Global Dairy Foods Market Report and Forecast 2024-2032

Global Dairy Foods Market Outlook

The global dairy foods market reached a value of about USD 823.85 billion in 2023. The industry is further expected to grow at a CAGR of about 5.80% in the forecast period of 2024-2032 to reach a value of around USD 1,368.47 billion by 2032.

Asia Pacific to be one of the Significant Regional Markets for Dairy Foods

The Asia Pacific is the largest market for dairy foods. Milk is the most common dairy product consumed in most households. The presence of a huge population propels the demand for dairy foods in the region. The rising health awareness is boosting milk and yoghurt consumption. The Asia Pacific region's rising infrastructure increases the supply of milk and other dairy products, thus propelling the market growth.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The rapid urbanisation is boosting the penetration of restaurants, cafes, and fast-food chains in the region, that extensively use dairy foods in their dishes. Online food and grocery sales of various dairy foods are being driven by the increased usage of smartphones and the internet. As a result, Asia Pacific is likely to be the largest market, and this position is expected to be maintained throughout the forecast period. Moreover, the market is being driven by the region's expansion of online distribution channels. Due to the rising demand for value-added dairy products, such as yoghurt and cheese, India is anticipated to have the fastest growth rate in the regional market.

Milk Segment Dominates the Market Owing to Increasing Consumption

Based on product, the milk segment dominates the global dairy foods industry and is anticipated to retain its dominance throughout the forecast period. The dominance of milk is attributed to the increased consumption of milk in households and various commercial units all over the globe. The nutritional properties of milk and the increased awareness regarding the health benefits of milk are boosting the growth of this segment across the global market. Milk intake lowers the incidence of osteoporosis in the elderly, which is projected to boost demand significantly.

The yoghurt segment is expected to witness significant growth due to the high demand in Brazil, China, and India. Consumers prefer to eat yoghurt as a part of their diet due to its role in maintaining a healthy gut, thus, improving immunity. Moreover, the preference for slightly sweet and flavoured yoghurt products in this country influences the growth of the overall market.

Dairy Foods: Market Segmentation

Lacticinia, sometimes called dairy goods or milk products, are food products manufactured from (or containing) milk. Cow, buffalo, goat, and sheep are the most common dairy animals. Dairy goods include yoghurt, cheese, and butter, common grocery store foods in the Western world. Calcium, proteins, zinc, magnesium, and vitamins D and B12 are all present in these goods.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

By source, the market includes:

• Cattle
• Sheep
• Goat
• Camel

The different types of dairy foods are:

• Lactose
• Lactose-Free

Based on product, the market is divided into:

• Milk
• Cheese
• Dessert
• Yogurt
• Butter
• Others

The several distribution channels of the market are:

• Hypermarkets and Supermarkets
• Speciality Stores
• Online Retail
• Convenience Stores
• Others

The regional markets for the dairy foods industry can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Growing Health Consciousness Augmenting the Market Growth

One of the key drivers of market expansion is the increased demand for milk and milk-based components. Population growth, rising health awareness, and a thriving food and beverage sector positively impact market growth. During the COVID-19 pandemic, significant product sales through internet distribution channels also aided the market expansion. Dairy products are high in riboflavin, calcium, vitamin D, vitamin A, niacin, potassium, and phosphorus, providing numerous health benefits. Another important trend in the dairy industry is the increased adoption of automated technologies. Farmers now have easier access to cutting-edge instruments that aid in data collection for grass and herd management activities. Likewise, there is a growing desire for clean label items free of additives, artificial preservatives, and chemicals. Owing to this, the manufacturers are prompted to expand their product portfolio by introducing organic dairy products. The easy availability of dairy foods due to modern retail facilities and cold chain logistics further drives the market growth. The dairy foods industry is expected to grow further in the coming years due to rising government schemes and initiatives regarding milk production and improving cattle productivity. For instance, the National Dairy Program by the Indian government focuses on the development of cattle and milk production.

Key Industry Players in the Global Dairy Foods Market

The report gives a detailed analysis of the following key players in the global dairy foods industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Unilever Plc
• Nestle S.A.
• Arla Foods amba
• Danone S.A.
• Dairy Farmers of America, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report