Global Dairy Products Market - Growth Drivers, Opportunities and Forecast Analysis to 2026
Summary - A new market study, titled “Global Dairy Products Market - Growth Drivers, Opportunities and Forecast Analysis to 2026” has been featured on
WiseGuyReports.
Dairy is one of the early food categories adopted by mankind
and is considered as a major part of human nutrition. Dairy products are
primarily produced from milk and commercial dairy include products ranging from
liquid milk to processed products such as yogurt, cheese, butter, and others.
The health benefits associated with milk has been motivating population of all
segments towards consumption of dairy based products. Dairy is considered as a
package of nutrients essential for a human body and is highly recommended as a
source of calcium and healthy fats.
Market Dynamics: Drivers, Restraints, Opportunities
Challenges:
The nutritional benefits offered by dairy products is the
major driver for the growth of global dairy products market. The rich content
of vitamins, minerals, and proteins present in milk made dairy an essential
food for humans. For instance, the calcium content of milk help develop healthy
bones and teeth among young children, thus making it a vital part of infant
nutrition. Furthermore, vitamin D reduces the risk of cancer protection,
potassium helps reduce the levels of blood pressure and improves heart health,
and fermented milk acts as a probiotics source for improving gut health. The
high nutritional value of fermented dairy products is motivating the sales of
Yogurt Cheesecakes and other dairy based desserts. Other factors responsible
for the growth of dairy market include rising consumer spending, growing
population and consumer preference for nutritional rich food products. However,
the rise in veganism and plant-based eating preferences of vegetarian
population is limiting the consumption of dairy products. Lactose intolerance,
dairy sensitivity, consumer shift towards plant-based food products, and
misconceptions associated with consumption of milk are other key restraints of
the market.
The Global Dairy Products Market was worth USD 457.5 billion
in 2018 and is estimated to reach USD 723.7 billion by 2026, at a CAGR of 5.9%
during the forecast period.
Key Segments:
The global dairy products market has been segmented by
product type covering milk, cheese, butter, whey protein, milk power, and
various other dairy products. Liquid milk is the major dairy food and the
demand for liquid milk products is rapidly surging with the rising health
consciousness and living standards of the consumers. Infants are the major
promoters of milk market in the form of infant formula and baby milk. The
global market for infant nutrition reached 2.5 million tons in 2017 and likely
to witness over 7% growth rate in the next decade. The growing supply of milk
is also supporting the growth in this segment. According to the statistics of
The Food and Agriculture Organization of the United Nations (FAO), global milk
production witnessed a growth of 58% in the last three decades and reached 828
million tons in 2017. In most of the countries including highly populous India
and China, milk is considered as a major part of healthy dietary protocol.
Liquid milk accounts for over 90% of the demand for dairy products in rural
areas and over 85% of that in urban areas in India. Supermarkets and
hypermarkets evolved as the largest sales channel for dairy products with a
share of nearly 50% in terms of sales value in 2018. The growing retail sales
of dairy products in Asian countries owing to ‘go to retail market’ strategy of
manufacturers to reach retail stores is motivating the sales through
supermarkets and hypermarkets. For instance, Parag Milk Foods Company in India
is planning to widen its retail distribution network by 3x times in next six
years. Convenience stores, specialty stores and e-commerce are also holding
significant share in the sales of dairy products.
Geographical LAndscape
By geography, the dairy product market is segmented into
North America, South America, Europe, Asia Pacific, Middle East and Africa.
The robust dairy sales in China and rapid growth in demand
for fermented milk products in India and Indonesia made Asia Pacific region as
the largest market for dairy products. The share of Asia Pacific in total dairy
products market reached 36% in 2018 and is likely to hold its dominance over
the forecast period owing to lucrative double-digit growth of dairy sales in
countries such as India, Vietnam, Pakistan, and Laos.
Competition Landscape
The global dairy products market is highly consolidated at
top level with companies such as Nestle, Danone, Lactalis, and Fonterra. The
top 10 market players account for over 70% of the total sales. The market is
also tapped by the foot prints of many Asian and European players, thus making
it highly competitive. The companies in the market are leveraging on
acquisitions and collaborations to increase their market share.
Ø In January 2019, French dairy products corporation
Lactalis has acquired India based Prabhat Dairy in a deal of worth $239 million
to gain leading market share in Western India, thereby marching towards its
goal of turning into a pan Indian company
Ø Another French dairy food giant Danone had invested $25.6
million in Drums Food International, the seller of Epigamia Yogurt to expand
its product portfolio and its distribution network across India
Other key players in the market are Royal FrieslandCampina
N.V., Dean Foods, Arla Foods amba, China Mengniu Dairy Company Limited, Yili
Group, Kraft Foods Group, Inc., Land O'Lakes, Inc. and Meiji Dairies
Corporation.
Key Takeaways from the Report
Ø The dairy products market in Western Europe region is well-established
with high per-capita consumption. According to DataM analysis, Western Europe
is the second largest market for dairy products, next only to Asia Pacific
region
Ø Consumer interest towards branded dairy products led to
the rise in market share of global players, thereby augmenting the organized
spectrum
Ø The growth of dairy products market is mostly offset by
the shift of consumer preferences towards plant-based diets. The offset is
likely to be significant in countries such as Israel, New Zealand, Austria, and
Canada owing to the surging vegan population in these countries
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/4532877-global-dairy-products-market-2019-2026
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