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Dairy Market is estimated to reach USD 1,228 billion in 2027, and expected to Grow at a CAGR of 5% 2020-2027 | Size, Trends & Report Analysis
Dairy Market
The Dairy Market is expected to reach USD 1,228 billion by 2027, growing at a CAGR of 5% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/dairy-market/
The factors driving the growth of Dairy Market includes increasing consumption of milk around the world, rising awareness about the nutritional benefits of dairy products, growing consumers inclination towards adopting healthy lifestyles. According to the report published by Statista, revenue generated from the sales of milk products in the international markets is expected to reach USD 308.80 billion by the end of 2022, growing at a CAGR of 6.29% over the forecast period (2022-2027), which will accelerate the Global Dairy Market size in the approaching years. Moreover, rise in the launch of innovative flavors of dairy products by the retail outlets, increasing number of social commerce platforms such as Otipy, delivering dairy foods products to customer's home and growing demand for high-quality food products, are some of the additional factors supplementing the Dairy Market size. In addition, the increasing investments by major corporations on research and development, rising disposable incomes, strategic partnerships between key players, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
However, growth of the Dairy Market is hindered attributed to increasing demand for plant-based food products.
The prominent players operating in the market are DMK Group, Dairy Farmers of America Inc., Dean Foods Company, Lactalis International, Nestle SA, Fonterra Group Cooperative Limited, Arla Foods, Yili Group, Kraft Foods Inc., China Mengniu Dairy Company Limited, Danone S.A. and FrieslandCampina, among others.
Based on Type, the Milk segment is predicted to capture the largest market share during the forecast period
Rise in the launch of innovative milk flavors by manufacturers and growing consumers inclination towards adopting healthy diets, are pushing growth of the segment.
Based on Distribution Channel, the Supermarkets/Hypermarkets segment is projected to expand at a significant CAGR over the forecast period
Supermarkets offer wide range of local and branded dairy products with attractive discounts and provides free home delivery options, are some of the factors propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period
Increasing consumers preference for healthy food products, easy availability of dairy products at local supermarkets and online platforms, rapid industrialization, improvements in the living standards, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2020, Yili Group decided to expand its production base for organic dairy products in Hinggan League in China. The company planned to enhance the capacity of fresh milk processing of 4,000 tonnes on daily basis for organic dairy products.
In 2020, Nestle S.A. introduced a new R & D center in Switzerland for dairy products and plant-based dairy alternatives, which will expand company's portfolio in dairy business.
In 2020, FrieslandCampina acquired Nutricima Ltd., this acquisition, the acquisition will enhance the production capacity of dairy products in meet to the rising demand for evaporated milk and powder milk.
Market Segmentation
Segmentation by Product Type
Milk
Cheese
Butter
Dairy Desserts
Yogurt
Others
Segmentation by Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialist Retailers
Online Retail stores
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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