Market Snapshot
| Study Period: | 2016 -2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | North America |
| Largest Market: | Asia Pacific |
| CAGR: | 5.2 % |
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Market Overview
The global dairy market is projected to register a CAGR of 5.2% over the forecast period (2022 - 2027).
People generally prefer dairy products in their diet because consuming them provides strength and helps build and maintain strong bones. The COVID-19 pandemic significantly affected the market. There was a change in the buying behavior of the consumers, i.e., the consumer's demand for dairy products raised. During the pandemic, the out-of-home consumption of dairy products declined, but the growth was high in the in-home consumption of dairy products. According to Dairy Global, Lactalis, a huge player in this market, Experienced an estimated growth of 5.9% in sales during FY 2021.
The rising number of variants in dairy products provides the consumers with numerous products, which eventually elevate their interest in these products. Thus, the consistency in the innovation of new products is driving the market.
Scope of the Report
Dairy products or milk products, also known as lacticinia, are food products made from milk. The most common dairy animals are cows, buffaloes, nanny goats, and ewes. By product type, the market is segmented into milk, cheese, butter, dairy desserts, yogurt, and other product types. By distribution channel, the market studied is segmented into supermarkets/hypermarkets, convenience stores, specialist stores, and other distribution channels. The study also includes the study of the market in various regions in North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The market sizing and forecasts for each segment have been done based on value (USD million).
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| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Online Retail Stores | |
| Specialist Stores | |
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Key Market Trends
Increased Consumption of Dairy-Based Products by Consumers
With the growing preference for a healthier lifestyle, consumers are preferring a healthy diet. Dairy products provide several healthy nutrients such as calcium, potassium, vitamin D, and protein. Some of the most consumed dairy products are yogurt, milk, and cheese. Due to the health benefits of dairy products, the consumption of these products is rising. There are several variants of dairy products across the globe and consumers prefer different methods of consumption. For example, in several countries, milk is used as the main element in the dessert manufacturing process. The demand for dairy products is rising across the world, and consequently, the per capita consumption of dairy is increasing.
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Asia-Pacific Dominates the Market
Asia-Pacific is the largest geographical segment of the global dairy market. This is due to the huge population of this region. The method of consumption of dairy products varies from country to country. For example, in India, many dairy products are used in cooking to enhance flavor. Moreover, dairy products can help lower blood pressure, prevent heart diseases, and maintain body weight. This factor extends the market to health-conscious consumers as well.
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Competitive Landscape
The market studied is competitive in nature. This is due to the presence of domestic and international players. Some of the major players in the market include Nestlé Food company, Lactalis Corporation, Danone Food company, Fonterra Dairying company, and FrieslandCampina Food company. Most of these companies are actively involved in product innovation, and mergers and acquisitions. Also, the leading global companies occupy considerable shares of the industry. The aforementioned strategies enable these top players to sustain their dominance over other regional players in the industry.
Recent Developments
- In 2021, Danone acquired Follow Your Heart. The strategy behind the acquisition was to expand Danone's product portfolio in plant-based dairy products. These plant-based dairy products help Danone extend its presence to vegan consumers and help improve its revenues.
- In 2021, Fonterra Dairying Company launched a new product, i.e., milk powder. The product is rich in probiotics extracted from fruits and vegetables. It also contains lactoferrin, which is a key protein to boost immunity. The new product was launched to improve the company's brand image and expand its presence.
- In 2021, Lactalis Corporation acquired the natural cheese business of Kraft Heinz. The cheese business of Kraft Heinz includes ironic brands such as Cracker Barrel®, Breakstone’s®, Knudsen®, Hoffman’s®, etc. According to Lactalis Corporation, the strategy behind the acquisition was to improve its product lines with new and innovative goods and expand its revenues and market presence.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Distribution Channel
5.1.1 Supermarkets/Hypermarkets
5.1.2 Convenience Stores
5.1.3 Online Retail Stores
5.1.4 Specialist Stores
5.1.5 Other Distribution Channels
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.1.4 Rest of North America
5.2.2 Europe
5.2.2.1 Spain
5.2.2.2 United Kingdom
5.2.2.3 Germany
5.2.2.4 France
5.2.2.5 Italy
5.2.2.6 Russia
5.2.2.7 Rest of Europe
5.2.3 Asia Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 South Africa
5.2.5.2 United Arab Emirates
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Ferrero International SA
6.4.2 The Hershey Company
6.4.3 Nestle SA
6.4.4 Dr. Oetker
6.4.5 The J. M. Smucker Company
6.4.6 Gruppo Nutkao
6.4.7 Barefoot & Chocolate
6.4.8 Mondelz International
6.4.9 Nutiva Inc.
6.4.10 Mars Incorporated
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Dairy Market market is studied from 2016 - 2027.
What is the growth rate of Dairy Market?
The Dairy Market is growing at a CAGR of 5.2% over the next 5 years.
Which region has highest growth rate in Dairy Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Dairy Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Dairy Market?
Nestlé Food company, Friesland Campina Food company, Fonterra Dairying company, Danone Food company, Lactalis Corporation are the major companies operating in Dairy Market.
