Dairy Product Market: Global Industry Analysis and Forecast (2022-2029)

Dairy Product Market size was valued at US$ 508.31 Billion in 2021 and the global Dairy Product revenue is expected to grow at 2.8% through 2022 to 2029, reaching nearly US$ 633.98 Billion.
Dairy Product Market Overview:
Dairy products are created from the milk of farm animals like cattle, sheep, buffaloes, goats, etc. These are classified into different products like cheese, butter, cream, etc. Milk is produced by pasteurization. Milk takes many forms viz. scalded, condensed, evaporated, baked, and powdered milk. Additional forms include buttermilk, infant formula, and khoa (a form of milk used in Indian cuisines). The rates of Dairy Product consumption vary country by country. The countries that consume the highest number of dairy products usually consume 150 kg per capita in a year. These countries include Argentina, Australia, Israel, Kyrgyzstan, etc. The countries which lie in the medium consumption strata are Mexico, Mongolia, Japan, New Zealand, etc. Approximately more than 150 million farm-based households contribute to the overall dairy production of the world.

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In this report dairy product market's growth reasons, as well as the market's many segments, are discussed. Data has been given by market participants, regions, and specific requirements. This market study includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the dairy product market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global dairy product market condition.
Dairy Product Market Dynamics:
The major driver in the dairy product market is the increased consumption of dairy products around the globe and changing consumer preferences from regular meat to dairy products for their daily protein intake. Furthermore, the growth of the bakery and confectionery market is expected to drive the dairy product market in the forecast period (2022-2029). As milk is the primary ingredient in the majority of bakery products.

A major restraint in the dairy product market is the lactose-intolerant consumers. Lactose intolerance is the inability to digest lactose (a constitute present in all dairy products). Approximately, 60% of the global population has a decreased ability to digest lactose after their infancy. Lactose intolerance is very common in people who have African and Arab origins. Another restraint in the dairy product market is the emergence of vegan consumers in recent years. (The movement of veganism promotes the boycott of all animal-based products e.g. meat as well as milk). This trend is projected to hamper the overall market growth in the aforementioned forecast period.

A key opportunity in the dairy product market is the rising world population. This steep population growth is expected to create potential consumers of the dairy product market. Rising infant malnutrition in African countries, as well as the Indian sub-continent, is expected to drive the infant formula market in these regions. These factors in turn are projected to propel the dairy product market growth in the same forecast period.
Dairy Product Market Segment Analysis:
By Product Type, the Milk segment dominated the global market in the year 2021 followed by cheese in the same year. This growth can be attributed to the constant supply of milk needed to make various bakery products. Furthermore, the growing need for milk in developing countries like South Africa and India is expected to drive the growth of this segment in the forecast period (2022-2029).

The cheese segment was worth US$ 156 billion in the year. This segment is projected to grow at the CAGR of 3.7% in the aforementioned forecast period. Consumer preference for new and exotic recipes of cheese-based cuisines is expected to drive the growth of this segment in the same forecast period. The global cheese market is booming around the world because of many new developments in avant-garde cheese-based products in the retail industry.

The butter segment was worth US$ 43 billion in the year 2021. It is expected to grow at the highest CAGR of 7.8% in the same forecast period. However, awareness among consumers about the excessive inclusion of butter in their daily diets causing cardiovascular diseases is expected to hamper the growth of this segment in the aforementioned forecast period.



By Application, the food and beverages segment dominated the dairy product market in the year 2021. This market domination can be correlated with milk being the key ingredient in many beverages. Another driving factor for the growth of this segment is the diseases caused because of the deficiency of regular milk. These diseases include bone-related diseases e.g. osteoporosis or hypocalcemia (deficiency of calcium).

The bakery product segment was worth US$ 330 billion in the year 2021. These include products like cakes, pastry, etc. These bakery businesses need milk to make their products daily. This evergreen demand for milk in the Bakery and Confectionery products is expected to drive the growth of this segment in the aforementioned forecast period.
Dairy Product Market Regional Insights:
The Asia-Pacific region dominated the dairy product market in the year 2021. The reason behind this was China being the leading importer of milk in the region with over US$ 1.0 billion worth of imports. The Asian country India is also the world’s leading producer of milk in the same year with over 22% of the total milk production in the world followed by China and Pakistan. These countries are projected to influence the global dairy product market in the forecast period (2021-2029).

The Asia-Pacific region was followed by the European region in terms of dairy product market share in the year 2020. This can be correlated with European countries being one of the leading importers of milk in the same year. Germany alone was responsible for US$ 1.4 billion worth of imports followed by Italy, Belgium, and the Netherlands respectively. Germany was also the largest importer of cheese in the same year with over US$ 4.2 billion worth of imports followed by UK with US$ 2.1 billion worth of imports. These high import-export rates of dairy-based products of these countries are projected to drive the market in this region in the aforementioned forecast period.

The objective of the report is to present a comprehensive analysis of the Dairy Product market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Dairy Product market dynamics, structure by analyzing the market segments and project the Dairy Product market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Dairy Product market make the report investor’s guide.
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Global Dairy Product Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 508.31 Billion.


Forecast Period 2022 to 2029 CAGR:
2.8 %
Market Size in 2029:
US $ 633.98 Billion.


 Segments Covered:
by Product Type
• Milk
• Cheese
• Butter
• Yogurt
• Cream
• Others


by Application
• Food and Beverages
• Bakery and Confectionary:
• Clinical Nutrition
• Others


by Distribution
• Supermarkets/Hypermarkets
• Online Channel
• Specialty Stores
• Others



Dairy Product Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Dairy Product Market Key Players
• Arla Foods amba
• Fonterra Co-operative Group
• GCMMF
• The Kraft Heinz Company
• Nestle S.A.
• Danone S.A.
• Royal FrieslandCampina
• Dairy Farmers of America, Inc.
• DMK Group
• Meiji Holdings Co., Ltd.
• Lactalis
• Dean Foods Company
• Sancor Cooperativas Unidas Limited
• Unilever N
• Parmalat S.P.A
• Amul
FAQs:
1. Which region has the largest share in Global Dairy Product Market?
Ans: Asia Pacific region holds the highest share in 2021.

2. What is the growth rate of Global Dairy Product Market?
Ans: The Global Dairy Product Market is growing at a CAGR of 2.8% during forecasting period 2022-2029.

3. What is scope of the Global Dairy Product market report?
Ans: Global Dairy Product Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Dairy Product market?
Ans: The important key players in the Global Dairy Product Market are – Arla Foods amba, Fonterra Co-operative Group, GCMMF, The Kraft Heinz Company, Nestle S.A., Danone S.A., Royal FrieslandCampina, Dairy Farmers of America, Inc., DMK Group, Meiji Holdings Co., Ltd., Lactalis, Dean Foods Company, Sancor Cooperativas Unidas Limited, Unilever N, Parmalat S.P.A, and Amul

5. What is the study period of this market?
Ans: The Global Dairy Product Market is studied from 2021 to 2029.