According to FMI analysts, dairy products may reach a net worth of over US$ 845.50 billion in 2033, up from US$ 529.05 billion in 2023. This market is forecast to register a CAGR of 4.8% over the next ten years.
Global dairy product sales are increasing due to increased customer demand for healthful on-the-go snack options. Dairy products contain calcium naturally, making them a healthy snack option.
Because of their health benefits, notably their capacity to promote digestion and immunity, probiotic beverages have gained in popularity. Because of health and wellness trends, consumers are increasingly preferring low-fat, lactose-free, calcium-rich dairy snacks.
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Individuals have been more interested in consuming proteins (such as dairy) than grains as a result of an increase in income and increased urbanisation over the last several decades.
Dairy products are becoming increasingly popular all around the world. People are migrating away from red meat and towards dairy products to get enough protein each day. Furthermore, because milk is a vital ingredient in the majority of bread products, the bakery and confectionery business is expected to grow during the projection period. This is projected to boost the dairy product market throughout the forecast period.
The growing global population represents a tremendous opportunity for the dairy product industry. This rapid population growth will provide new markets for dairy products. The market for infant formula in African countries, as well as the Indian subcontinent, is expected to develop due to growing infant malnutrition. During the same time period, these factors are projected to boost the dairy product market.
Key Takeaways from Market Study
- The dairy products market is expected to record a CAGR of 4.8% over the forecast period.
- According to estimates, the dairy products market in the Asia Pacific might remain strong throughout the length of the forecast period.
- The butter segment was valued at US$ 23.25 billion in 2023 and is expected to register a CAGR of 3.5% during the forecast period.
- The cheese segment was valued at US$ 96.86 billion in 2023 and is expected to record a CAGR of 3.8% from 2023 to 2033.
- It is expected that the market in India is anticipated to demonstrate a high level of growth by the year 2033.
- The milk segment is expected to record a CAGR of 3.1% between 2023 and 2023, reaching US$ 310.07 billion in 2023.
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Competitive Landscape:
Several local companies are operating in the moderately fragmented market. Market players use various strategies to gain market share, including investments, partnerships, acquisitions, and mergers. Furthermore, companies are striving to keep their products competitive and to improve their products.
Several prominent companies dominate this market, including Arla Foods Amba, Nestle, Danone, Fonterra, Lactalis, Frieslandcampina, DMK Group, GCMMF, Dairy Farmers of America, Inc., Meiji Holdings Co. Ltd., The Kraft Heinz Company and others.
Recent Developments:
- There is a newly developed drinkable yogurt product in the works from Danone called Activia+. It is available in March 2022 in the United States and other parts of North America. The products come in strawberry, peach, and raspberry flavors.
- In February 2022, Danone North America released its Light+Fit yogurt under the Light+Fit brand. Lemon and orange are the flavors available in the market.
- The dairy company announced the launch of two all-new dairy products in February 2022, expanding its refrigerated shelf presence in New Berlin, New York. Ultra-filtered milk, lactose-free, protein-dense ultra-filtered milk, and half & half. They are made from locally sourced milk and come in paper-based packaging that is widely recyclable, like many of the company’s other new products.
- In March 2019, the Wallaby yogurt brand was introduced in the United States in three flavors to cater to health-conscious consumers. It is a no-sugar-added yogurt.
- To reduce its carbon footprint, Arla Foods partnered with Walki in August 2019 to provide sustainable and recyclable packaging solutions.
Dairy Products Market Segmentation by Category
By Product Type:
- Milk
- Cheese
- Yogurt
- Dessert
- Butter
- Milk Powder
- Cream
- Others
By Distribution Channel:
- Hypermarket / Supermarket
- Convenience Store
- Speciality Store
- Other
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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