NEWARK, Del, April 03, 2023 (GLOBE NEWSWIRE) -- The goat milk products market is expected to increase from US$ 13.06 billion in 2023 to US$ 21.07 billion in 2033 with the prediction of 4.9% CAGR growth by the given forecast period.
Government Support for Goat Farming Push the Market
At the national level, goat rearing is essential in most countries' rural economies. Goats, for example, are farmed by around 70% of landless agricultural laborers, as well as marginal and small farmers, in rural India. Goat farming delivers significant socioeconomic benefits to small-scale producers when compared to other livestock species.
Goats are the most promising meat-producing animal with the least amount of space requirements. They can survive in harsh weather and in regions with scant vegetation. They also provide high-quality milk, manure, and hide in addition to meat.
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Cattle farming is regarded as one of the world's most profitable and long-term industries. Because of the increased demand for goat milk products, governments all over the world are providing financial incentives to many marginal farmers and entrepreneurs who wish to launch a commercial goat farming business. Many profits are determined by the amount of money invested in goat farming. As a result, financial assistance may be able to help the goat farming business soon.
Governments throughout the world have taken the lead in providing financial incentives and subsidies to many marginal farmers and enterprises interested in entering the commercial goat farming sector, which is seen as the primary driver of market expansion. For example, since 2019, the government of India has provided various loans and subsidies ranging from 25% to 35% of the total cost of goats or goat projects in collaboration with the National Bank of Agriculture and Rural Development (NABARD) and other local banks. Such government initiative is expected to help the goat milk market flourish. The expanding vegan population is likely to stifle the growth of the global goat milk products market.
Key Points from the Goat Milk Products Market
- The market is expected to surpass US$ 21.07 billion by 2033.
- The expanding health and wellness trend among consumers, as well as the increasing lactose intolerant population, are driving the goat milk products market.
- Goat milk products market is expected to hold a CAGR of 4.9% during the forecast period 2023 to 2033.
- Asia Pacific dominated the goat milk products market.
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Key Developments in the Goat Milk Products Market
- April 2022 - CRM (Canada Royal Milk) established a strategic alliance with the ODGC (Ontario Goat Dairy Cooperative) and PLCQ (Producers de lait de chevre du Quebec), totalling around 120 goat dairy farms.
- June 2022 - Atalanta, the cheese manufacturer, launched its unique cheddar cheese, Table One. This product is manufactured from Canadian goat milk.
- March 2021 - Hochdorf introduced goat milk-based newborn or infant formula. This product is mostly sold under the Bimbosan brand. This can be administered immediately after a kid is born. This formula has either starch or palm oil.
- October 2022 - Ausnutria Dairy Corporation Ltd. Amalthea Group, a manufacturer of sheep cheese-based goods in the Netherlands, has been acquired. Ausnutria Dairy Corporation Ltd. hopes to increase its competitive edge and position itself in the goat milk products business by expanding its complete goat milk range with this acquisition.
Key Players:
- Ausnutria Dairy Corporation Ltd.
- Emmi Group
- Goat Partners International Inc.
- Holle baby food AG
- St Helen’s Farm
- Hewitt’s Dairy
- Woolwich Dairy Inc.
- Xi'an Baiyue Goat Dairy Group Co.Ltd.
- HiPP
- Courtyard Farms
Key Segmentation:
By Type:
- Liquid Milk
- Powdered Milk
By Distribution Channel:
- B2B
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Table of Content
1. Executive Summary Goat Milk Products Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
14. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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