According to the latest market report by RationalStat, the global dairy market is estimated at US$ 860 billion and is likely to reach US$ 1,150 billion by the end of 2028, mainly driven by the surge in per capita consumption of dairy products
Market Overview and Dynamics: Consumption of dairy products to rise during the forecast period
The global dairy market is expected to grow at a CAGR of around 5% during the forecast period of 2022-2028. The rapidly increasing population across the globe is the key factor behind the increasing demand for dairy products globally.
The global dairy market is set to observe moderate growth in the next six years, higher disposable income coupled with rising health concerns is also expected to propel the demand for dairy products across the globe. According to Food and Agriculture Organization (FAO), global milk production has grown by nearly 2% in 2020 to reach a volume of 906 million tons. Moreover, yield improvement and a considerable increase in dairy cattle numbers lead to an upsurge in milk output.
Asia Pacific is expected to dominate the global dairy market on account of a higher population and increasing milk production. North America is anticipated to gain a significant rise in the growth of the dairy market due to innovation in milk products such as no-sugar and low-fat milk. Demand for clean label and high-quality dairy products lead Europe's dairy market to experience considerable growth.
• Based on product type, Milk is expected to dominate the global market due to the higher consumption and end uses of milk across the globe.
• On the basis of form, Fresh dairy products are expected to gain significant growth owing to the shift in preference of consumers towards healthy and natural products.
• Based on region, Asia Pacific is dominating the global dairy market on account of rising disposable income and huge population in India and China.
The global dairy market is fragmented in nature with the presence of various players operating in the global market. Various startups entered the market and gained significant growth by innovating different strategies and offering on-demand products to their targeted audience. Alongside technological developments to improve farming methods and organizational supply chains, big data is another arena that key players are adopting to earn significant revenue in the global dairy market.
Key players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global dairy market include,
• In December 2021, Michigan Milk Producers Association announced the acquisition of Superior Dairy in Canton, Ohio, a subsidiary of LEL Operating Co. The acquisition would enhance the company's innovation and product diversity
• In July 2019, Dreamery - a consumer brand of Fonterra Future Dairy, has been launched to cater to a wide range of consumers in India. Dreamery is a joint venture between global dairy nutrition company Fonterra and India-based Future Consumer. Products included in the Dreamery range are yogurts among others.
Some of the prominent players that contribute significantly to the market growth include Lactalis International, Nestle S.A., Dairy Farmers of America Inc., Danone S.A., Yili Group, Fonterra Co-operative Group Limited, Royal FrieslandCampina N.V., Arla Foods amba, China Mengniu Dairy Company Limited, Saputo Inc., Unilever PLC, DMK Deutsches Milchkontor GmbH, Meiji Holdings Company, Ltd., Savencia Fromage & Dairy, The Kraft Heinz Company among others.
RationalStat has segmented the global dairy market on the basis of product type, form, distribution channel, and region.
• By Product Type
Others (Goat, Sheep, and Camel)
o Other Product Types (Dairy Desserts)
• By Form
• By Distribution Channel
o Conventional Retail
o Modern Retail
• By Region
o North America
o Latin America
Rest of Latin America
o Western Europe
Rest of Western Europe
o Eastern Europe
Rest of Eastern Europe
o Asia Pacific
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific
o Middle East & Africa
Rest of the Middle East & Africa
For more information about this report visit https://store.rationalstat.com/store/global-dairy-market/
Kimberly Shaw, Content and Press Manager
Phone: +1 302 803 5429
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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You can edit or delete your press release According to the latest market report by RationalStat, the global dairy market is estimated at US$ 860 billion and is likely to reach US$ 1,150 billion by the end of 2028, mainly driven by the surge in per capita consumption of dairy products here
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