Dairy Market to Reach $1.5 Trillion, Globally, by 2032 at 5.1% CAGR: Allied Market Research

The demand for protein continues to rise, this is attributed to rising consumer awareness towards their health. Dairy products are a rich source of essential nutrients like calcium, protein, and vitamins. An increasing awareness of the nutritional benefits of dairy is driving consumer demand for these products, especially in regions where dietary diversity may be limited.

Wilmington, Delaware, May 29, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled,Dairy Market By Type (Milk, Cheese, Yogurt, Butter, Cream, Others), By End User (Commercial, Residential), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, B2B, E-Commerce): Global Opportunity Analysis And Industry Forecast, 2023-2032: Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global Dairy industry generated $883.2 billion in 2022 and is anticipated to generate 1.5 trillion by 2032, witnessing a CAGR of 5.1% from 2023 to 2032.

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Prime determinants of growth

The demand for protein continues to rise, this is attributed to rising consumer awareness towards their health. Dairy products are a rich source of essential nutrients like calcium, protein, and vitamins. An increasing awareness of the nutritional benefits of dairy is driving consumer demand for these products, especially in regions where dietary diversity may be limited. However, the rising demand for plant-based products such as soy milk, almond milk are hampering the market growth of dairy products. The increasing demand for “clean label” products, where consumers seek dairy items with minimal additives, preservatives, and natural ingredients is rising in the market.

Report coverage & details:

Report Coverage  Details 
Forecast Period  2023–2032
Base Year  2022
Market Size in 2022  $883.2 billion
Market Size in 2032  $1.5 trillion
CAGR  5.1% 
No. of Pages in Report  289
Segments Covered  Type, End User, Distribution Channel, and region
Drivers  Higher attention to health and wellness
Rise in innovation and technological advancement in the dairy industry
Opportunities Integration of AI and ML technology in dairy industry
Restraints  Growth in preference for plant-based dairy substitutes

The milk segment to maintain its leadership status throughout the forecast period.

Based on type, the milk segment held the highest market share in 2022, accounting for more than two-fifth of the global dairy market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increasing consumer preference for dairy products and the growing awareness of its nutritional benefits. However, the others segment is the fastest-growing segment and is projected to manifest the highest CAGR of 7.3% from 2023 to 2032. The demand for other dairy products is rising due to their versatile applications in the food industry, including sports nutrition, functional foods, and culinary uses.

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The residential segment to maintain its leadership status throughout the forecast period.

Based on end user, the residential segment held the highest market share in 2022, accounting for more than half of the global dairy market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increased remote work opportunities and a desire for comfortable, flexible living spaces which is fostering the demand for dairy products in the residential segment. However, the commercial segment is the fastest-growing segment and is projected to manifest the highest CAGR of 5.7% from 2023 to 2032. This is attributed to the upsurge of fast food culture and QSR.

The business-to-business segment to maintain its leadership status throughout the forecast period.

Based on distribution channel, the business-to-business segment held the highest market share in 2022, accounting for more than two-fifth of the global dairy market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increased QSR and food service industry growth, alongside expanding food processing operations, beyond just nutritional advantages. However, the e-commerce segment is the fastest-growing segment and is projected to manifest the highest CAGR of 5.7% from 2023 to 2032. This is attributed to the rising demand for online delivery of products because of upsurge in busy or sedentary lifestyle.

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Asia-Pacific to maintain its dominance by 2032

Based on region, the Asia-Pacific region held the highest market share in 2022, accounting for more than one-third of the global dairy market revenue, and is estimated to maintain its leadership status throughout the forecast period and is also the fastest growing region with the CAGR of 5.7% during the forecast period. The rising demand for the Asia-Pacific region in the market is driven by its burgeoning middle class and expanding consumer base, offering lucrative market opportunities beyond just nutritional benefits.

Leading Market Players:

  • NESTLE S.A.
  • INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.
  • DAIRY FARMERS OF AMERICA, INC.
  • CHINA MENGNIU DAIRY COMPANY LIMITED
  • DANONE S.A.
  • LACTALIS GROUP
  • FONTERRA CO-OPERATIVE GROUP LIMITED
  • SAPUTO INC.
  • GUJARAT COOPERATIVE MILK MARKETING FEDERATION LTD.
  • BRITANNIA INDUSTRIES LIMITED

The report provides a detailed analysis of these key players in the global Dairy market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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