The dairy products market is expected to record a CAGR of 4.8% over the forecast period. According to estimates, the dairy products market in the Asia Pacific might remain strong throughout the length of the forecast period.
According to FMI analysts, dairy products may reach a net worth of over US$ 845.50 billion in 2033, up from US$ 529.05 billion in 2023. This market is forecast to register a CAGR of 4.8% over the next ten years.
Growing consumer demand for healthy on-the-go snack options drives sales of dairy products worldwide. Dairy-based products contain calcium naturally, making them a healthy snack option.
Due to their health benefits, probiotic drinks have gained popularity, especially due to their ability to improve digestion and immunity. Health and wellness trends have led consumers to choose dairy snacks that are low-fat, lactose-free, and calcium-rich.
Due to an increase in income and increased urbanization over the past several decades, individuals have become more interested in consuming proteins (such as dairy) than grains as a result of increased income and urbanization.
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Dairy products are becoming increasingly popular around the world. To get enough protein daily, consumers are switching from regular meat to dairy products. Additionally, the bakery and confectionery market is expected to grow during the forecast period, since milk is the primary ingredient in most bakery products. This is expected to fuel the dairy product market during the forecast period.
The growing global population is a key opportunity for the dairy product market. This rapid population growth is expected to create new markets for dairy products. The market for infant formula in African countries, as well as in the Indian subcontinent, is expected to grow as a result of rising infant malnutrition. In turn, these factors are expected to increase the dairy product market during the same period.
Key Takeaways from Market Study
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Competitive Landscape:
Several local companies are operating in the moderately fragmented market. Market players use various strategies to gain market share, including investments, partnerships, acquisitions, and mergers. Furthermore, companies are striving to keep their products competitive and to improve their products.
Several prominent companies dominate this market, including Arla Foods Amba, Nestle, Danone, Fonterra, Lactalis, Frieslandcampina, DMK Group, GCMMF, Dairy Farmers of America, Inc., Meiji Holdings Co. Ltd., The Kraft Heinz Company and others.
Recent Developments:
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Dairy Products Market Segmentation by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mar 06, 2023