Dairy Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

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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

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