The global dairy market reached a value of US$ 673.8 Billion in 2018. Dairy is defined as a business enterprise that deals with the processing and harvesting of animal milk for human consumption. Some of the common milch animals include cow, goat, buffalo, camel and sheep. The milk obtained from these animals can be consumed directly and processed into ice cream, cheese, butter, condensed milk and yogurt. These products offer various nutrients such as calcium, proteins, zinc, magnesium, and vitamin D and B12. With widespread demand for dairy products and their proactive function in the global food industry, dairy plays a crucial role in the growth of the economies worldwide. Over the years, the dairy industry has witnessed improvements in product safety through specialization, modernization and consolidation. Moreover, advancements in global trade have also influenced the profitability of dairy farms.
The rising demand for milk and milk-based ingredients is one of the primary factors supporting the market growth. This can be attributed to population growth, rising incomes, health consciousness and the thriving food and beverage industry. Another major trend in the industry is the incorporation automation technologies in dairy farms. Farmers now have easier access to advanced technologies that help in quantifying information to monitor various operations such as grass and herd management. Other than this, various robotics, smartphone data applications, satellite systems and drones are also available in the market for farmers to make profitable and efficient decisions. Besides, there has been a rise in the demand for clean label products which are free from additives, artificial preservatives or chemicals. Owing to this, manufacturers are prompted to expand their product portfolio with the introduction of organic dairy products. Looking forward, IMARC Group expects the market to reach a value of US$ 1032.7 Billion by 2024, registering a CAGR of around 8% during 2019-2024.
Major Segments and Sub-Segments Covered in this Report:
At present, fluid milk represents the most popular product type, holding the majority of the total market share. Due to the rising population and growing health consciousness across the globe, the demand for fluid milk is rising year on year.
Key Aspects Analyzed in each Dairy Product Market:
Leading Countries Covered in this Report:
On the basis of geography, India is the largest producer of milk in the world but almost all of its dairy produce is consumed domestically. India is followed by Europe, the United States of America, New Zealand and Australia who are among the top dairy producers and direct the global dairy trade.
Key Aspects Analyzed for each Country:
Global Key Players Covered in this Report:
Key Aspects Analyzed for each Company:
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