products Market Report
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Dairy Products Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions?
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