Dairy Products Market (By Product Type: Milk, Cheese, Butter, Desserts, Yogurt, and Others; By Distribution Channel: Supermarket/Hypermarket, Specialty Stores, Convenience Stores, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 - 2030


According to Precedence Research, the global dairy products market size was valued at US$ 468.7 billion in 2020 and is expected to hit US$ 642.2 billion by 2030, poised to grow at a noteworthy compound annual growth rate (CAGR) of 3.2% from 2021 to 2030.

Dairy Products Market Size 2021 to 2030

Growth Factors

The rising demand for the dairy products is driven by several factors such as growing population, rising personal disposable income of the consumer, rising health awareness, increasing production of milk in developing nations, and rising consumption of protein enriched food. According to the Population Reference Bureau, the global population is expected to reach around 9.9 billion by 2050. The growing population is expected to drive the demand for milk, butter, yogurt, various other dairy products owing to its extensive uses in various dishes and direct consumption. Dairy products provide high value protein and essential micronutrients to the consumers. Studies have shown that cheese is good for the heart health. The rising awareness regarding the health benefits of dairy products is further boosting the demand for the dairy products across the globe. Moreover consumers shifting preference from meat to dairy-based products for micronutrients and proteins, the demand is estimated to rise significantly in the upcoming years.

The dairy products market is expected to grow owing to the rising government schemes and initiatives regarding milk production and improving cattle productivity. For instance, National Dairy Program by the government of India, focuses on the development of cattle and milk production. The rising penetration of fast food chains is significantly boosting the consumption of dairy products such as cheese, dairy desserts, and butter. These dairy products are extensively used in various dishes like pasta, burger, pizza, and many more. The delicious taste and protein content of the dairy products is propelling the consumption of dairy products in households. Further, milk is now considered as an essential and daily use product in majority of the households. Therefore, the global dairy products market is expected to grow at a considerable rate during the forecast period.

Product Type Insights

By product type, the milk segment led the global dairy products market with remarkable revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. The dominance of milk is attributed to the increased consumption of milk in households and various commercial units all over the globe. The nutritional properties of milk and the increased awareness regarding the health benefits of milk are driving the growth of this segment across the global market.

On the other hand, yogurt segment is estimated to be the most opportunistic segment during the forecast period owing to its increased consumption. Consumers prefer to eat yogurt and include it in their regular diet in order to improve gut health and build strong immunity. Hence, rising adoption of yogurt in regular diet is estimated to propel the segment growth during the forecast period.

Distribution Channel Insights

By distribution channel, the supermarket/hypermarket stores segment led the global dairy products market with remarkable revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. The supermarkets attract a huge customer base due to the availability of wide variety of food and beverages products and household groceries. Therefore, consumers prefer to buy household essentials and groceries on weekly or monthly basis. Further, the supermarkets are located in urban and easy accessible areas.This sales channel generates a regular revenue stream for the dairy products manufacturers.

Dairy Products Market Share, By Distribution Channel, 2020 (%)

On the other hand, the others segment is expected to be the fastest-growing segment due to the rising adoption of food delivery platforms among the consumers. The rapid growth of the online food and grocery delivery platforms in the global market has boosted the sales of the dairy products and is expected to grow rapidly in the forthcoming years.

Region Insights

Based on the region, the Asia Pacific dominated the global dairy products market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The region is characterized by huge population, increased demand for milk, increasing milk production, rising government initiatives for boosting milk production, rising disposable income, and rapid urbanization. The rising consumer awareness regarding the health benefits of dairy products is fueling the market growth. Moreover, the increased usage of milk in almost every household in nation like India and China had significantly contributed towards the dairy products consumption. Therefore, the Asia Pacific region is expected to sustain its dominance throughout the forecast period.

Dairy Products Market Share, By Region, 2020 (%)

On the other hand, North America is estimated to be the most opportunistic market during the forecast period. This is due to the increased penetration of restaurants and fast food chains such as Burger King, Pizza Hut, Domino’s, and Yum Brands. These restaurants extensively use cheese and butter in the majority of its products. Furthermore the growing popularity of yogurt and dairy desserts among the North American consumers is boosting the growth of the North America dairy products market during the forecast period. The rising consumer awareness regarding A2 milk is expected to fuel the market growth in North America.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improvedproducts. Moreover, they are also focusing on maintaining competitive pricing.

In March 2019, Danone launched Australian style yogurt named Wallaby. It is a no sugar added yogurt introduced to serve the health conscious consumers. It was launched in the US in three flavors.

In August 2019, Arla Foods entered into a partnership with Walki, for providing sustainable and recyclable packaging solution in order to contribute towards the mission of reducing carbon footprint.

These developmental strategies adopted by the top market players are expected to boost the growth of the dairy products market in the foreseeable future and provide lucrative growth opportunities.

Some of the prominent players in the dairy products market include:

  • Arla Foods Amba
  • Nestle
  • Danone
  • Fonterra
  • Lactalis
  • Frieslandcampina
  • DMK Group
  • GCMMF
  • Dairy Farmers of America, Inc.
  • Meiji Holdings Co. Ltd.
  • The Kraft Heinz Company

Scope of the Dairy Products Market Report

Report Highlights Details
Market Size USD 642.2 Billion by 2030
Growth Rate CAGR of 3.2% From 2021 to 2030
Fastest Growing Market North America
Largest Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Product, Distribution Channel, Region
Companies Mentioned Arla Foods Amba, Danone, Fonterra, Lactalis, Nestle, Frieslandcampina, DMK Group, Dairy Farmers of America, Inc., GCMMF, Meiji Holdings Co. Ltd., The Kraft Heinz Company

 

Segments Covered in the Report

By Product Type

  • Milk
  • Cheese
  • Butter
  • Desserts
  • Yogurt
  • Others

By Distribution Channel

  • Supermarket/Hypermarket
  • Specialty Stores
  • Convenience Stores
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the current size of dairy products market?
The global dairy products market was valued at US$ 468.7 billion in 2020 and is projected to hit US$ 642.2 billion by 2030.
The global dairy products market is expected to grow at a noteworthy CAGR of 3.2% from 2021 to 2030.
Rising consumer awareness regarding the health benefits of dairy products and growing government initiatives to boost the dairy sector are the driving factors of the dairy products market.
The major players operating in the dairy products market are Arla Foods Amba, Nestle, Danone, Fonterra, Lactalis, Frieslandcampina, DMK Group, GCMMF, Dairy Farmers of America, Inc., Meiji Holdings Co. Ltd., The Kraft Heinz Company
The Asia Pacific region will lead the global dairy products market in near future.

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