Global $790 Billion Dairy Products Market Outlook, 2024-2029: Premiumization and Specialty Dairy Products, Plant-Based Dairy Alternatives, Rapid Urbanization and Changing Lifestyles
Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Global Dairy Products Market Outlook, 2029" report has been added to * ResearchAndMarkets.com's* offering.
Global Dairy Products Market is anticipated to cross USD 790 Billion by 2029, increasing from USD 580.18 Billion in 2023. The market is expected to grow with 5.35% CAGR by 2024-29.
The primary reasons for the increasing adoption of dairy products are the sheer diversity they offer. From the creamy goodness of whole milk to the tangy richness of Greek yogurt and the intricate flavors of artisanal cheeses, consumers can choose from an array of options that suit their taste preferences and nutritional needs. Dairy products are renowned for their high-quality protein content.
With increasing world-population and welfare, the demand for the nutritional food is rising sharply. The high nutrition trend is gaining traction and will continue to evoke interest in the upcoming years. The consumers have become more aware about protein and other nutrient benefits in supporting active lifestyle. Also, there is a growing awareness of the negative health aspect of eating red meat with a growing number of people wish to either minimize or cut animal protein out of their diet altogether. In addition, most of these nutrients present in milk are in the forms that are easily absorbed by the human body.
Owing to all these factors, consumers across the globe regularly include milk and milk products into their diet, leading to their high demand and thereby the growth of the global dairy products market. Furthermore, significant product sales through online distribution channels during the COVID-19 pandemic also supported the market growth.
Dairy products offer various health benefits as they are rich in calcium, riboflavin, vitamin D, vitamin A, niacin, potassium, and phosphorus. Regular consumption of dairy products improves bone and gut health and reduces the risks of Cardiovascular Diseases (CVDs) and type 2 diabetes. The rising demand for cheese in developing nations is also expected to drive the market. Earlier, cheese was considered unhealthy due to its association with a high amount of fats.
*Market Drivers*
· *Rising Health Consciousness:* With a growing awareness of the importance of protein in a balanced diet, dairy products, being a rich source of high-quality proteins, are witnessing increased demand. Protein is crucial for muscle development, satiety, and overall health, and dairy products offer a convenient and palatable way to meet these nutritional needs. The aging population and rising concerns about osteoporosis and bone-related issues have led to a heightened demand for dairy products rich in calcium and other essential minerals. Consumers are recognizing the role of dairy in maintaining strong and healthy bones.
· *Rapid Urbanization and Changing Lifestyles:* Urbanization has resulted in busier lifestyles, driving the demand for convenient and portable food options. Dairy products, such as yogurt cups, cheese snacks, and single-serve milk products, are becoming popular choices for on-the-go consumers, providing a quick and nutritious solution for busy schedules. As disposable incomes rise, consumers are more willing to spend on premium and value-added dairy products. This includes specialty cheeses, organic and artisanal dairy items, and products with added health benefits, contributing to the overall growth of the dairy market.
*Market Challenges*
· *Lactose Intolerance and Dairy Allergies:* A significant challenge for the dairy industry is the increasing awareness of lactose intolerance, leading some consumers to seek non-dairy alternatives. This has prompted the development and promotion of lactose-free and plant-based dairy alternatives to cater to individuals with specific dietary restrictions. Allergies to dairy proteins are also a concern, leading to the development of allergen-free alternatives. This challenge necessitates innovation in product development and marketing to address the needs of those who cannot consume traditional dairy products.
· *Environmental and Sustainability Concerns:* The dairy industry faces scrutiny for its environmental impact, including greenhouse gas emissions and land use. Concerns about sustainability and ethical practices are leading to the development of more eco-friendly and sustainable approaches within the dairy sector, including efforts to reduce carbon emissions and adopt responsible farming practices. The rise of plant-based alternatives, driven by environmental concerns and the desire for cruelty-free products, poses a challenge to traditional dairy producers. The market for plant-based milk, cheese, and yogurt has grown significantly, impacting the market share of conventional dairy products.
*Market Trends*
· *Plant-Based Dairy Alternatives:* The growing trend toward plant-based diets and flexitarianism has led to an increased demand for plant-based dairy alternatives. Products made from almonds, soy, oats, and other plant sources are gaining popularity, offering a cruelty-free and environmentally sustainable option for consumers. The plant-based dairy sector is witnessing continuous innovation, with manufacturers developing new products, flavors, and formulations to mimic the taste and texture of traditional dairy. This trend is likely to continue as the market expands.
· *Premiumization and Specialty Dairy Products:* Consumers are showing a growing interest in unique and high-quality dairy products, leading to an increased demand for artisanal and specialty cheeses. Producers are capitalizing on this trend by offering unique flavor profiles, production methods, and branding to differentiate their products. The market is witnessing a surge in the demand for dairy products with added functional benefits, such as probiotics, omega-3 fatty acids, and vitamins. Functional dairy appeals to health-conscious consumers looking for products that offer more than just basic nutrition.
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 165
Forecast Period 2023 - 2029
Estimated Market Value (USD) in 2023 $580.18 Billion
Forecasted Market Value (USD) by 2029 $790 Billion
Compound Annual Growth Rate 5.3%
Regions Covered Global
*Competitive Landscape*
· Competitive Dashboard
· Business Strategies Adopted by Key Players
· Key Players Market Share Insights and Analysis, 2022
· Key Players Market Positioning Matrix
· Porter's Five Forces
*Company Profiles*
· Danone S.A.
· Company Snapshot
· Company Overview
· Financial Highlights
· Geographic Insights
· Business Segment & Performance
· Product Portfolio
· Key Executives
· Strategic Moves & Developments
· Nestle S.A.
· Fonterra Co-operative Group Limited
· Arla Foods
· The Kraft Heinz Company
· Royal FrieslandCampina N.V.
· Almarai Company
· General Mills, Inc.
· Yakult Honsha Co. Ltd.
· Saputo Inc.
· Emmi AG
· Meiji Holdings Company, Ltd.
· Ferrero SpA
· The Hain Celestial Group, Inc.
· Unilever PLC
· Land O'lakes Inc.
· Valio Ltd
· The Bel Group
· Dairy Farmers of America
· Amul (Gujarat Cooperative Milk Marketing Federation Ltd)
*Considered in this report*
· *Historic year:* 2018
· *Base year:* 2023
· *Estimated year:* 2024
· *Forecast year:* 2029
*Aspects covered in this report*
· Dairy Products market Outlook with its value and forecast along with its segments
· Various drivers and challenges
· On-going trends and developments
· Top profiled companies
· Strategic recommendation
*By Product Type*
· Milk
· Cheese
· Yogurt
· Desserts
· Butter
· cream
· Others
*By Distribution Channel*
· Supermarket/Hypermarket
· Specialty Stores
· Convenience Stores
· online retail
· Others
For more information about this report visit https://www.researchandmarkets.com/r/etuebb
*About ResearchAndMarkets.com*
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*Attachment*
· Global Dairy Products Market
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