According to FMI analysts, dairy products may reach a net worth of over US$ 845.50 billion in 2033, up from US$ 529.05 billion in 2023. This market is forecast to register a CAGR of 4.8% over the next ten years.
Growing consumer demand for healthy on-the-go snack options drives sales of dairy products worldwide. Dairy-based products contain calcium naturally, making them a healthy snack option.
Due to their health benefits, probiotic drinks have gained popularity, especially due to their ability to improve digestion and immunity. Health and wellness trends have led consumers to choose dairy snacks that are low-fat, lactose-free, and calcium-rich.
Due to an increase in income and increased urbanization over the past several decades, individuals have become more interested in consuming proteins (such as dairy) than grains as a result of increased income and urbanization.
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Dairy products are becoming increasingly popular around the world. To get enough protein daily, consumers are switching from regular meat to dairy products. Additionally, the bakery and confectionery market is expected to grow during the forecast period, since milk is the primary ingredient in most bakery products. This is expected to fuel the dairy product market during the forecast period.
The growing global population is a key opportunity for the dairy product market. This rapid population growth is expected to create new markets for dairy products. The market for infant formula in African countries, as well as in the Indian subcontinent, is expected to grow as a result of rising infant malnutrition. In turn, these factors are expected to increase the dairy product market during the same period.
Key Takeaways from Market Study
- The dairy products market is expected to record a CAGR of 4.8% over the forecast period.
- According to estimates, the dairy products market in the Asia Pacific might remain strong throughout the length of the forecast period.
- The butter segment was valued at US$ 23.25 billion in 2023 and is expected to register a CAGR of 3.5% during the forecast period.
- The cheese segment was valued at US$ 96.86 billion in 2023 and is expected to record a CAGR of 3.8% from 2023 to 2033.
- It is expected that the market in India is anticipated to demonstrate a high level of growth by the year 2033.
- The milk segment is expected to record a CAGR of 3.1% between 2023 and 2023, reaching US$ 310.07 billion in 2023.
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Competitive Landscape:
Several local companies are operating in the moderately fragmented market. Market players use various strategies to gain market share, including investments, partnerships, acquisitions, and mergers. Furthermore, companies are striving to keep their products competitive and to improve their products.
Several prominent companies dominate this market, including Arla Foods Amba, Nestle, Danone, Fonterra, Lactalis, Frieslandcampina, DMK Group, GCMMF, Dairy Farmers of America, Inc., Meiji Holdings Co. Ltd., The Kraft Heinz Company and others.
Recent Developments:
- There is a newly developed drinkable yogurt product in the works from Danone called Activia+. It is available in March 2022 in the United States and other parts of North America. The products come in strawberry, peach, and raspberry flavors.
- In February 2022, Danone North America released its Light+Fit yogurt under the Light+Fit brand. Lemon and orange are the flavors available in the market.
- The dairy company announced the launch of two all-new dairy products in February 2022, expanding its refrigerated shelf presence in New Berlin, New York. Ultra-filtered milk, lactose-free, protein-dense ultra-filtered milk, and half & half. They are made from locally sourced milk and come in paper-based packaging that is widely recyclable, like many of the company’s other new products.
- In March 2019, the Wallaby yogurt brand was introduced in the United States in three flavors to cater to health-conscious consumers. It is a no-sugar-added yogurt.
- To reduce its carbon footprint, Arla Foods partnered with Walki in August 2019 to provide sustainable and recyclable packaging solutions.
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Dairy Products Market Segmentation by Category
By Product Type:
- Milk
- Cheese
- Yogurt
- Dessert
- Butter
- Milk Powder
- Cream
- Others
By Distribution Channel:
- Hypermarket / Supermarket
- Convenience Store
- Speciality Store
- Other
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