Global dairy products market is estimated to be valued at US$ 481.7 billion in 2021, according to Global Dairy Products Market Report, by Product Type (Milk, Cheese, Butter, Dessert, Yogurt, and Others), by Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Convenience Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global dairy products market is expected to surpass US$ 640.8 billion by 2030, exhibiting a CAGR of 3.2% during the forecast period (2022-2030). Consumer preferences are gradually shifting from junk and fast food to nutritional diets. This shift to healthy diet is being witnessed due to the increasing aging population, changing lifestyle, growing health awareness, coupled with the rising health issues. This is expected to fuel demand for dairy products, which in turn is expected to boost growth of the dairy products market. Regular consumption of dairy products improves bone and gut health and reduces the risks of cardiovascular diseases (CVDs) and diabetes. The rising demand for cheese in emerging economies such as India, China, Indonesia, South Africa, and Brazil is expected to boost the dairy products market
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Browse 50 market data tables* and 40 figures* on "Global Dairy Products Market” - Forecast to 2030.
Key Trends and Analysis of the Global Dairy Products Market:
Among regions, Europe accounted for the share of 26.5% in 2021 in the global dairy products market. Due to increased consumer demand for cheese, creamers, and milk desserts, Germany is expected to witness major growth. Furthermore, demand for clean label and high-quality dairy products is expected to drive the regional market growth. The rising consumer awareness regarding the health benefits of dairy products is expected to fuel the market growth.
Key Takeaways of the Global Dairy Products Market:
- Among product type, cheese segment accounted for the market revenue share of 18.7% in 2021, in the global dairy products market. The cheese segment is estimated to exhibit fastest CAGR from 2022 to 2030 due to rising product demand in Asia Pacific, as a result of growing inclination towards western food habits. Furthermore, easy availability and innovation in cheese products are propelling the segment growth.
- Regular consumption of dairy products improves bone and gut health and reduces the risks of cardiovascular diseases (CVDs) and type 2 diabetes. Dairy Products Market is also expected to be driven by increased demand for cheese in emerging economies. Previously, cheese was thought to be unhealthy because of its high fat content. Recent research has found that cheese is good for heart health and may be an excellent source of calcium for lactose intolerant persons. Growing emphasis on baby nutrition, as well as demand for organic clean label dairy products, are likely to drive market growth. Consumers are keen to try new items, thus the market has enormous growth potential.
- Major players operating in the global dairy products market include Arla Foods Amba, Dairy Farmers of America, Inc., Danone S.A., DMK Group, Fonterra Co-operative Group Limited, Frieslandcampina, GCMMF, Lactalis International, Meiji Holdings Co. Ltd., Nestle S.A., Dean Foods Company, Saputo Inc., Megmilk Snow Brand Co., Ltd., Parmalat S.p.A., and Unilever N.V.
- Most of the companies are actively involved in product innovation along with mergers and acquisitions, owing to globalization, and also, the leading global companies have a considerable share within the industry. For instance, in 2021, Fonterra Dairying Company launched a new product, which was milk powder, according to the company the key differentiating factor of the product is that it is rich in probiotics extracted from fruits and vegetables and it also contains lactoferrin, which will act as a key protein to boost immunity.
Global Dairy Products Market - Impact of Coronavirus (Covid-19) Pandemic
- Due to the coronavirus pandemic, the world is still facing unprecedented challenges. Diary product manufacturing companies are facing problems due to supply-demand disruption and building long-term strategies has become difficult. Growing concerns for freight rates and container shortages have cumulatively worsened supply chain problems. As a result, raw material prices have increased sharply and have created a panic situation for diary product manufacturers. COVID-19 pandemic has created disruptions in the supply chain of dairy products. Many countries imposed lockdowns, which affected the overall food & beverages industry. With the food & beverages industry affected, demand scenarios for dairy products in various countries were halted during lockdown.
