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Report Overview
The global dairy market attained a value of approximately USD 542.14 Billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 3.60%, reaching a value of around USD 745.33 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- According to Dairy UK, 12,000 active dairy farmers produce nearly 15 billion litres of milk annually, contributing to a £9.2bn wholesale value of dairy products.
- APEDA confirms India leads the world in milk production, producing approximately 230.58 million tonnes of milk in the 2022-23 period.
- FAO reports global milk production reached 965.7 million tonnes in 2023, showing a 1.5% growth from the previous year.
Global Dairy Market Share by Region
The Asia Pacific region dominates the dairy market in terms of revenue due to high milk production and consumption, growing populations, and rising disposable incomes. Major milk producers include India and China, with other key markets being Japan, Malaysia, Indonesia, and the Philippines. Increasing awareness of dairy’s nutritional benefits, especially its protein and calcium content, is driving higher consumption.
The influence of Western dietary habits has also boosted dairy consumption, which was not traditionally common in many Asian diets. Advances in cold chain logistics have facilitated the distribution of dairy products, even to remote areas, while the rise of online grocery shopping has made these products more accessible to consumers, thus, boosting the demand of the dairy market.
Europe also accounts for a considerable share of the global market, particularly for cheeses and butter. The European Union is a significant producer of cow milk, along with over 300 types of cheeses and other dairy products. In North America, the dairy market value is substantially growing, with increase in production and consumption levels. Historically, there has been a surplus in dairy production with extensive exports to regions with relatively lower production.
Dairy Market Report Snapshots
Dairy Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global dairy market attained a value of USD 542.14 Billion.
The global dairy market is expected to grow at a CAGR of 3.60% between 2024 and 2032.
The market is estimated to reach USD 745.33 Billion by 2032.
Increase in population, changing dietary habits, and awareness of benefits of dairy products are the major market drivers.
The key dairy market trends include development of new dairy products, new tastes and preferences of consumers, and growing usage by end-user sectors.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Dairy milk is mostly obtained from lactating mammals such as cows, goats, camels, and sheep.
The various products in the market for dairy are fluid/UHT/flavoured milk, cream, butter, ghee, anhydrous milk fat (AMF), skimmed milk powder/non-fat dry milk, whole milk powder, whey protein (powder and concentrate), Indian cheese (paneer), lactose, casein, cheese, yoghurt, ice-cream, and probiotic dairy products.
The market key players are Danone S.A., Royal FrieslandCampina N.V., Arla Foods amba, Nestlé S.A., Fonterra Co-operative Group Limited, Dairy Farmers of America, Inc., Lactalis Group, Saputo Inc., China Mengniu Dairy Company Limited, and Meiji Holdings Company, Ltd, among others.
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United States (Head Office)
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124