Published on: December 12, 2019
The dairy products are primarily produced from the milk of mammals such as cows, buffaloes, goats, and sheep. The majority of the dairy products consumed worldwide include milk, yogurt, cheese, and butter. We have categorized dairy products market as a part of the overall packaged foods & meats market. The packaged foods & meats market covers producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
The global dairy products market is expected to reach around USD 586 billion by 2023 growing at a CAGR of approximately 4.9% during the forecast period. The growing demand for cultured dairy products and rapid growth of the dairy processing industry are few of the major trends in the market which are expected to drive the demand for dairy products during the forecast period.
Based on type, the milk segment dominates the global dairy products market with almost 40% of the global market share. Moreover, based on geography, Europe dominates the global dairy products market with almost 40% of the market share. The dominance of the European region is attributed to high per capita consumption, strong dairy culture, frequent product launches and implementation of new technologies. However, the highest growth rate in the dairy products market was registered by APAC region. Growing disposable income, rapid urbanization, increased awareness toward health and nutritional benefits, and increasing government support to dairy market are few of the factors driving the dairy products market growth in APAC region.
The global dairy products market can be segmented into the following:
Many factors are expected to drive growth in the dairy products market during the forecast period. Our analysis identifies the following factors to be driving the growth in the dairy products market:
Owing to their health and weight management issues, an increasing number of consumers are looking for protein-rich food products. The United States Department of Agriculture (USDA) has categorized Dietary Guidelines for Americans in the age group of 3 to 50 years as requiring at least 56 grams of protein per day for males, and at least 46 grams of protein for females. As milk-based foods are an excellent source of proteins, calcium, and other nutrients, the increasing demand for protein-rich food is driving the growth of the global dairy products market.
The organized retail sector is expanding significantly with the establishment of supermarkets, hypermarkets, and convenience stores globally. Consequently, dairy products are gaining increased shelf-space and visibility among consumers. Easy access to dairy products and the convenience associated with its consumption is driving the growth of the global dairy products milk market. Supermarkets constitute a major distribution channel for processed milk products such as packaged milk and yogurt. The growth in the number of supermarkets is helping manufacturers of processed milk products or dairy products to reach a wider customer base.
With the growing demand for dairy products, both government and private entities are aggressively investing in infrastructure development, research activities, logistics optimization and other activities to fulfill the growing demand. For instance, Livestock Improvement Corp. in partnership with Ministry for Primary industries and Dairy, New Zealand announced to invest a sum of around USD 25.7 million in an innovation project. The seven-year programme, called Resilient Dairy will work on new disease management technologies and advances in genomic science to improve cow productivity and produce animals with improved health.
Meanwhile, the vendors operating in the market face numerous challenges in increasing their sales and improving profitability. Some of those challenges are:
Vegan foods are primarily comprised of plant-based products, and excludes animal-based products such as dairy, meat, and eggs. Vegan diets are known to possess several health benefits to consumers, as they are rich in fiber, antioxidants, vitamins A, C, and E, and other beneficial plant-based compounds. Additionally, these diets are excellent sources of minerals such as magnesium and potassium. Vegan foods and vegan-based diets are being increasingly adopted among consumers in countries such as the US, UK, and Australia. Factors such as safety concerns related to animal-based food products, and growing awareness about the health benefits of plant-based diets have aided the popularity of vegan foods in these countries. The rising popularity of veganism is expected to hamper the demand for milk and milk-based products during the forecast period.
The global milk market is highly regulated by several national, federal, and state-level regulatory bodies, and industry-specific organizations. Some of the key regulatory bodies which exercise control over petitions, activities and directives pertaining to milk products worldwide include Food Standards Australia New Zealand (FSANZ), European Food Safety Authority (EFSA), Dietitians Association of Australia (DAA), The Food and Drug Administration (FDA), The Plant-Based Foods Association (PBFA), The United States Department of Agriculture (USDA), Soyfoods Association of North America (SANA), and Food Safety and Standards Authority of India (FSSAI). Stringent regulations related to the manufacturing, packaging, storage, and transportation of milk and milk-based products have been implemented in various countries. Moreover, non-compliance with these regulations attracts heavy penalties.
Our reports on the global dairy products market cover several large and small vendors active in the market including Danone SA, GCMMF (Amul), Nestle SA, Dean Foods Company, and Unilever Group. Partnerships, acquisitions, and investments are some of the strategies adopted the manufacturers in the global dairy products market.
Following are a few of the major developments in the market:
Backed with competitive intelligence and benchmarking, our dairy products market research report is designed to provide entry support, customer and M&A assessment, as well as go-to-market strategy support.
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