Global Dairy Market to Reach US$ 1,243 Billion by 2028, Propelled by the Escalating Demand for Ready-to-Eat (RTE) Dairy Products

December 01, 2022

The latest report by IMARC, titled “Dairy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global dairy market size reached US$ 893 Billion in 2022. Dairy refers to a business enterprise or facility that prepares food products from the milk of mammals, such as goats, buffaloes, camels, and cows. These food items are a vital source of proteins, zinc, magnesium and calcium, which assist in maintaining the optimum blood pressure while regulating the fluid balance in the body. They also consist of riboflavin that helps in red blood cell production and improves body growth. In recent years, dairy has gained momentum as it enhances the natural balance of the gut microbiota, resulting in a strong immune system and enhanced metabolism.

Global Dairy Market Trends:

One of the primary factors driving the market is the rapidly increasing population and escalating demand for ready-to-eat (RTE) dairy products, such as butter, frozen desserts, milk powder, and yogurt. Additionally, the increasing awareness among the masses about the health benefits of dairy products is creating a positive market outlook. Other than this, due to the growing health consciousness, there has been a rising demand for lactose-free, fat-free, and sugar-free dairy items, which is positively influencing the market growth. Besides this, the availability of different varieties of cheese and the increasing popularity of yogurt, as it plays a vital role in maintaining a healthy gut and improving immunity, is augmenting the market growth. Apart from these factors, the consumption of milk minimizes the risk of osteoporosis among the elderly, which is expected to increase product sales. Furthermore, the inflating income levels, extensive research and development (R&D) activities in the dairy industry, and rapid urbanization and industrialization are other major growth-inducing factors. Looking forward, IMARC Group expects the market value to reach US$ 1,243 Billion by 2028, expanding at a CAGR of 5.79% during the forecast period (2023-2028).

Market Summary:

  • Based on the product type, the market has been divided into liquid milk, flavored milk, cream, butter, cheese, yogurt, ice cream, anhydrous milk fat (AMF), skimmed milk powder (SMP), whole milk powder (WMP), whey protein, lactose powder, curd, and paneer.
  • Region-wise, the market has been classified into the United States, China, India, Japan, Germany, France, the United Kingdom, Italy, Spain, Australia, New Zealand, Canada, Brazil, Mexico, and Turkey.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Nestlé S.A., Fonterra Co-operative Group Limited, Royal FrieslandCampina N.V., Arla Foods amba, Danone SA, and Lactalis International Group.
     

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Global Dairy Market to Reach US$ 1,243 Billion by 2028, Propelled by the Escalating Demand for Ready-to-Eat (RTE) Dairy Products
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