The market size of dairy products worldwide will hit US$ 640.8 billion by 2030, up from US$ 481.7 billion in 2021. This means a cumulative average growth rate (CAGR) of 3.2% from 2022 to 2030. The report contains 150+ pages of detailed analysis.
Dairy products such as milk, cheese, desserts, cream, and yogurt are extremely popular among the consumers and are extensively used in the preparation of cakes, pizza, burger, pasta, and wider variety of dishes. Dairy products are considered to be a rich source of proteins and micronutrients.
The rising adoption of dairy products in the daily diets by the consumers is exponentially fueling the growth of the global dairy products market. The rising disposable income, shifting consumer preferences, rising consumption of milk in households, and rising consumer awareness regarding the health benefits associated with the consumption of dairy products are the various factors driving the growth of the dairy products market across the globe.
The development and growth of a number of dairy farms coupled with rising government initiatives to boost the cattle productivity and milk production has had significantly fueled the milk production in the developing regions.
Dairy Products Market Growth Factors
- Rising consumer awareness regarding the health benefits of dairy products
- New product launches by the market players
- Rising consumer expenditure on healthy and functional food
- Growing government initiatives to boost the dairy sector
- Increasing milk production in developing nations like India, Indonesia, and China
- Surge in the production and consumption of milk
- Rising penetration of restaurant chains
- Rising penetration of cafes
- Growing popularity of online groceries and food delivery apps
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Dairy Products Market Scope
|Market Size||USD 640.8 Billion by 2030|
|Growth Rate||CAGR of 3.2% From 2022 to 2030|
|Fastest Growing Market||North America|
|Largest Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Distribution Channel, Region|
Dairy Products Market Report Highlights
- Based on the product type, the milk was the dominating segment in 2020. This is attributable to the increased consumption of milk among the consumers. Milk is the most common dairy product consumed by the population across the globe. Further, the rising focus of the government to develop the dairy sector in order to generate employment in the rural areas has had fueled the growth of this segment in the past years.
- Based on the distribution channel, the others segment is estimated to be the opportunistic segment. This is owing to the rapid growth of the online sales channels. Rising popularity of online food and grocery delivery platform in both developed and developing markets is exponentially boosting the sales of dairy products.
Asia Pacific is the largest market for the dairy products. Milk is the most common dairy product that is consumed in majority of the households. The presence of huge population propels the demand for the dairy products in the region. Further, rising health awareness is boosting the milk and yogurt consumption. The developing infrastructure in the Asia Pacific region is enhancing the supply of milk and other dairy products thereby propelling the growth of the market.
The rapid urbanization is boosting the penetration of restaurants, cafes, and fast-food chains in the region that extensively uses dairy products in their dishes. Moreover, the rising adoption of smartphones and internet is boosting the sales of various dairy products through the online food and grocery platforms. Hence, the Asia Pacific is estimated to be the largest market and is anticipated to sustain it position throughout the forecast period.
North America is estimated to be the fastest growing market in the upcoming future. This is attributed to the increased consumer awareness regarding the health benefits of consuming dairy products. Moreover the demand for cheese and yogurt is increasing in the region for the preparation of a variety of dishes and desserts. The increased disposable income coupled with rising expenditure on functional food is boosting the growth of the dairy products market in the region. Therefore, North America is estimated to be the most opportunistic market in the forthcoming years.
Dairy Products Market Dynamics
The rising population of the lactose intolerant population in the major markets like China, Europe, and US is expected to drive the demand for the lactose free dairy products, thereby fostering the growth of the global dairy products market in the upcoming years. The lactose-free and sugar-free food products are perceived to be healthier among the consumers and hence the demand for the lactose-free dairy products is expected to grow during the forecast period.
The high cost of products like paneer and cheese in the developing nation may restrict the growth of the dairy products market. Further, rising lactose intolerant population may result in the decline in the demand for the milk in nations like China where the huge population is lactose intolerant.
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The rising demand for the organic food products is expected to propel the dairy products market. Further, new product launches by the various market players may provide new growth avenues in the upcoming future.
According to the United Nations, in developing countries, more than 80% of the milk is marketed and handled by the informal traders. This is due to the high perishability of the milk and milk-based products. Further most of the consumers prefers to buy milk from the informal traders and opt to process the milk themselves by simple boiling. Therefore, the increased penetration of the informal traders of milk may hamper the growth of the market.
Dairy Products Market Key Players
- Arla Foods Amba
- DMK Group
- Dairy Farmers of America, Inc.
- Meiji Holdings Co. Ltd.
- The Kraft Heinz Company
Dairy Products Market Segments
By Product Type
By Distribution Channel
- Specialty Stores
- Convenience Stores
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
A unique research methodology has been utilized to conduct comprehensive research on the growth of the global dairy products market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the draw conclusions.
Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global dairy products market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimate the future prospects of the global market more reliable and accurate.
Why should you invest in this report?
If you are aiming to enter the global dairy products market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for dairy products are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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Frequently Asked Questions –
[sc_fs_multi_faq headline-0=”h3″ question-0=”Which are the driving factors?” answer-0=”Rising consumer awareness regarding the health benefits of dairy products and growing government initiatives to boost the dairy sector are the driving factors of the dairy products market. ” image-0=”” headline-1=”h3″ question-1=”What is the current size of dairy products market?” answer-1=”According to Precedence Research, the global dairy products market was valued at US$ 481.73 billion in 2021 and is projected to hit US$ 640.8 billion by 2030.” image-1=”” headline-2=”h3″ question-2=”How much is the CAGR of global dairy products market?” answer-2=”The global dairy products market is expected to grow at a noteworthy CAGR of 3.2% from 2022 to 2030. ” image-2=”” headline-3=”h3″ question-3=”Who are the major players in the dairy products market?” answer-3=”The major players operating in the dairy products market are Arla Foods Amba, Nestle, Danone, Fonterra, Lactalis, Frieslandcampina, DMK Group, GCMMF, Dairy Farmers of America, Inc., Meiji Holdings Co. Ltd., The Kraft Heinz Company ” image-3=”” headline-4=”h3″ question-4=”Which region will lead the global dairy products market?” answer-4=”The Asia Pacific region will lead the global dairy products market in near future. ” image-4=”” count=”5″ html=”true” css_class=””]