According to the latest report by IMARC Group, the global dairy market size was estimated to be US$ 673.8 Billion. The market to reach a value of US$ 1032.7 Billion by 2024, registering a CAGR of around 8% during 2019-2024.
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Milk and dairy products are amongst the essential food products that help in sustaining the health and nutrition of an individual. A dairy is a business enterprise that features harvesting and processing of animal milk. Some common milch animals include buffaloes, cows, sheep, goats and camels. The milk obtained from these animals is either distributed as fluid milk with varying cream content or further processed into other products, such as cheese, yogurt and milk powder. With the rapid development of the food and beverage industry, there has been a significant rise in the production volume of dairy products since they are used as a key ingredient in various cuisines.
Global Dairy Market Trends:
Over the past few years, the dairy industry has been consistently evolving to meet the emerging trends of consumer demand. With rising health consciousness, manufacturers have started producing dairy products that contain no to very less sugar. Also, they are researching about nutraceutical alternative sweeteners that will help in replacing sugar without an adverse effect on the product quality or its organoleptic property. Besides, dairy producers are adopting a range of advanced technologies, such as sensors, data analytics and digital technology, to improve decision-making during the production process. Moreover, several initiatives have been taken worldwide to support the appropriate production and supply of dairy products. For instance, the U.S. Department of Agriculture (USDA) recently provided a grant of US$ 1.5 Million for the Dairy Business Innovation (DBI) Initiatives. The latter supports the USDA’s efforts to develop higher-value applications for dairy products, diversify farmer income through marketing and processing innovation, and promote the production and use of regional milk.
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Market Breakup by Product Type
1. UHT Milk
2. Flavoured Milk
3. Fluid Milk
5. Table Butter
7. Anhydrous Milk Fat (AMF)
8. Skimmed Milk Powder
9. Whole Milk Powder
10. Whey Protein (Powder and Concentrate)
11. Lactose Powder
16. Indian Cheese (Paneer)
17. Probiotic Dairy Products
Market Breakup by Region
7. New Zealand
Some of the major players operating in the industry include Nestle S.A. (NSRGY), Fonterra Co-operative Group Limited (FCG.NZ), Royal FrieslandCampina N.V., Arla Foods amba, Danone S.A., Lactalis Group, Dairy Farmers of America Inc., Dean Foods (DF), and DMK Group.
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