Dairy Products Market
The dairy products market has witnessed substantial growth over the past few decades owing to increased demand from growing populations worldwide. Dairy products are an important source of nutrients for many populations as they are rich in calcium, vitamins, proteins and minerals. Milk and milk products provide nourishment as well as livelihood to millions of people. Milk being a highly perishable commodity, technological advancements in the cold chain infrastructure has enabled greater distribution of products across regions. The dairy industry has also innovated novel product offerings such as flavored milk, yogurt drinks and cottage cheese to appeal to evolving consumer preferences. Rising health-consciousness globally has further augmented demand for dairy alternatives such as soy, almond and oat milk products. Rapid urbanization accompanied with increasing disposable incomes in developing countries continues to augur well for the dairy market in the coming years.
Market Dynamics
The dairy products market is primarily driven by rising global population and changing dietary habits. Increasing awareness about benefits of dairy for strong bones and muscles among consumers has catalyzed industry expansion. Developing nations in Asia Pacific and Latin America currently exhibit most potential for growth, attributed to growing middle class consumers opting for protein-rich diets. However, fluctuation in raw milk prices owing to adverse weather conditions poses a major challenge to dairy farmers and processors. Strict norms regarding antibiotics residues and quality standards also add to the operational costs. Furthermore, growing preference for plant-based dairy alternatives among health-conscious millennials is restricting market growth. Nevertheless, technological advancements in cold chain infrastructure, supply chain systems and processed/packaged products are enabling industry players to tap into usually inaccessible markets. Production of low-fat, calcium-fortified goods also addresses health issues among world population.
Key Features of the Study
Market Segmentation
Table of Contents
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