IMARC Group, a leading market research company, has recently releases report titled “Global Dairy Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global dairy market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the global dairy market?
The global dairy market size reached US$ 944.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,459.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.95% during 2024-2032.
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Factors Affecting the Growth of the Dairy Industry:
- Increasing Global Population and Urbanization:
The rapid increase in the global population, coupled with accelerating urbanization, is a significant factor driving the dairy market growth. The global population is continuously expanding, leading to a heightened demand for food products, including dairy. Furthermore, urban residents typically have higher disposable incomes and access to a wider variety of food products, including dairy. This shift from rural to urban living often brings about changes in dietary patterns, with an increased preference for packaged, ready-to-eat (RTE), and nutritious food items. Dairy products, known for their nutritional benefits, become a staple in the diet of urban populations. The convenience of dairy products like cheese, yogurt, and milk, which can be easily integrated into various meals, caters to the fast-paced urban lifestyle.
- Rising Awareness of Nutritional Benefits:
The rising awareness of the nutritional benefits of dairy products is playing a crucial role in fueling the market growth. Dairy products are renowned for their rich content of essential nutrients, including calcium, protein, vitamin D, and various B vitamins. These nutrients are vital for maintaining bone health, muscle function, and overall well-being. Additionally, consumers are becoming more aware of the importance of these nutrients in their diets. This awareness is particularly prevalent among young parents who seek to provide their children with nutritious diets and among the geriatrics who require nutrient-dense foods to maintain their health. Besides this, the ongoing fitness and wellness trend has led to a surge in demand for high-protein dairy products such as Greek yogurt and protein-fortified milk.
- Growing Middle-Class Population:
The expansion of the middle-class population is a pivotal factor stimulating the growth of the dairy market. The middle class is characterized by higher disposable incomes and greater spending power, which translates to increased consumption of a wide range of food products, including dairy. The burgeoning middle class is leading to a shift in consumption patterns, with a growing preference for premium and branded dairy products. These consumers are more likely to purchase value-added dairy products such as flavored milk, cheese, butter, and yogurt. Moreover, middle-class consumers often prioritize quality and are willing to pay a premium for products perceived as healthier or more nutritious. This demographic shift also drives demand for convenience foods, which include a variety of dairy products.
Global Dairy Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the dairy market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the global dairy market on the basis of segment and region.
Breakup by Product Type:
- Liquid Milk
- Flavored Milk
- Cream
- Butter
- Cheese
- Yoghurt
- Ice Cream
- Anhydrous Milk Fat (AMF)
- Skimmed Milk Powder (SMP)
- Whole Milk Powder (WMP)
- Whey Protein
- Lactose Powder
- Curd
- Paneer
Liquid milk accounted for the largest market share because it is a staple in global diets, consumed every day due to its vital nutrients.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
India's dominance in the market is attributed to its expanding population base, high consumption dairy, and cultural significance of dairy products in local cuisine and traditions.
Who are the key players operating in the industry?
The report covers the major market players including:
- Nestlé S.A.
- Fonterra Cooperative Group
- Royal FrieslandCampina N.V.
- Arla Foods amba
- Danone S.A.
- Lactalis Group
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