Pune, India, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The global dairy foods market size was valued at USD 827.89 billion in 2022 and is expected to be worth USD 890.15 billion in 2023. The market is projected to reach USD 1,374.37 billion by 2030, recording a CAGR of 6.40% during the forecast period.
Dairy foods mainly comprise products that are made from milk, such as spreads, cheeses, ice creams, and other items. The annual demand for and consumption of these products is growing at a steady pace as these foods have a high nutrition value. Also, more people are becoming health conscious and consuming milk and related products to boost their immunity and bone & muscle growth. These factors are expected to foster the dairy foods market growth.
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Leading Players Featured in the Research Report:
Companies leading the dairy foods market are Fonterra Co-operative Group Limited (New Zealand), Arla Foods Group (Denmark), Friesland Campina (Netherlands), Unilever Plc (U.K.), Danone S.A. (France), Lactalis International (France), Nestle S.A. (U.S.), Dairy Farmers of America, Inc. (U.S.), GCMMF (India), The Kraft Heinz Company (U.S.)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.40% |
| 2030 Value Projection | USD 1,374.37 Billion |
| Dairy foods Market Size in 2023 | USD 890.15 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 369 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Dairy foods Market Drivers | Rising Population and Income Level to Drive Market Growth |
COVID-19 Impact:
COVID-19 Restrained Market Growth Due to Severe Supply Chain Disruptions
The COVID-19 pandemic disrupted the supply chain activities of the dairy industry, which negatively impacted the market growth. The disruptions were a result of the movement & trade restrictions and social distancing norms enforced by governments across the world. This scenario created a major shortage of labor force and raw materials, which delayed the production and sales of dairy foods, thereby slowing the market growth.
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Segmentation:
Cattle-based Milk to Gain Popularity Due to Its Lucrative Health Benefits
Based on source, the market is divided into cattle, sheep, camel, and goats. The cattle segment is dominating the dairy foods market share as it has several health benefits, such as high quantity of vitamins & minerals, ease in digestion due to low protein & fat content, and high water proportion.
Lactose-based Products to be Widely Consumed Due to Their Versatile Applications
Based on type, the market is segregated into lactose and lactose-free dairy foods. The lactose segment held the largest market share as lactose has versatile applications, in the sense that it is not only used in human foods, but also in pharmaceutical and food processing sectors as a sweetener or in tablet formulations.
Milk to Gain Traction Due to Its High Global Consumption
Based on product type, the market is segmented into milk, cheese, butter, dessert, yogurts, and others. The milk segment is leading the market growth as it is the most widely consumed dairy product across the world and is popular among people of all ages.
Ease of Access to Products to Increase Customer Footfall in Supermarkets/Hypermarkets
Based on distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment recorded the maximum profit as these stores offer ease of access to a wide range of products under one roof.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers an in-depth analysis of the market and highlights crucial areas, such as key sources of dairy foods, product types, market players, and top product applications. The report also provides valuable information regarding the market’s trends & drivers, as well as key industry developments. Apart from the abovementioned factors, the report also covers other factors that have helped the market grow.
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Drivers and Restraints:
Rising Population and Income Level to Drive Market Growth
The average global population is increasing every year, which means that the percentage of young people is also growing. This factor is increasing the demand for dairy products, such as milk as it is known to enhance a consumer’s muscle & bone health and strengthen their immunity. Moreover, more people have started living in urban areas due to a notable increase in their disposable income. This factor also gives them the liberty to splurge on premium dairy foods, which will boost the market growth.
However, the growing preference for plant-based dairy alternatives can restrict the market development.
Regional Insights:
Asia Pacific to Dominate Market Due to Extensive Consumption of Dairy Foods
Asia Pacific captured a sizeable share of the global market in 2022 as the region has a robust dairy sector. Moreover, a vast majority of the regional population consumes dairy products every day due to their health benefits. This factor will also help the regional market grow.
The North America market might also grow at a steady pace due to factors, such as large dairy product range, improved milk production capacity, and use of efficient farming practices.
Competitive Landscape:
Leading Companies to Develop New Products to Cement Their Market Positions
The dairy foods market includes several local as well as international players that are helping the market grow at a consistent rate. Several local manufacturers are trying to expand their business operations in new countries by developing unique dairy and flavorful products that can cater to the ever-evolving needs of consumers. This move can help them cement their top market positions.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Global Packaged Food and Beverages Market
- Industry SWOT Analysis
- Supply Chain Landscape
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges Amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Dairy Foods Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source
- Cattle
- Sheep
- Goat
- Camel
- By Type
- Lactose
- Lactose-Free
- By Product Type
- Milk
- Powdered
- Liquid
- Cheese
- Butter
- Dessert
- Yogurt
- Others
- Milk
- By Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Source
TOC Continued...!
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Notable Industry Development:
June 2023 – Unilever Group announced the acquisition of Yasso Holdings, Inc. in North America. This decision is in line with Unilever’s strategy to premiumize its ice cream business. Yasso is expected to join other premium brands in the Group’s portfolio, such as Magnum, Ben & Jerry’s, and Talenti.
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