Dairy Products Market

SKU: DM1805 | Last Updated On: Sep 29 2022 | Available Formats

> Dairy Products Market Expected to reach at a CAGR of 3.78% by 2029

Dairy Products Market is segmented By Product Type (Milk, Skimmed Milk Powder, Whey Milk Powder, Whey Protein, Butter, Cheese, Yogurt, Others), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online, others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

[150 Pages Report] Dairy Products Market size is expected to reach USD million by 2029, with growth at a high CAGR of 3.76% during the forecast period (2022-2029).

Dairy is one of the early food categories adopted by mankind and is considered a major part of human nutrition. Dairy products are primarily produced from milk and commercial dairy including products ranging from liquid milk to processed products such as yogurt, cheese, butter, and others. The health benefits associated with milk have been motivating the population of all segments toward the consumption of dairy-based products. Dairy is considered a package of nutrients essential for the human body and is highly recommended as a source of calcium and healthy fats.

Market Growth Dynamics

The potential health benefits offered by dairy products are the primary growth factor of the global dairy products market. The rising consumer interest in healthy living increased the focus on dairy products globally. Dairy products are considered a vital part of the human diet owing to their high nutrient content. Besides fresh milk, products such as yogurt, fermented milk, and low-fat milk are proven to be beneficial among humans.  Milk is a vital source of vitamins and protein that help the well-being of human beings. Also, milk is the most preferred choice of source minerals such as calcium. The calcium content in milk helps develops healthy bones and teeth among young children, thus making it a vital part of infant nutrition. Furthermore, vitamin D reduces the risk of cancer protection, potassium helps reduce the levels of blood pressure, and improves heart health. These nutritional benefits are driving the sales of dairy products among health-conscious population groups around the world, thus boosting market growth. With the global population expected to reach 9.8 billion by 2050, the demand for dairy products is likely to continue on the verge of better nutrition for people across the world. Dairy products are gaining prominence in several fields including pediatrics, sports nutrition, and medical nutrition. Bodybuilding, weight-gain enthusiasts, and other physical growth aspirants are preferring these dairy products as a primary nutrient source.

However, the rise in veganism and plant-based eating preferences of the vegetarian population is limiting the consumption of dairy products. Lactose intolerance, dairy sensitivity, consumer shift toward plant-based food products, and misconceptions associated with the consumption of milk are other key restraints.

Market Segmentation:

Milk segment for the highest share in the global dairy products market

Milk is the major dairy food and the demand for liquid milk products is rapidly surging with the rising health consciousness and living standards of the consumers. In recent decade, with the increasing premiumization and diversification of consumer needs, the usage of milk has been expanding from traditional dairy products to new products with high added value. It is expected that this trend will lead to further growth in milk consumption with favorable long-term consumer trends and developing technologies.  Demand for milk and milk products is increasing daily with an increase in the world population. High-end technology is required to meet these needs by increasing the milk processing capacity and maintaining the quality of the product.  The dairy industry is highly localized owing to the perishable nature of milk products. According to FAO, only 7% of milk in the U.S. is exported. Dairy products are exported to the regions where climatic conditions, unmet demand-supply ratio, unfavorable government measures, and change in exchange rates play a major limiting role.  Use of technologically advanced transportation measures for maintaining the efficiency and quality of milk products during long-distance export are also anticipated to boost the dairy products market growth.

Geographical Presentation:

Asia Pacific is the dominating region during the forecast period.

In 2021, Asia Pacific had the highest revenue share of almost XX percent. The robust dairy sales in China and rapid growth in demand for fermented milk products in India and Indonesia made the Asia Pacific region the largest market for dairy products. China is the largest dairy market in the Asia Pacific region and is evolved into the second largest retail market in the world. Despite lower consumption levels of cheese and butter, the large consumption of liquid milk and yogurt made China the largest market. Online retail is witnessing significant growth in product sales. Low price offered by e-commerce sites for milk and other dairy products is also boosting online sales in the country. The ASEAN Community is the world’s fourth-largest economy and the dairy deficit region benefits from the high-quality ingredients and cheeses offered by the United States, the largest producer of cow’s milk in the world.  According to FAO, in Asia, milk output increased to 379 million tonnes in 2020, up 2.6 percent from 2019, as outputs rose in India and Pakistan. In India, milk output reached 195 million tonnes in 2020, milk production increased by 2.0 percent from 2019, driven by an expanded dairy herd and incremental, but steady, improvements to milk collection systems, and higher productivity

Dairy Products Market - Strategic Insights

Metrics

Details

Market CAGR

5%

Segments Covered

By Product Type, By Distributional Channels, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Competitive Landscape:

The global dairy products market is highly competitive. The large market potential and ever-lasting demand for dairy nutrition in human diets made dairy as the most promising sector in food industry. The market is extremely fragmented with wide product differentiation and large number of players. The top 10 companies operating the market accounting for nearly 25% of the total market value. These companies are striving to offer quality products at competitive prices to hold their share in the market.  Dairy industry in most of the developing economies has been highly unorganized. Liquid milk in particular is witnessing significant portion of its consumption at source or sold through unorganized channels. However, factors such as increasing disposable income, health consciousness, interest towards packaged products led to the growth of branded dairy products in these markets. The companies in the market are leveraging on acquisitions and collaborations to increase their market share.  For instance, In January 2019, French dairy products corporation Lactalis has acquired India-based Prabhat Dairy in a deal worth $239 million to gain leading market share in Western India, thereby marching towards its goal of turning into a Pan-Indian company.

COVID-19 Impact: Positive impact on the global dairy products market.

The global impact of COVID-19 hit massive sales drops in Dairy Products. During the lockdown, the closure of the supermarket and departmental store cause a decline in sales and revenue of the other products, indirectly impacting the Dairy Products market. Some manufacturers faced issues in the procurement of raw materials and lack of manpower, resulting in low product production. Governments worldwide are requesting people to stay home to counter the spread of COVID-19. For instance, during COVID-19, the butterfat markets have weakened with the risks to demand butter, AMF and cream from the shutting of food service channels in major markets. 
On the other hand, Members of the International Dairy Federation confirmed an increase in consumption of milk and milk products like cheese, butter, yogurt, etc. during the lockdown. This trend is expected to continue post-COVID. Along with all Haldi and other immune boosters, many promote dairy as a healthy food during the Covid-19 pandemic. According to data acquired by the National Milk Producers Federation (NMPF), consumers that stocked up on dairy in March 2020 continue to buy retail dairy products at “disproportionately high levels”.

The global dairy products market report would provide an access to approximately 53 market data tables, 47 figures and 170 pages

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FAQ

What is the Dairy Products Market growth?

The market is growing at a CAGR of 5%

What is Dairy Products Market size in 2021?

The Dairy Products Market size was valued at USD YY million in 2021

Who are the key players in Dairy Products Market?

Nestlé S.A., Fonterra Co-operative Group, Royal FrieslandCampina N.V., Lactalis International, Dairy Farmers of America Inc., Arla Foods amba.

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