Dairy Market Overview:
The global dairy market is experiencing steady growth, with its size valued at USD 858 billion in 2023 and expected to reach USD 1208.10 billion by 2030, growing at a CAGR of 5.01% from 2024 to 2030. The dairy industry includes dairy farms producing milk and dairy factories processing various milk products such as milk, cheese, yoghurt, butter, cream, and milk powder. Over the past 50 years, the industry has undergone significant changes, with technological advancements and mechanization in farming, assembly, and processing operations. This transformation, coupled with changing dietary patterns, urbanization, and improved consumer awareness of health and nutrition, has contributed to the rapid expansion of the dairy market.
Market Scope and Drivers:
The dairy market is being driven by factors such as:
- Health and Nutritional Awareness: With increasing awareness of the nutritional value of dairy, consumers are turning to dairy products for essential nutrients like calcium, protein, and vitamins. This shift towards healthier diets is supporting the growth of the market.
- Technological Advancements: Advances in dairy production technologies have led to the introduction of a variety of dairy products, including organic, lactose-free, and flavored options, which cater to a diverse consumer base.
- Convenience and Ready-to-Eat Products: The rising demand for convenient, ready-to-eat dairy products, such as yogurt drinks, cheese sticks, and single-serve milk portions, is also contributing to market growth, especially among busy consumers seeking nutritious snack options.
- Growing Demand for High-Protein Diets: The wellness trend has led to an increased demand for protein-rich diets, and dairy products such as milk, cheese, and yogurt play a significant role in fulfilling this need.
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Market Trends:
- Rise of Plant-Based Alternatives: Veganism and plant-based diets are becoming increasingly popular due to health and environmental concerns. This shift is resulting in the growth of plant-based dairy alternatives, such as almond, soy, and oat milk, posing a challenge to the conventional dairy market.
- Lactose Intolerance and Dairy Allergies: A significant portion of the global population suffers from lactose intolerance and dairy allergies, prompting consumers to turn to lactose-free and plant-based alternatives.
Segmentation:
- By Product Type:
- Fluid Milk: Dominates the market, with wide consumption worldwide due to its nutritional value. It is also the base for many dairy products, contributing to the demand for fluid milk.
- Cheese: A popular dairy product with growing demand due to innovations in flavors and varieties.
- Yoghurt: Increasing in popularity due to health benefits and convenience.
- Flavoured Milk: A niche product gaining traction among younger consumers.
- Milk Powder: A staple in many regions, especially for infants and during travel.
- Others: Includes butter, cream, and other dairy-based products.
- By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- B2B Sales
- Online Platforms
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Regional Analysis:
The Asia Pacific region dominated the dairy market in 2023, driven by large economies like China, India, and Japan. The growing retail distribution and increase in dairy product offerings are fueling market growth in this region. The vast population and the presence of numerous local players further contribute to the expansion of the dairy market in Asia Pacific.
Competitive Landscape:
The dairy market is competitive, with key players continually innovating to meet consumer demands. Notable companies include:
- Danone
- Groupe Lactalis
- Fage
- Madeta
- Ornua
- Kwality
- Lato Milk
- Milk Mantra
- Nomadic Foods
- The Collective NZ
- Fonterra Co-operative Group
- Maeil Dairy Industry
- Saudia Dairy & Foodstuff Company
These players focus on expanding their product lines, particularly with organic, lactose-free, and flavored variants, and leveraging technological advancements to maintain their market position.
Key Questions Answered:
- What is the size of the global dairy market? The global dairy market was valued at USD 858 billion in 2023 and is projected to reach USD 1208.10 billion by 2030, growing at a CAGR of 5.01%.
- What are the main drivers of market growth? Increasing health awareness, technological innovations, demand for convenient dairy products, and rising popularity of high-protein diets are key drivers of growth.
- How is the plant-based market impacting the dairy sector? The rise of plant-based diets is challenging the conventional dairy market as more consumers opt for dairy alternatives like almond milk, soy milk, and oat milk.
- Which region dominates the dairy market? Asia Pacific holds the largest market share, with major players and a large consumer base in countries like China, India, and Japan.
- Who are the major players in the dairy market? Leading players include Danone, Groupe Lactalis, Fage, and Fonterra, among others.
Conclusion:
The global dairy market is poised for substantial growth, driven by increasing health awareness, technological advancements, and evolving consumer preferences. While the rise of plant-based alternatives presents challenges, the traditional dairy industry continues to thrive through innovation and adaptation to changing consumer demands.
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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