New York, March 04, 2021 (GLOBE NEWSWIRE) — The global dairy product market is approximated to rise with a CAGR of 2.8% during the projection period from 2021 to 2028. Milk is an essential component of the diet of many people around the globe, thus there is a constant requirement for milk and milk products. Dairy products are rich sources of proteins, vitamin A, riboflavin, vitamin D, calcium, and phosphorous. Due to the trending healthy diet, more people are shifting towards low-fat, cholesterol-free, and lactose-free dairy products.
Regular consumption of these products mends bone and gut health and also decreases the risks associated with cardiovascular diseases, osteoporosis, and type 2 diabetes.
The extensive utilization of dairy products along with the consumer inclination towards dairy products are the significant factors fueling the growth of the dairy products market globally. Factors such as expanding population, rapid urbanization, changing lifestyle and the consumer shift to healthy food consumption, and the improved technologies in dairy processing are surging the demand for the global dairy product industry. Favorable regulatory norms and considerable funding from both, public and private sector, are predicted to drive the market.
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Rising awareness among people regarding the benefits of nutrients and proteins along with the adoption of a healthy diet is expected to boost the dairy products market demand.
The availability of better substitutes like almond or rice milk for cholesterol-free products might hamper the market expansion in the coming years.
Further key findings:
- In context to the product type, the milk segment is attributed to the largest market revenue and is foreseen to sustain its dominance as the majority of the population consumes milk and milk products regularly as it has high nutrient content and provides a high amount of calcium and proteins. Additionally, consumption of milk is seen to reduce risks associated with osteoporosis.
- Various modifications in the yogurt products such as drinkable yogurt, flavored yogurt, and fat-free yogurt are predicted to open new opportunities for the market players. Alterations in packaging, for instance, single-serving, on-the-go packages are boosting the product demand.
- The cheese product segment is evaluated to show a significant CAGR from 2021 to 2028 as a result of a growing preference for western food culture in the Asia Pacific and the easy availability of cheese products globally.
- The European region dominated the global dairy products market and is expected to continue leading the market throughout the analysis period. The high market revenue is accredited to the rising desire for clean labels and good quality dairy products.
- The Asia Pacific region is predicted to witness the fastest growth during the projected period. The high rate of milk production, growing population, high disposable income, and rising demand for western dairy products like yogurt and sour milk is suspected to increase the market demand for dairy products in the APAC region.
- North America held a considerable market revenue in the past few years. Due to the high consumption of milk and cheese, the United States holds the largest market share. Additionally, the introduction of low-fat and no sugar milk is predicted to boost the consumption of milk in the North American region.
- Many market players are coming up with ideas and connecting with other manufacturers and companies to retain their market position. Emerging market players are also introducing their products. Nestle, Royal Friesland Campina, Amul, Danone, Dean Foods Company, Megmilk Snow brand Co. Ltd, Fonterra Co-operative, Arla Foods amba, Dairy Farmers of America, Inc., and Lactalis SA are some of the significant market players.
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This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2028. For this study, Reports and Data has segmented the global Dairy Products market based on Product Type, Distribution Channel, and Region:
Product Outlook (Revenue, USD Billion, 2018 – 2028)
- Ice cream
- Lactose-free milk
Distribution Channel Outlook (Revenue, USD Billion, 2018- 2028)
- Convenience Stores
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Regional Outlook (Revenue, USD Billion, 2018 – 2028)
Central & South America (CSA)
Middle East & Africa (MEA)
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