The global dairy foods market size was USD 708.70 billion in 2020. The market is anticipated to grow from USD 771.35 billion in 2021 to USD 1,190.39 billion in 2028 at a CAGR of 6.39% during the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Dairy Foods Market, 2021-2028.”
According to our analysts, the market is observing advanced growth owing to the increasing demand for an extensive variety of dairy foods and milk in the application of several food products. This is expected to bolster demand for the product during the forecast period.
Demand & Supply Disruptions of to Hamper Market during COVID-19 Pandemic
The dairy industry has gone through an exponential commotion during the outbreak of the COVID-19 pandemic owing to the prime change in demand aspects. The country-wide lockdowns in numerous established as well as emerging nations also obstructed the foodservice and hospitality industry, which has substantially declined the demand for milk and other dairy foods.
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On the basis of source, the market is separated into goat, cattle, sheep, and camel. The sufficient accessibility of cattle milk in comparison with other sources, principally drives the segmental growth.
By type, the market is divided into, lactose and lactose-free.
Based on product type, the market is branched into milk, butter, cheese, yogurt, dessert, and others.
In terms of distribution channel, the global market is segregated into supermarket/hypermarkets, convenience stores, specialty stores, and online retail.
Geographically, the market has been categorized into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
List of Key Players Mentioned in the Dairy Food Market Report:
- Fonterra Co-operative Group Limited (Auckland, New Zealand)
- Royal Friesland Campina N.V. (Amersfoort, Netherlands)
- Danone S.A. (Paris, France)
- Nestle S.A. (Vevey, Switzerland)
- Dairy Farmers of America, Inc. (Kansas, U.S.)
- Lactalis International (Laval, France)
- Arla Foods Group (Viby, Denmark)
- DuPont de Nemours, Inc. (Delaware, U.S.)
- Unilever Plc (London, U.K.)
- The Kraft Heinz Company (Illinois, U.S.)
Drivers and Restraints:
Rising Demand for Value Added Dairy Products to Bolster Market Growth
The dairy industry is thriving across the world with expansions and inventions putting new dairy products on the retail platform. Moreover, the continuously progressing consumer routines with their increasing disposable incomes have augmented the demand for value-added dairy products such as creams, cheese, butter, yogurts and others among customers. This in turn, is expected to bolster the dairy foods market growth during the forecast period.
Asia Pacific endures to hold the biggest dairy foods market share owing to the surging request for clean-label and maintainable milk and dairy foods from emerging countries such as India, Australia, China, and Japan.
North America is anticipated to display a drastic change in the per person ingestion of dairy products. This is owing to the fluctuation in consumer food ingestion inclinations such as moving towards plant-based food products.
Europe is anticipated to surge at a considerable CAGR owing to the existence of the vital dairy products producing nations such as the U.K. and Germany in the region.
New Product Launches by Prominent Players to Promote Market Growth
The important players in the market adopt various effective strategies to strengthen their position in the market as dominating companies. One such substantial tactic is procuring companies to motivate the brand value among users. Another essential approach is intermittently introducing innovative products with thorough study of the market and its target audience.
Key Industry Developments:
May 2021: Arla food capitalized about USD 8.2 million in the extension of their factory to satisfy the augmented demand of cheese from Japan. Arla preliminarily exports its products to nations such as Japan, Australia, the U.K., and Nordic nations.