The global dairy products market was valued at 494.5 billion in 2022 and is predicted to expand with a CAGR of 2.8% during the projected period.
Milk and other dairy parts are an essential part of the diet of many people globally. The dairy products are rich in Vitamin A, D, calcium, phosphorous, and riboflavin. As a part of a healthy diet, people often prefer low-fat, lactose, and cholesterol-free dairy products.
The main factors driving the market for dairy products are the rising consumption of dairy products coupled with a change in customer preference to dairy products for protein supplementation.
Lenient regulatory norms and a rise in funds from the public and private sectors are expected to surge the market for dairy products. The utilization of automation technologies in dairy farms as well advances in agriculture and animal husbandry are increasing the market expansion.
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However, better alternatives for cholesterol-free products such as almond milk, soymilk, and rice milk are the key restraints for the dairy products market.
Key players in the dairy products market include Nestle, Royal FrieslandCampina, Amul, Danone, Dean Foods Company, Megmilk Snow brand Co. Ltd, Fonterra Co-operative, Arla Foods amba, Dairy Farmers of America, Inc. and Lactalis SA
For this study, Reports and Data has segmented the global Dairy Products market based on Product Type, Distribution Channel, and Region:
Product Outlook (Revenue, USD Billion, 2022 – 2028)
- Lactose-free milk
Distribution Channel Outlook (Revenue, USD Billion, 2022 – 2028)
- Convenience Stores
Regional Outlook (Revenue, USD Billion, 2022 – 2028)
- North America
- Asia Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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Further key Findings:
- Based on the product type, the milk segment dominated the market with the highest revenue share of 32.7% and is predicted to hold its dominance during the forecast timeline from 2021 to 2028. The rising consumption of milk due to its high nutritive value is expected to drive the market at a significant rate.
- The yogurt sector is assumed to expand at a significant CAGR during the forecast period due to the vast demand for yoghurt in Brazil, India, and China. The inclination towards flavored and sweet yoghurts is seen to increase the overall demand for the dairy products market.
- Based on the distribution channel segment, the supermarkets dominated the market due to an increase in the number of supermarkets and consumer preference for stores has increased the demand for these supermarkets.
- Europe led the market for dairy products and is expected to sustain its position throughout the analysis period. The growth of the market is attributed to the increasing demand for milk products such as cheese and milk desserts in this region. The high demand for clean labels and high-quality dairy products will propel the market demand.
- Asia Pacific region is evaluated to hold the highest market share and also experience the fastest growth during the estimation period of 2021 to 2028. The sudden rise in the online distribution channels, easy access to raw material, and the rising consumer base in the APAC region is expected to surge the demand for dairy products. Additionally, the rising requirement for high-quality packaged dairy products is also expanding the market.
- Over the past few years, North America has occupied a significant market revenue. The United States has a large market share in dairy products due to high milk and cheese intake. Also, the launch of low-fat and no sugar milk in the North American region is expected to increase milk consumption.
- The global Dairy Products Market has many manufacturers strengthen their position through product and package innovations, mergers, acquisitions, and collaborations. Emerging market players are also introducing their products.
- PepsiCo India publicized its idea of entering the dairy market in May 2017.
- Arla Foods amba launched its renowned yogurt product in ecological packaging to reduce the C02 emission by 30% in June 2022.
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Key Features of the Dairy Products Market Report:
- Detailed assessment and exhaustive understanding of the Dairy Products Market
- Significant insights into manufacturing processes, major barriers, and risks
- 8-year forecast estimation to offer information about the market size and market share on the global and regional levels
- Evaluation of the key drivers, restraints, growth opportunities, threats, limitations, barriers, and other key elements
- Identification of growth prospects and potential for the Dairy Products industry
- Comprehensive analysis of the key market players and their strategies
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