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Dairy Products Market Size to Reach Around US$ 642.2 Bn by 2030

The global dairy products market size is expected to reach around US$ 642.2 billion by 2030 and expanding growth at a noteworthy CAGR of 3.2% from 2021 to 2030.

/EIN News/ -- Tokyo, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The global dairy products market size was valued at US$ 468.7 billion in 2020, according to new report study by Precedence Research. Dairy products such as milk, cheese, desserts, cream, and yogurt are extremely popular among the consumers and are extensively used in the preparation of cakes, pizza, burger, pasta, and wider variety of dishes. The dairy products are considered to be a rich source of proteins and micronutrients.

The rising adoption of dairy products in the daily diets by the consumers is exponentially fueling the growth of the global dairy products market. The rising disposable income, shifting consumer preferences, rising consumption of milk in households, and rising consumer awareness regarding the health benefits associated with the consumption of dairy products are the various factors driving the growth of the dairy products market across the globe. The development and growth of a number of dairy farms coupled with rising government initiatives to boost the cattle productivity and milk production has had significantly fueled the milk production in the developing regions.

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Crucial factors accountable for market growth are:

  • Rising consumer awareness regarding the health benefits of dairy products
  • New product launches by the market players
  • Rising consumer expenditure on healthy and functional food
  • Growing government initiatives to boost the dairy sector
  • Increasing milk production in developing nations like India, Indonesia, and China
  • Surge in the production and consumption of milk
  • Rising penetration of restaurant chains
  • Rising penetration of cafes
  • Growing popularity of online groceries and food delivery apps

Report Scope of the Dairy Products Market

Report Coverage Details
Market Size in 2020 USD 468.7 Billion
Growth Rate From 2021 to 2030 CAGR of 3.2%
Largest Market Asia Pacific
Fastest Growing Market North America
Segments Covered Product, Distribution Channel, Region
Regional Scope North America, APAC, Europe, Rest of the World

Regional Snapshots

Asia Pacific is the largest market for the dairy products. Milk is the most common dairy product that is consumed in majority of the households. The presence of huge population propels the demand for the dairy products in the region. Further, rising health awareness is boosting the milk and yogurt consumption. The developing infrastructure in the Asia Pacific region is enhancing the supply of milk and other dairy products thereby propelling the growth of the market. The rapid urbanization is boosting the penetration of restaurants, cafes, and fast-food chains in the region that extensively uses dairy products in their dishes. Moreover, the rising adoption of smartphones and internet is boosting the sales of various dairy products through the online food and grocery platforms. Hence, the Asia Pacific is estimated to be the largest market and is anticipated to sustain it position throughout the forecast period.

North America is estimated to be the fastest growing market in the upcoming future. This is attributed to the increased consumer awareness regarding the health benefits of consuming dairy products. Moreover the demand for cheese and yogurt is increasing in the region for the preparation of a variety of dishes and desserts. The increased disposable income coupled with rising expenditure on functional food is boosting the growth of the dairy products market in the region. Therefore, North America is estimated to be the most opportunistic market in the forthcoming years.

Report Highlights

  • Based on the product type, the milk was the dominating segment in 2020. This is attributable to the increased consumption of milk among the consumers. Milk is the most common dairy product consumed by the population across the globe. Further, the rising focus of the government to develop the dairy sector in order to generate employment in the rural areas has had fueled the growth of this segment in the past years.

  • Based on the distribution channel, the others segment is estimated to be the opportunistic segment. This is owing to the rapid growth of the online sales channels. Rising popularity of online food and grocery delivery platform in both developed and developing markets is exponentially boosting the sales of dairy products.

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Market Dynamics

Driver - The rising population of the lactose intolerant population in the major markets like China, Europe, and US is expected to drive the demand for the lactose free dairy products, thereby fostering the growth of the global dairy products market in the upcoming years. The lactose-free and sugar-free food products are perceived to be healthier among the consumers and hence the demand for the lactose-free dairy products is expected to grow during the forecast period.

Restraints - The high cost of products like paneer and cheese in the developing nation may restrict the growth of the dairy products market. Further, rising lactose intolerant population may result in the decline in the demand for the milk in nations like China where the huge population is lactose intolerant.

Opportunities - The rising demand for the organic food products is expected to propel the dairy products market. Further, new product launches by the various market players may provide new growth avenues in the upcoming future.

Challenges - According to the United Nations, in developing countries, more than 80% of the milk is marketed and handled by the informal traders. This is due to the high perishability of the milk and milk-based products. Further most of the consumers prefers to buy milk from the informal traders and opt to process the milk themselves by simple boiling. Therefore, the increased penetration of the informal traders of milk may hamper the growth of the market.

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

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