Dairy Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: FB240111 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of the dairy market was valued at USD 345.6 billion in 2022, and a CAGR of 5.1% is expected during the forecast period. The dairy market involves the production, processing, and distribution of dairy products like milk, cheese, yogurt, and butter. It is influenced by factors like increasing consumer demand, health trends, supply chain logistics, and sustainability concerns. Health and nutritional awareness, innovation in product development, rising demand in emerging markets, technological advancements, health and wellness trends, sustainability initiatives, and e-commerce and convenience are driving the growth in the market. Increased consumption of dairy products all over the world is driving the growth of this market.
Impact of
Covid-19
COVID-19 had a negative impact on the dairy market
during the initial phase. Disruptions in supply chains, logistic challenges,
and shifts in consumer behavior led to a temporary imbalance in the dairy
market. Panic buying, the closure of food service outlets, and logistic hurdles
affected the distribution channel. With lockdown and restrictions, there was a
shift in consumer behavior towards more home cooking and consumption. This
initially increased retail sales of dairy products like milk, cheese, and
yogurt. The closure of restaurants, cafes, and other food service outlets
reduced the demand for dairy products in this sector, impacting sales of
cheese, cream, and other food services. Global trade disruptions affected the
dairy market, with fluctuations in import and export volumes due to logistic
constraints. Dairy products are adopted by redirecting their products from food
service to retail, focusing on packaging, making changes to suit consumer
needs, and emphasizing online sales. Some governments provided aid and support
to dairy farmers affected by the crisis to stabilize the market and prevent
excess production-related changes.
Growth Drivers
The growing global population, especially in urban areas, increases the demand for dairy products, creating a larger consumer base. Higher income levels in many regions allow consumers to afford a wider range of dairy products, leading to increased consumption and market growth. Rising awareness of the nutritional benefits of dairy products, coupled with the popularity of high-protein diets, drives the demand for dairy items among health-conscious consumers. Due to changing dietary habits and increased urbanization, the market in regions like South America and South Africa leads to a higher consumption of dairy products. Advancements in dairy farming practices, such as precision agriculture, genetics, and automation, enhance productivity and quality, contributing to market growth. The emphasis on sustainable and ethical production methods, including organic and grass-fed dairy farming, attracts environmentally conscious consumers, driving market expansion.
Segmentation
Category
·
Butter
·
Cheese
·
Cream
·
Dairy-Dessert
·
Milk
·
Sour Milk
Drinks
·
Yogurt
Distribution
Channel
·
Off-trade
·
On-trade
·
Online Sales
·
Offline Sales
·
Convenience
Stores
·
Hyper Market
·
Super Market
·
E-commerce
Platforms
Regional
Outlook
·
Asia Pacific
·
North America
·
Europe
·
Latin America
·
Middle East and
Africa
Dairy Product
Category Segmentation
On the basis of the category, the dairy products are
segmented into milk, butter, cheese, yogurt, dairy desserts, cream, and sour
milk drink. Among all dairy products, dairy desserts accounted for the majority
of shares in off-trade channels. Cheese is the second most demanding segment.
Dairy milk is also preferred these days in most. Dairy milk is also preferred
these days in most parts of the world. Asia Pacific is one of the largest
markets in the supply of dairy products through the online market globally.
Strong demand for dairy products worldwide is growing the market in the region.
Strong growth is projected for free-form dairy products, including yogurt, in
developed countries like the United States, the United Kingdom, Germany,
France, and Spain. Low-sugar content products are increasing in demand, which
is driving the market towards a new height.
Dairy Product
Distribution Channel Segmentation
On the basis of distribution channels, the dairy market
is segmented into off-trade, on-trade, online sales, offline sales, convenient
stores, specialty stores, convenience stores, hypermarkets, supermarkets, and
e-commerce channels. Hyper or super markets are the leading segment, with
online platforms gaining popularity and being expected to dominate the market
during the forecast period. E-commerce channels have brought about a
revolutionary change in the dairy market. The easy availability of a variety of
products and the cancellation of the products if needed are driving the growth
in the market significantly. Dairy dessert and cheese are among the leading
dairy products, driving significant growth in the market.
Regional
Outlook
On the basis of the regions, the dairy market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and Middle East and Africa. Asia Pacific is the biggest market due to the presence of key players, and the rapidly growing population in the countries like China, and India, rapid urbanization is driving the growth in the market. Due to hectic life-schedule, people are shifting towards ready to eat food. Dairy market’s regional outlook varies due to factor like consumer’s preference, production capabilities and trade dynamics. Regions like Europe and North America often prioritize sustainability, and innovation. While Asia Pacific do focus on increased consumption, and emerging markets. Most of these products are easily available on specialty stores, hyper market, and super market. E-commerce platforms are also used to purchase these dairy products. In North America, the dairy market is robust and diverse, with a strong emphasis on innovation, quality, and sustainability. The region boasts a significant consumption of dairy products including, including milk, cheese, yogurt, and butter. There is a growing interest in plants-based alternatives too, driven by health and environmental concern. Technological advancements in production and distribution is driving the growth in the market significantly.
Asia pacific is the leading region due to increasing
disposable income, urbanization, and changing dietary preferences have led to
increased consumption of dairy products. This region has a vast market for
traditional dietary items like milk, yogurt, and value-added products. Increasing
urbanization, and culture of having ready to eat food has driven the growth in
the African and Latin American market significantly. Presence of several key
players in this region has driven the growth in the market significantly.
Key Players
·
Nestle
·
Amul
·
Mother Dairy
·
Arla Foods
·
Saputo
·
DMK
·
Danone
·
Dairy Farmers
of America
·
Fonterra
·
Lactalis
·
Parag
· Other Players