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Milk And Butter Market Shares, Growth Analysis, Key Insights, Size And Forecast To 2033
Milk And Butter Market Shares
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According to The Business Research Company's, The milk and butter market size has grown strongly in recent years. It will grow from $321.08 billion in 2023 to $339.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to dairy farming, basic nutritional staples, dairy industry growth, traditional culinary use, global trade.
The milk and butter market size is expected to see strong growth in the next few years. It will grow to $416.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to diverse dairy alternatives, health and wellness trends, sustainability and ethical practices, digital marketing and e-commerce, global market expansion. Major trends in the forecast period include plant-based milk and butter, lactose-free and dairy-free options, butter blends and spreads, functional and fortified dairy, sustainable packaging.
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Market Drivers and Trends:
The increasing demand for local, sustainable, and organic food production is expected to positively impact the milk and butter manufacturing market during the forecast period. Organic food production, including organic dairy products, places a strong emphasis on consumer health, environmental protection, and animal welfare. Consumers are now becoming more concerned with how food is raised and prepared and are willing to pay a little more for something they recognise recognize as healthy. For instance, in June 2022, the Organic Trade Association, a US-based trade association representing organic businesses, the sales of organic dairy products and eggs increased by 11% as compared to the previous years. This growing demand for organic products offers considerable opportunities for dairy product producers in both developed and developing countries, which is likely to drive the market during the forecast period.
The internet of things (IoT) technology is increasingly being used to track dairy products, including milk and butter, and to ensure safe product handling. IoT technology consists of a network of devices, vehicles, or other items that continuously exchange data and provide insights into a process or system. This technology is being used to track ingredients being used in products. Equipment connected to the internet in trucks and storage coolers can be used to monitor dairy products and tag them with environmental conditions like temperature or location that provide information about safe product handling during transportation. For instance, the Chinese government implemented the National Food Quality Safety Traceability Platform, using IoT technology to improve the quality and safety of food production supply chains.
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Major Key Players of the Market:
Danone S.A., Inner Mongolia Yili Industrial Group Co. Ltd., Fonterra Group Cooperative Limited, Groupe Lactalis S.A., Saputo Inc., Arla Foods amba, Frieslandcampina, Yakult Honsha Co. Ltd., Louis Dreyfus, Savencia Fromage & Dairy, Nestle S.A., Dairy Farmers of America Inc., Yili Group, China Mengniu Dairy Company Limited, Land O'Lakes Inc., Dean Foods, DMK Deutsches Milchkontor GmbH, Meiji Holdings Company Ltd., The Kraft Heinz Company, The Agropur Diary Co-operative, Sodiaal, Amul, Schreiber Foods Inc., Müller, Foremost Farms, Hiland Dairy, Prairie Farms Diary, St. Mary's Farm, St. Pete's Select, The Turner Dairies, Tillamook Country Creamy Association, Alpenrose Dairy, Challenge Diary.
Milk And Butter Market 2024 Key Insights:
• The milk and butter market size is expected to see strong growth in the next few years. It will grow to $416.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rise Of Local, Sustainable, And Organic Food Driving Growth In The Milk And Butter Manufacturing Market
• IOT Technology Advancing Dairy Product Safety Enhanced Tracking And Monitoring In The Milk And Butter Industry
• Asia-Pacific was the largest region in the milk and butter market in 2023
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