Global Dairy Products Market to Witness a Modest Growth: Projected to Grow at a CAGR of 2.3% during the Forecast Period

Published | 06 October 2021

Global demand for dairy products is expected to grow at a high CAGR because of increasing awareness of the health benefits of dairy product consumption, growing urbanization, and a shift in dietary habits. Additionally, technological advancements in dairy processing also drives the global dairy products market.

A recent study conducted by strategic consulting and market research firm BlueWeave Consulting revealed that global dairy products market was worth USD 483.1 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 2.3%, earning revenue of around USD 565.0 billion by the end of 2027. Increasing awareness of the health benefits of dairy product consumption, growing urbanization, and a shift in dietary habits. Additionally, technological advances in dairy processing also drives the global dairy products market. Moreover, supermarkets and hypermarkets are becoming more prevalent, which in turn increases the demand for dairy products.

New Product Launches Favoring Dairy Products Market Worldwide

Dairy product manufacturers around the world have been constantly launching new products to grab a larger share in the market. Dairy products such as these are increasing in popularity and changing consumer consumption habits, thereby propelling the global dairy market. For example, Milk Mantra, an Indian dairy business, recently introduced life-long milk with a prolonged shelf life for consumers. Likewise, the Australian dairy company Beta A2 has developed premium infant and toddler milk under the brand Farmers Beta A2. Product launches like these benefit the global dairy products market.

Flourishing Online Distribution Channels are Boosting the Global Dairy Products Market

Dairy product manufacturers are increasingly turning to online distribution channels with the rise of e-commerce and the COVID-19 pandemic. Moreover, dairy product sellers offer delivery of products quickly and on a subscription basis through online mediums, thereby attracting urban consumers. For instance, an Indian startup called Barosi delivers farm-fresh pure cow and buffalo milk on a subscription basis in selected cities. Such online services are likely to boost the global dairy products market during the forecast period.

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Global Dairy Products Market - By Distribution Channel

Based on distribution channels, the global dairy products market is segmented into retail stores and online stores. The retail stores segment currently holds the largest market share. Retail stores have high growth potential due to the presence of a large middle-income group. Because of the growing number of health-conscious consumers, the increased working population, and increasing urbanization, convenience stores are the largest segment, followed by supermarkets and hypermarkets. However, the online segment is projected to witness the highest CAGR during the forecast period because of the availability of innovative and premium dairy products across online channels such as Dairy.com, The Dairy Kitchen by Real California Milk, and so on.

Global Dairy Products Market - Regional Insights

Geographically, the global dairy products market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region accounts for the largest market share among all the regions. India is projected to dominate the overall dairy products market over the forecast period with the highest dairy product production and exports. Easy accessibility of raw materials and animal farming in the region are the key growth factors for the Asia-Pacific region. Latin America, however, is the fastest-growing region in the dairy products industry due to Brazil having the second-largest dairy herd after India.

Impact of COVID-19 on Global Dairy Products Market

Global dairy products market has experienced mixed responses to the sudden outbreak of COVID-19. Dairy products like milk, butter, cheese, etc., were greatly in demand after the outbreak. Moreover, during the lockdown period, the focus on personal and family health increased, boosting dairy product demand. However, the temporary suspension of distribution channels and the temporary ban of imports and exports created a tremendous gap in demand and supply, severely affecting the market. Globally, dairy products are also expected to be affected by the rise of the vegan lifestyle, in particular after COVID-19.

Competitive Landscape

The leading players in the global dairy products market are Amul, Dairy Farmers, Kraft Foods Inc., Fonterra Group Cooperative Limited, Dairy Farmers of America Inc., Arla Foods UK Plc. (Group) Co., Ltd., Meiji Dairies Corporation, Nestle SA, Royal Friesl and Campina N.V., SanCor Cooperatives, Megmilk Snow Brand Co. Ltd., Dean Foods Company, Parmalat S.P.A, Danone, Unilever Plc., Saputo Inc., Mengniu Dairy, Lactalis, Yili Group, and other prominent players.

Multiple industry participants offer a diverse selection of items to satisfy consumers, resulting in a highly fragmented market. Furthermore, new entrants find the market to be favorable to their products. The leading market players use product launches and inorganic strategies like advertisement and marketing to create brand awareness. Furthermore, mergers, acquisitions, partnerships, collaboration, etc., are also prominent strategies adopted by the market players to stay ahead of the pack.

Don’t miss the business opportunity of the global dairy products market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global dairy products market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global dairy products market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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