Dairy Market - Growth, Trends, and Forecast (2019 - 2024)

Global Dairy Market is segmented on the basis of Product Type (Milk, Cheese, Butter, Dairy Desserts, Yogurt, and Other Product Types), Distribution Channel ( Supermarkets/Hypermarkets, Convenience Stores, Specialist Retailers, and Other Distribution Channels), and Geography.

Market Snapshot

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Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

South America

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The dairy market is projected to be valued at USD 703.5 billion by 2024, while registering a CAGR of 5% over the forecast period.

  • In 2018, the global milk output was valued at 843 million ton, an increase of 2.2% from the valued registered in 2017. This increase can be primarily attributed to production expansions in India, Turkey, the European Union, Pakistan, the United States, and Argentina. However, this factor was partially offset by a decline in milk output, especially in China and Ukraine.
  • Increasing demand for dairy products is driven by growing population, higher income levels, and rising health consciousness. The global market is primarily dominated by the milk segment, followed by butter and cheese segments. The yogurt and dairy desserts segments are expected to be the fastest growing segments across the world. 
  • Globally, in 2018, the export of butter increased by 7.5%, mainly contributed by countries, like New Zealand, the United States, and India. However, in the European Union, there was a decline in the demand for butter.

 

 

Scope of the Report

On the basis of product type, the dairy market is segmented into milk, cheese, butter, dairy desserts, yogurt, and other product types. The other dairy-based products include sour cream, quark, and fromage frais. Furthermore, by distribution channel, the market studied is segmented into supermarkets/hypermarkets, convenience stores, specialist stores, and other distribution channels.

By Product Type
Milk
Cheese
Butter
Dairy Desserts
Yogurt
Others
By Distribution Channel
Supermarkets and Hypermarkets
Convenience Stores
Specalist Retailers
Online Retail
Others
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Lactose-free Dairy Products are Registering Significant Growth in Sales

In the United States, Europe, and China, more than 5%, 10%, and 90% of the population is intolerant to lactose, respectively. In these markets, lactose-free dairy products are witnessing immense popularity. According to majority of the population, products with low levels of lactose and sugar are considered to be healthy. There is a significant increase in the number of lactose-free products. Products with less lactose content and lactose-free dairy products, such as yoghurt, milk, and cheese, are gaining traction in the market studied. The United States accounts for 29% of all the lactose-free food consumed across the world. The lactose-free dairy category is projected to register a CAGR of 7%.

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Developing Countries are Contributing to the Market's Growth

In developing countries, the sale of dairy products is contributing more than 50% to the global sales. The western market is witnessing slow growth rate, primarily driven by product innovation, while developing countries are registering higher growth rates, primarily driven by rising health consciousness. The South American region is the fastest growing region, followed by the Middle East & Africa. Globally, there is an increasing demand for dairy products. This led to modernization of dairy production in developing countries. Furthermore, factors, such as efficient and sustainable dairy production in these countries are impacting the market’s growth. Majority of the population is benefiting from the revenue generated through the sale of milk. Moreover, modernization resulted in low emission of greenhouse gases, better milk quality, and commercial opportunities for local dairy processing.

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Competitive Landscape

Dairy is an important part of food. It is essential in, both, food service and packaged good categories, whether as an end product (such as milk or yoghurt) or as a critical input for products, such as cheese pizza. Given its intrinsic presence, dairy is a microcosm of the food industry, with the preferences of dairy consumers largely influenced by the same trends affecting the food sector. The dairy market is considerably large, with the presence of numerous companies. Due to the dynamic and staple nature of the market, it is highly competitive. Furthermore, there is high scope for the entry of new companies, as entry barriers are not well developed. Changing consumer behavior, competition, and trade action are impacting the growth of dairy companies. Research in a representative sample of the global dairy companies revealed 3% decline in cumulative return on invested capital (ROIC), from around 9.5% in 2008 to 6.5% in 2017.

Major Players

  1. Nestle
  2. Lactalis
  3. Danone
  4. Fonterra
  5. Frieslandcampina

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porters Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Milk

      2. 5.1.2 Cheese

      3. 5.1.3 Butter

      4. 5.1.4 Dairy Desserts

      5. 5.1.5 Yogurt

      6. 5.1.6 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets and Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Specalist Retailers

      4. 5.2.4 Online Retail

      5. 5.2.5 Others

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Spain

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 South Africa

        4. 5.3.5.4 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Market Share Analysis

    3. 6.3 Key Strategies Adapted by Major Companies

    4. 6.4 Company Profiles

      1. 6.4.1 Nestle

      2. 6.4.2 Lactalis Group

      3. 6.4.3 Danone SA

      4. 6.4.4 Fonterra

      5. 6.4.5 Frieslandcampina

      6. 6.4.6 Arla Foods

      7. 6.4.7 Dean Foods

      8. 6.4.8 Yili

      9. 6.4.9 Mengniu

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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