Hyderabad, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Dairy Products Market Report (2023-2028),” the market is estimated at USD 613.96 billion in 2023. It is expected to register a CAGR of 6.47% during the forecast period.
The consumer demand for convenient and healthy on-the-go snack options is the principal attribute for the sales of dairy products internationally. These products are high in calcium content and are considered a healthy snacking option. Health and wellness trends have led to the inclination of consumers toward low-fat, lactose-free variants and calcium-rich variants of dairy snacks. Moreover, as incomes have increased, nations have become increasingly urbanized. Consequently, individuals are preferring to eat more proteins (including dairy) rather than basic carbohydrates (primarily grains).
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 613.96 billion |
| Market Size (2028) | USD 840 billion |
| CAGR (2023-2028) | 6.47% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The inclination of consumers toward low-fat, lactose-free variants and calcium-rich variants of dairy snacks. |
| High demand for inspection and testing at regular intervals across a few industries. |
Who are the Top Companies in the Dairy Products Market?
The global dairy market is competitive due to the presence of domestic and international players.
The noteworthy players holding the global dairy products market are:
- Arla Foods
- Nestlé SA
- Danone SA
- Groupe Lactalis SA
- Fonterra Co-operative Group Limited
- Dairy Farmers of America Inc.
- Royal FrieslandCampina NV
- Gujarat Cooperative Milk Marketing Federation Ltd (Amul)
- Chobani Inc.
- Yili Group
- Saputo Inc.
- China Mengniu Dairy Company Limited
Other Reports That Might Be of Your Interest:
- Europe Dairy Alternatives Market Report - The European dairy alternatives market is projected to register a CAGR of 7.12% over the next five years.
- Asia-Pacific Dairy Market Report - The Asia-Pacific dairy market is projected to register a CAGR of 3.12% over the forecast period.
Key Highlights from the Dairy Products Market Report:
Functional and Organic Dairy Products Segment to Dominate the Market
- Functional dairy products are healthy dairy products. They include energy-boosting ingredients, probiotics, vitamins, and minerals. These dairy products incorporate health-promoting additives that offer physiological benefits and basic nutrition.
- As consumers are inclining toward healthy living, food associated with functional attributes, such as sour milk, is being demanded extensively, thereby boosting the market studied during the review period. Functional and organic dairy products are launched to meet the augmented demand for products with a healthy nutritional profile. Functional dairy products offer high nutritional value as they are low in calories, enriched with omega-3, and contain specific proteins, bioactive peptides, vitamins, antioxidants, probiotic bacteria, organic acids, oligosaccharides, etc.
APAC to Dominate the Market
- Asia-Pacific is the largest geographical segment of the market studied. The region consumes more dairy products, which positively impacts the nutritional status of children and the livelihoods of an increasing middle class. Liquid milk is the most popular and most consumed dairy product in this region.
- Furthermore, consumers are placing more value on food that offers them functional benefits besides taste. Thus, functional dairy products are in higher demand. These organic dairy alternatives are positively affecting market growth.
What are the Latest Developments in the Dairy Products Market?
- In March 2022, the Activia Brand of Danone introduced its new drinkable yogurt product Activia+ in the United States and other North American operating countries in strawberry, peach, and raspberry flavors.
- In February 2022, Danone North America introduced its new yogurt product through the Light+ Fit brand in lemon and orange flavors.
Mordor Intelligence has Segmented the Dairy Products Market Based on Product Type, Distribution Channel, and Geography:
- By Product Type
- Milk
- Cheese
- Butter
- Dairy Desserts
- Yogurt
- Other Product Types
- By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail Stores
- Specialty Stores
- Other Distribution Channels
- By Geography
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Russia
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- South Africa
- United Arab Emirates
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Dairy Products Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Global Dairy Snack Market Report - During the time frame of the forecast, the global dairy snack market is expected to register a CAGR of 3.49 %.
- Dairy Ingredients Market Report – The dairy ingredients market size is estimated at USD 60.06 billion in 2023 and is expected to reach USD 73.29 billion by 2028 at a CAGR of 4.06% during the forecast period (2023-2028).
- Saudi Arabia Dairy Products Market Report - The Saudi Arabia dairy products market size is expected to grow from USD 5.27 billion in 2023 to USD 6.64 billion by 2028 at a CAGR of 4.71% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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