Overview and Scope
Milk refers to an emulsion of protein and fat in water produced by various mammals. The milk obtained from domesticated animals is used as an essential food source by humans for nourishment.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the milk market in 2023. The regions covered in the milk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the milk market report are Danone SA, Arla Foods Amba, China Mengniu Dairy Company Limited, Kraft Foods Group Inc., Land O’Lakes Inc., Meiji Holdings Co. Ltd., Almarai Company, Royal Friesland Campina NV, Armor Proteines SAS, Dairy Farmers of America Inc., Fonterra Co-operative Group Ltd., Foremost Farms USA Cooperative, Glanbia PLC, Groupe Lactalis SA, Gujarat Cooperative Milk Marketing Federation, Hangzhou Wahaha Group Co. Ltd., HP Hood LLC, Inner Mongolia Yili Industrial Group Co. Ltd., Kerry Group PLC, Nestle SA, Lactalis Group SA, Fonterra Co-operative Group Limited, Saputo Inc., Dairy Farmers of Canada, Dairy Farmers of Ontario, California Dairies Inc., Agropur Cooperative, Anand Milk Union Limited .
The milk market report table of contents includes:
1. Executive Summary
2. Milk Market Characteristics
3. Milk Market Trends And Strategies
4. Milk Market – Macro Economic Scenario
5. Global Milk Market Size and Growth
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31. Global Milk Market Competitive Benchmarking
32. Global Milk Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Milk Market
34. Milk Market Future Outlook and Potential Analysis
35. Appendix
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