In 2022, the global dairy foods market was valued at USD 827.89 billion, with projections suggesting it will grow to USD 890.15 billion in 2023. By 2030, the market is expected to reach USD 1,374.37 billion, reflecting a compound annual growth rate (CAGR) of 6.40% over the forecast period.
Dairy foods encompass a range of milk-based products, including spreads, cheeses, ice creams, and other related items. The demand and consumption of these products are on a consistent rise due to their rich nutritional content. Furthermore, with an increasing focus on health and wellness, consumers are turning to milk and its derivatives to boost immunity and promote bone and muscle health. These factors are expected to fuel the growth of the dairy foods market.
These insights are outlined in a report by Fortune Business Insights™, titled “Dairy Products Market, 2023-2030.”
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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 provides a comprehensive analysis of the market, focusing on essential aspects such as key sources of dairy foods, product types, major market players, and leading product applications. It also offers insights into market trends and drivers, significant industry developments, and other factors contributing to market growth.
Drivers and Restraints:
Rising Population and Income Level to Drive Market Growth
The global population is expanding each year, with a growing proportion of young individuals. This demographic shift is leading to increased demand for dairy products such as milk, which is valued for its benefits in supporting muscle and bone health, as well as enhancing immunity. Additionally, rising disposable incomes and urbanization are enabling more people to invest in premium dairy products, contributing to the market’s growth.
However, the increasing popularity of plant-based dairy alternatives could present a challenge to the market’s development.
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Regional Insights:
Asia Pacific to Dominate Market Due to Extensive Consumption of Dairy Foods
In 2022, the Asia Pacific region dominated a significant portion of the global dairy market, largely due to its robust dairy sector and the widespread daily consumption of dairy products, attributed to their health benefits. This trend is expected to drive ongoing market growth in the region.
Similarly, the North American market is poised for steady growth, fueled by a diverse array of dairy products, increased milk production capacity, and the adoption of more efficient farming practices.
Competitive Landscape:
Leading Companies to Develop New Products to Cement Their Market Positions
The dairy foods market is supported by a mix of local and international players, contributing to its steady growth. Many local manufacturers are seeking to expand their operations into new countries by creating unique and flavorful dairy products that meet the evolving demands of consumers. This strategy can help them solidify their leading positions in the market.
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.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- 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.)
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