Dairy Products Market Segments by Product (Milk, Cheese, Yogurt, Butter and Others); By Distribution Channel (Convenience stores, Hypermarkets & Supermarkets, E-commerce platforms and Other); and Regional Analysis: Global Industry Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Dairy Products Market to surpass USD 798.95 billion by 2030 from USD 494.73 billion in 2020 at a CAGR of 3.7% in the coming years, i.e., 2021-30.
Dairy Products are foods derived from the milk of mammals such as cows, buffalos, goats, dogs, yaks, and camels. Since milk is a liquid, it is susceptible to microbial growth, resulting in product disintegration. To prevent this issue and to prolong the shelf life of milk, it is processed into cheese, butter, milk powder, ice cream, yogurt, and other Dairy Products. The global demand for Dairy Products has been growing due to a lack of strict regulatory structures and an increase in the amount of money coming in from both the private and public sectors. The growing production of milk products is due to the flourishing agriculture and animal husbandry industries in many parts of the world.
The growth of online stores is also propelling the selling of high-end products. The major drivers for this market's growth are increasing dairy product consumption and a change in customer preference from meat to Dairy Products for protein enrichment. The fast availability of Dairy Products as a result of modern retail facilities and cold chain logistics propels demand growth even further. During the Covid-19 pandemic, major product sales across online distribution networks also aided market development.
Milk segment to grow with the highest CAGR during 2020-30
Global Dairy Products Market is divided by manufacturing method into Milk, Cheese, Yogurt, Butter and Others. Over the forecast period, the milk segment is projected to expand at the fastest pace. Milk consumption is increasing in developing countries because it is highly nutritious and provides protein and calcium. Furthermore, milk intake lowers the risk of osteoporosis in the elderly, which is expected to boost demand significantly. Because of the high demand for yogurt in countries like China and India, the yogurt segment is expected to rise significantly during the forecast period. Chinese consumers choose yogurt as part of their diet because it helps to maintain a balanced gut and thus improve immunity. Furthermore, this country's preference for slightly sweet and flavored yogurt products has an impact on the overall market's development.
Hypermarkets & supermarkets segment to grow with the highest CAGR during 2020-30
Global Dairy Products Market is segmented by distribution channel into Convenience stores, Hypermarkets & supermarkets, E-commerce platforms, and others. Hypermarkets &supermarkets segment held the largest market share in the year 2020. The primary factors driving the segment's growth are an increase in the number of hypermarkets and the availability of a wide variety of goods in such stores. To stop spoilage, supermarkets have temperature-controlled shelves for Dairy Products. Consumers find it convenient to purchase everyday necessities at lower prices in these shops, which is expected to propel the segment's growth in the coming years. Because of the convenience that these distribution channels provide, the online segment is projected to grow at the fastest CAGR over the forecast period. The segment's growth will be aided by increased internet penetration and better connectivity around the world.
Growing health concerns and demand for nutritious food
Due to growing consumer concern about health and the belief that diet directly affects healthiness, nutritious foods have played a key role in healthy behaviors in recent years. The demand for nutritious food is rapidly growing as the world's population and welfare grow. The high-nutrition trend is gaining popularity and will continue to do so in the coming years. Protein and other nutrient benefits in promoting an active lifestyle have become more widely known among consumers. Additionally, as people become more conscious of the negative health effects of consuming red meat, an increasing number of people choose to reduce or exclude animal protein from their diet entirely. Furthermore, the majority of the nutrients in milk come in forms that are readily absorbed by the human body. As a result of all of these factors, consumers all over the world include milk and milk products in their diets on a regular basis, resulting in strong demand and, as a result, growth in the Global Dairy Products Market industry.
Increased urbanization as well as rising demand for Dairy Products
When the world's population rises, so does the demand for food. Increased urbanization is associated with increased population growth, which has historically resulted in higher personal income and demand for Dairy Products. As diets have become richer and more complex, the per capita intake of milk and milk products has increased dramatically. Milk and milk products are a good source of a variety of basic micronutrients as well as high-quality protein. Milk and milk products will become a more popular source of protein in the future, accelerating the growth of the Global Dairy Products Market industry, due to the world's rising population and increasing demand for high nutritional products.
Dairy allergies and the emergence of veganism
The emergence of veganism and vegetarian’s preference for plant-based diets is reducing the consumption of Dairy Products. Other market constraints include lactose intolerance, dairy allergy, customer move toward plant-based food products, and myths about milk consumption.
Global Dairy Products Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Dairy Products Market in Europe held the largest market share in the year 2020. Due to rising market demand for cheese, creamers, and milk desserts, Germany is expected to see substantial development. Additionally, demand for clean label and high-quality Dairy Products are expected to drive regional market development. In the past, North America had a large revenue share. Because of the high consumption of cheese and milk in the United States, the nation had the largest revenue share of the regional market. Furthermore, milk product innovation, such as low-fat and sugar-free milk, is expected to boost milk consumption. Due to the demand for packaged and high-quality Dairy Products, Asia Pacific is expected to be the largest and fastest-growing regional market during the forecast years. Furthermore, the market is being driven by the expansion of online distribution channels in the APAC region. Due to the demand for value-added Dairy Products such as yogurt and cheese, India is projected to have the highest growth rate in the regional market.
Global Dairy Products Market is further segmented by region into:
Dairy Products Segments:
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