Dairy Products Market, by Product Type (Milk, Cheese, Butter, Desserts, Yogurt, and Others), by Type (Lactose and Lactose-free) by Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Convenience Stores, and Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Dairy Products market size was estimated at USD 517.40 billion in 2023 and is projected to reach USD 684.54 billion in 2030 at a CAGR of 4.08% during the forecast period 2023-2030.
Milk, which has been a vital part of human diet for thousands of years, is the source of all dairy products. These include dairy products like butter, cheese, yogurt, kefir, and ice cream. In addition to milk from other animals, like sheep and goats, cow's milk is available worldwide. Milk, cheese, and yogurt are dairy products that all include nutrients that your body needs. For instance, all three include protein, calcium, and vitamin B12, which support the growth and repair of muscular tissue, the development and maintenance of healthy bones and teeth, and the maintenance of a healthy neurological system, respectively. Every cup of milk also contains protein, zinc, selenium, vitamins A and D, all of which build a strong immune system.
Numerous causes, such as population growth, consumer income growth, increased health consciousness, increased milk production in emerging countries, and increased protein-fortified food consumption, all contribute to the rising demand for dairy products. The demand for dairy products worldwide is being further boosted by the growing knowledge of the health advantages of these products. Demand is anticipated to increase dramatically in the forecast period due to customers' preference for dairy-based products over meat in terms of vitamins and proteins. In addition, the market for dairy products is anticipated to expand as a result of the expansion of government initiatives and programs aimed at increasing milk output and raising cow productivity.
On the other hand, public demand for plant-based food alternatives is rising as public knowledge of animal welfare rises. Due to the rising belief that plant-based goods are safer and healthier, plant-based dairy products alternatives such soy milk, almond milk, non-dairy ice creams, cheese substitutes, and whipped cream are quickly gaining ground in the mainstream retail market. It is anticipated that the fast-expanding dairy alternatives market whose growth is being driven by new product developments including non-dairy ice cream, cheese replacements, and whipped creams, might hamper the growth of the dairy products market during the forecast period.
The market for dairy products has been significantly impacted by the COVID-19 epidemic. Due to the interruption in supply and demand, manufacturers of dairy products experienced issues, making the development of long-term strategy challenging. In addition, rising worries about freight prices and container shortages have collectively made supply chain issues worse. As a result, the cost of raw materials skyrocketed, sending makers of dairy products into a panic.
The Dairy Products is expected to grow during the forecast period. This growth can be attributed to several factors. Population growth, consumer income growth, increased health consciousness, increased milk production in emerging countries, and increased protein-fortified food consumption, all contribute to the rising demand for dairy products. Moreover, growing knowledge of the health advantages of these products is expected to boost the growth of the market further during the forecast period. However, the rising competition from alternatives as well as rising awareness about animal welfare might hamper the growth of the market during the forecast period.
Asia-Pacific to Dominate the Market