Portland, OR, Feb. 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global goat milk market generated nearly $8.67 billion in 2019, and is expected to generate $11.4 billion by 2026, growing at a CAGR of 3.8% from 2019 to 2026. The report provides a detailed analysis of changing market trends, key segments, top winning strategies, Porter’s Five Forces Analysis, and competitive landscape.
Surge in health benefits, rise in demand for goat milk products, and government subsidies provided for goat farming drive the growth of the global goat milk market. However, expensive cost of goat milk and rise in awareness regarding vegan products hinder the market growth up to certain extent. Contrarily, technological advancements and innovative marketing strategies for promotion of goat milk along with rise in online sales for food & beverage products would offer lucrative opportunities in the next few years.
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Based on products, the milk powder segment is estimated to witness the highest CAGR of 7.4% during the forecast period. This is due to rise in demand for milk powder to manufacture infant formula. However, the milk segment accounted for the highest share in 2019, holding more than three-fourths of total market share in terms of revenue. This is attributed to rise in health awareness and surg in demand for goat milk products.
On the basis of distribution channel, the specialty stores segment accounted for the highest share in 2019, accounting for nearly two-fifths of the total market share, owing to ease in accessibility of fresh milk products in a single store. However, the online segment is estimated to contribute the highest CAGR of 7.1% from 2019 to 2026.
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North America held the highest share in 2019, accounting for nearly two-fifths of the total market. This is due to increase in working professionals and rise in growth of the fast food market. However, the Asia-Pacific region is estimated to grow at the highest CAGR of 5.8% during the forecast period. This is due to government subsidies provided for goat farming.
Key market players analyzed in the research include Ausnutria Dairy Corporation Ltd., Goat Partners International, AVH Dairy Trade B.V., Meyenberg Goat Milk, Granarolo S.p.A., St Helen’s Farm, Redwood Hill Farm & Creamery, Woolwich Dairy Inc., Stickney Hill Dairy Inc., and Xi'an Baiyue Goat Dairy Group Co. Ltd.
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