Milk Market Analysis 2024 – Estimated Market Size And Key Drivers

The Milk by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Milk, The milk market size has grown strongly in recent years. It will grow from $794.96 billion in 2023 to $863.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%.  The  growth in the historic period can be attributed to population growth and urbanization, nutritional awareness, changing dietary preferences, economic development, dairy industry development.

The milk market size is expected to see strong growth in the next few years. It will grow to $1181.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.  The growth in the forecast period can be attributed to health and wellness trends, sustainable dairy practices, dietary shifts and plant-based alternatives, global food security, innovation in dairy products.. Major trends in the forecast period include data analytics and insights, remote work optimization, sustainability and esg considerations, agile and adaptive operations, cybersecurity integration.

The growing demand for dairy products is expected to propel the growth of the milk market going forward. Dairy products refer to milk-based foods such as butter, cheese, ice cream, yogurt, and condensed and dried milk. Milk is a primary source for producing various dairy products and providing nutrition, as a result, the growing demand for dairy products increases the demand for milk. For instance, in September 2022, according to the NZ Tauranga Aotearoa, a New Zealand-based government data agency, New Zealand reported a combined export value of milk powder, butter, and cheese of $18.8 billion, an increase of 17% or $2.8 billion from July 2021. Therefore, the growing demand for dairy products drives the growth of the milk market.

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The milk market covered in this report is segmented –
1) By Product: Skimmed Milk Powder, Liquid Milk, Whey Protein, Butter, Infant Nutrition, Other Products
2) By Animal sources: Cows, Sheep, Buffalo, Goats, Other Sources
3) By Distribution: Convenience Stores, Supermarkets And Hypermarkets, Online, Other Distribution Channels

Top Major Players:

• Danone SA
• Arla Foods Amba
• China Mengniu Dairy Company Limited
• Kraft Foods Group Inc.
• Land O’Lakes Inc.

Asia-Pacific was the largest region in the milk market in 2023.

Technological innovations are a key trend gaining popularity in the milk market. Major companies in the milk sector are focused on incorporating new technology in operations to enhance the quality and safety of milk and strengthen their market position. For instance, in March 2023, Everest Instruments, an India-based provider of dairy technology solutions, introduced the Fatscan Milk Analyzer, which implements cutting-edge technology to provide a precise and effective analysis of milk quality. The technology can measure the % of fat, SNF (solids-not-fat), added water, density, protein, and lactose in less than 30 seconds.

The milk market report table of contents includes:
1. Executive Summary
2. Milk Market Characteristics
3. Global Milk Market Trends And Strategies
4. Milk Market – Macro Economic Scenario
5. Global Milk Market Size and Growth
…….
26. Global Milk Market Competitive Benchmarking
27. Global Milk Market Competitive Dashboard
28. Key Mergers and Acquisitions In Milk Market
29. Milk Market Future Outlook and Potential Analysis
30. Appendix

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