Dairy Products Market Size to Worth USD 699.4 Bn by 2033

The global dairy products market size is calculated at USD 528.5 billion in 2024 and is expected to be worth around USD 699.4 billion by 2033, with a CAGR of 3.17% from 2024 to 2033.

Ottawa, April 26, 2024 (GLOBE NEWSWIRE) — According to Precedence Research, the global dairy products market size surpassed USD 511.6 billion in 2023. The dairy products market is driven by changing lifestyle patterns, increasing disposable incomes, and increasing health consciousness.

The U.S. dairy products market size was valued at USD 55.5 billion in 2023 and is projected to surpass around USD 73.03 billion by 2033, at a CAGR of 2.79% from 2024 to 2033.

Global Dairy Products Market Revenue (US$ Bn), by Regions

Regions 2019 2020 2021 2022 2023
North America 56.8 59.0 59.7 61.2 62.8
Latin America 29.7 31.1 31.8 32.9 34.0
Europe 119.2 125.3 128.1 132.5 136.8
Asia Pacific 207.7 216.7 220.2 226.5 233.6
Middle East & Africa 39.1 41.0 41.9 43.2 44.4

Global Dairy Products Market Revenue (US$ Bn), by Distribution Channel

Distribution Channel 2019 2020 2021 2022 2023
Supermarket/Hypermarket 240.6 251.6 256.1 263.8 272.0
Specialty Stores 14.3 14.9 15.2 15.7 16.2
Convenience Stores 149.1 155.7 158.2 162.7 167.5
Others 48.5 51.0 52.1 54.0 55.9

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The dairy products market offers a variety of products, from traditional dairy items like fluid milk, butter, and cheeses to powdered and processed ingredients used in various food items. Dairy products offer essential nutrients that are difficult to obtain in low-dairy or dairy-free diets. Many people cannot achieve the recommended daily calcium intake with a dairy-free diet. The globalization of the dairy business has changed international dairy products markets from supply-driven to demand-driven, making them more responsive to market signals and shifting consumer tastes.

With rising milk prices and production, the dairy business has become one of agriculture’s highest gross value sectors. This has resulted in greater investment and reorganization in the local dairy industry, which is affected by factors such as milk production, global demand patterns, and economic development.

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Key Insights

  • Asia-Pacific dominated the market with the largest market share in 2023.
  • By product type, the milk segment has held the major market share in 2023.
    By distribution channel, the supermarket/hypermarket stores segment led the global market.
  • North America dairy product market size reached USD 62.8 billion in 2023 and is expected to grow at a CAGR of 2.9% from 2024 to 2033.
  • Europe dairy products market size was estimated at USD 136.8 billion in 2023 and it is growing at a CAGR of 3.3% from 2024 to 2033.
  • China dairy product market was valued at USD 63.4 billion in 2023 and is growing at a CAGR of 3.6% from 2024 to 2033.
  • India dairy product size accounted for USD 55.7 billion in 2023 and is predicted to grow at a CAGR of 4% from 2024 to 2033.

Regional Stance

The Asia Pacific dairy products market size accounted for USD 241.8 billion in 2024 and is anticipated to reach around USD 326.4 billion by 2033, growing at a CAGR of 3.4% from 2024 to 2033.

The Asia-Pacific region is experiencing a surge in milk demand due to a large population, rising demand, increased production, government initiatives, disposable income, and urbanization. Consumer awareness of dairy products’ health benefits and increased milk usage in households like India and China are driving market growth.

The dairy sector assumes a great deal of significance for India on various accounts. As an industry, it employs more than 80 million people, with the majority being small and marginal farmers as well as the landless. India has witnessed remarkable growth in the production and consumption of milk and dairy products in the last nine years. Today, India is the largest producer of milk in the world, contributing 24% of global milk production.

  1. The milk production of India has registered an over 61 percent increase from 137.7 million tonnes in 2013-14 to 221.1 million tonnes in 2021-22. Moreover, the per-capita availability of milk has increased from 303 grams/day in 2013-14 to 444 grams/day in 2021-22, nearly 1.5 times increase.

North America is an opportunistic region for the growth of the dairy products market. North America’s milk industry is evolving due to increasing consumer demands for health-conscious dairy products and high-protein alternatives. As lactose intolerance becomes more prevalent, there is a growing market for dairy products designed for this group, such as cheese with less lactose.

In North America, a lot of dairy products are used in the form of cheese, butter, and cream, which boosts market growth. Organic milk demand is also growing due to increased environmental and health awareness, as customers view organic products as sustainable and natural. The future of the dairy business in the region is likely to be shaped by these trends.

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Scope of Dairy Products Market

Report Coverage Details
Market Size in 2023 USD 511.6 Billion
Market Size in 2024 USD 528.5 Billion
Market Size by 2033 USD 699.4 Billion
CAGR 3.17% from 2024 to 2033
Largest Market Asia Pacific 
Fastest Growing Market North America
Base Year 2023
Forecast Year 2024 to 2033
Historical Year         2021-2022
Segments Covered Product, Distribution Channel, an Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Report Highlights

By Product Type

The milk segment dominated the dairy products market in 2023. The global market growth of the milk segment is attributed to its nutritional properties and increased awareness of its health benefits. Dairy milk is a vital source of essential vitamins and nutrients, including protein, vitamin D, vitamin A, and zinc. It is the primary calcium source and aids in bone and teeth health. It also supports digestive health, relaxation, heart health, skin and hair health, emotional and mental health, energy, and hydration, and is beneficial during pregnancy. Dairy milk is natural and contains all-natural ingredients, unlike plant-based alternatives.

The yogurt segment is expected to be most opportunistic during the fastest period. Yogurts, rich in protein, calcium, vitamins, and probiotics, can improve gut microbiota, protect bones and teeth, prevent digestive issues, and serve as a weight-loss protein source and immune system booster. Yogurts are also sold in various flavors that grab the attention of various groups, including children and those who do not like consuming yogurt.

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By Distribution Channel

The supermarket/hypermarket stores segment dominated the global dairy products market in 2023. Supermarkets offer customers convenience by offering all their goods under one roof, saving time. They also offer promotional schemes like discounts, cash-backs, and contests, making shopping a rewarding experience. Additionally, their prime location in cities attracts many customers, increasing their profitability and attracting more customers.

Market Dynamics

Driver

Health and wellness concerns

Busy lives, greater people’s awareness, and vegetarian products are all driving the dairy products market forward. Busy millennials frequently fail to follow a balanced meal plan. Therefore, they choose to consume dairy products to meet their nutritional requirements. People are becoming more aware of the dangers of medications and the value of appropriate eating.

Cultured dairy products are gaining popularity among consumers seeking an extra boost in their health and wellness status. These products, such as yogurt and other dairy products, are viewed as convenient, easy-to-consume, and readily available foods. They offer functional food components like soluble fiber, carotenoids, vitamin D, lutein, omega-3 fatty acids, phytosterols, and lycopene, which can reduce the risk of coronary heart disease, reduce inflammation, promote healthy vision, and reduce risk factors for cardiovascular disease. These products cater to a growing market of consumers, from toddlers to seniors, who desire convenient, good-tasting health and wellness foods. Including more fat in these products can ensure a pleasant eating experience without added gums and stabilizers.
Restraint

Evolving consumer preferences

Consumer preferences are extremely flexible and are constantly influenced by social structure, technological breakthroughs, changing lifestyles, and a variety of other factors. The constant flow of data disrupts and contributes to shifts in consumer preferences and what groups of consumers find appealing. Due to dietary shifts, environmental consciousness, and health concerns, the traditional market is seeing a fall in demand. The emergence of plant-based substitutes, dairy alternatives, and the decline in dairy consumption has influenced the sector.

Browse More Insights:

Organic Dairy Market: The global organic dairy market size was valued at US$ 24.05 billion in 2021 and it is expected to surpass around US$ 53.6 billion by 2030, growing at a CAGR of 10.1% from 2022 to 2030.

Functional Food Market: The global functional food market size was valued at USD 305.4 billion in 2022 and it is predicted to hit around USD 597.1 billion by 2032, growing at a registered CAGR of 6.93% from 2023 to 2032.

A2 Milk Market: The global A2 milk market size was estimated USD 9.38 billion in 2021 and is projected to hit over USD 31.51 billion by 2030, expanding at a CAGR of 18.6% from 2022 to 2030.

Dairy Ingredients Market: The global dairy ingredients market size was valued at USD 69 billion in 2022 and is expected to hit around USD 132.59 billion by 2032, growing at a CAGR of 6.8 from 2023 to 2032.

Food Safety Testing Market: The global food safety testing market size reached USD 21.47 billion in 2022 and is projected to hit over USD 45.28 billion by 2032, at a CAGR of 7.8% from 2023 to 2032.

Dairy Alternatives Market: The global dairy alternatives market size was accounted for USD 27.72 CAGR of 11.7% from 2023 to 2032.

Fruit Preparation for Dairy Market: The global fruit preparation for dairy market size was valued at USD 5.50 billion in 2022 and is predicted to reach USD 9.99 billion by the end of 2032, representing an impressive CAGR of 6.20% from 2023 to 2032.

Protein Ingredients Market: The global protein ingredients market size was estimated at US$ 75 billion in 2022 and it is expected to hit US$ 127.50 billion by 2032 poised to grow at a CAGR of 5.50% from 2023 to 2032.

Organic Food Market: The global organic food market size was valued at USD 183.35 billion in 2022 and is expected to be worth around USD 546.97 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.60% from 2023 to 2032.

Food Enzymes Market: The global food enzymes market size accounted for USD 2.06 billion in 2022 and it is expected to hit around USD 3.92 billion by 2032, expanding at a CAGR of 6.7% from 2023 to 2032.

Opportunity

Artificial insemination advancement

The dairy products market provides technology-driven opportunities for entrepreneurs to provide traceability solutions that improve global trade and quality assurance. Artificial insemination (AI) is an extremely effective technology for dairy farmers to increase productivity and profitability. It enables the efficient use of high-quality bulls, decreasing the need for costly maintenance and preventing disease transmission.

AI enables numerous inseminations in females in different geographical areas, eliminating the requirement to maintain breeding bulls. It also improves breeding efficiency by routinely examining semen after collection and conducting fertility checks regularly, allowing for the early diagnosis of inferior bulls and increased breeding efficiency. AI also enables for the mating of large animals without causing injury, and it can be employed even after an elite bull has died. When combined with an estrous synchronization program, AI can help keep flawless breeding and calving records, increase conception rates, use old, heavy, and damaged sires, and promote constant, uniform calf crop output.

Recent Developments:

  1. In March 2024, Mother Dairy plans to invest Rs 650 crore in two new milk processing plants and Rs 100 crore to expand its existing plants in Delhi-NCR, aiming to meet rising consumer demand.
  2. In March 2024, Unilever Plc plans to separate from brands like Ben & Jerry’s, as CEO Hein Schumacher streamlines the UK consumer-goods conglomerate by cutting 7,500 jobs from its ice cream business.

In March 2024, Amul, a dairy giant in India, decided to launch Amul Fresh Milk outside India for the first time. The company is going to launch 4 variants of milk with the help of GCMMF in the U.S. market.

Dairy Products Market Key Players

      ●   Arla Foods Amba
      ●   Nestle
      ●   Danone
      ●   Fonterra
      ●   Lactalis
      ●   Frieslandcampina
      ●   DMK Group
      ●   GCMMF
      ●   Dairy Farmers of America, Inc.
      ●   Meiji Holdings Co. Ltd.
      ●   The Kraft Heinz Company

Segments Covered in the Report

By Product Type

      ●   Milk
      ●   Cheese
      ●   Butter
      ●   Desserts
      ●   Yogurt
      ●   Others

By Distribution Channel

      ●   Supermarket/Hypermarket
      ●   Specialty Stores
      ●   Convenience Stores
      ●   Others

By Regions

      ●   North America
      ●   Europe
      ●   Asia-Pacific
      ●   Latin America
      ●   Middle East & Africa (MEA)

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