|Study Period:||2016 -2027|
|Fastest Growing Market:||North America|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global dairy market is projected to grow with a CAGR of 5.2% over the forecast period (2022 - 2027).
The COVID19 crisis had significantly affected the market. There was a change in buying behavior of the consumers. This was because of the fact that consumers were preferring a majority of dairy products in their diet as the consumption of dairy products provides strength, and helps in building and maintaining strong bones. Thus, the consumer's demand for dairy products raised during the pandemic. During the pandemic, the out-of-home consumption of dairy products was declined, but the growth was elevated at the in-home consumption of dairy products. According to Dairy Global, Lactalis, which is a giant player in this industry has an estimated growth of 5.9% in sales during fiscal 2021.
The rising awareness of the consumers towards health and consumption of nutritious foods to maintain better health is one of the major factors that is driving the market.
The rising variants in dairy products provide the consumers numerous products, which eventually elevate the interest of the consumers towards the consumption of 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 a cow, water buffalo, nanny goat, and ewe. The dairy market is segmented into milk, cheese, butter, dairy desserts, yogurt, and other product types based on product type. Furthermore, by distribution channel, the market studied is segmented into supermarkets/hypermarkets, convenience stores, specialist stores, and other distribution channels. The market study also includes the study of different regions, including North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market sizing and forecasts for each segment have been done based on (in USD million).
|By Distribution Channel|
|Online Retail Stores|
Key Market Trends
Increased Consumption of Dairy-Based Products Among Consumers
With the growing preference for a healthier lifestyle, consumers are also preferring a healthy diet. Consumers are also preferring a good quantity of dairy products in their diet, because of the fact that dairy products provide several healthy nutrition to the consumers, some of these nutrients are, 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, consumers are trending towards the maximum consumption of these products. There are several variants of dairy products across the globe and the consumer prefers different ways to consume dairy products, for example, in several countries, milk is used as the main element for the dessert manufacturing process. The demand for dairy products is rising all around the globe because dairy products are becoming the daily essentials of mankind, which is one of the major reasons that is dragging the per capita spending towards the market.
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Asia-Pacific is the Largest Market
Asia-Pacific is the largest market in this segment. This is due to the presence of a large population in this region. The consumers in this region are much into dairy products because of the health benefits these products offer to the consumers. The consumption of dairy products varies from country to country in this region, for example, in India, the majority of dairy products are used in several cuisines to provide the consumer a traditional and royal taste. Moreover, the health benefits of consumption of dairy products such as these products can help in lowering blood pressure and heart diseases are tugging the attention of many cardiovascular patients towards the market, whereas, the additional benefit of dairy products is it helps in maintaining the body weight is eventually attracting huge consumers towards the global dairy market, this is one of the major reasons that is driving the market.
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The market studied is competitive in nature, this is due to the presence of both domestic and international players in the segment. Some of the major players in the global mustard market include Nestlé Food company, Lactalis Corporation, Danone Food company, Fonterra Dairying company, and FrieslandCampina Food company. Most of the companies are actively involved in product innovation along with mergers and acquisitions, owing to globalization, and also, the leading global companies have a considerable share within the industry. The strategy behind mergers and acquisitions is also enabling these top players to sustain dominance over other regional players in the industry.
- In 2021, Danone has acquired Follow Your Heart, the strategy behind the acquisition was to expand the company's product portfolio in plant-based dairy products, according to the company the innovation the plant-based dairy products can even target the pure vegetarian consumers which will result in large sales of the product and will help in growing the business.
- In 2021, Fonterra Dairying company has launched a new product which was milk powder, according to the company the specialty of the product is rich in rich in probiotics extracted from fruits and vegetables and it also contains lactoferrin which will act as a key protein to boost immunity. The strategy behind the new launch of the product is to provide the consumers with a range of better products which will build the brand name of the company and will enable the company to sustain a better position among the top players in the dairy industry.
- In 2021, Lactalis Corporation has acquired the natural cheese business of Kraft Heinz. The cheese business of Kraft Heinz includes irnonic brands such as Cracker Barrel®, Breakstone’s®, Knudsen®, Hoffman’s® etc. According to Lactalis Corporation, the strategy behind the acquistion is to bring the new innovation to the exisiting product with the expertise of the acquired companies, moreover, the company is also looking to target the large consumers by offering them new innovated products which will also help the company to expand the business ultimately.
Table of Contents
1.1 Study Assumptions & 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 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Distribution Channel
5.1.2 Convenience Stores
5.1.3 Online Retail Stores
5.1.4 Specialist Stores
5.2.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.2.3 Asia Pacific
220.127.116.11 Rest of Asia-Pacific
5.2.4 South America
18.104.22.168 Rest of South America
5.2.5 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 United Arab Emirates
188.8.131.52 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Ferrero International S.A
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
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID19 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.