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Dairy Food Global Market is Expected to Grow to $1,360.11 Billion in 2031 at a CAGR of 6.1%

Dairy Food Global Market is Expected to Grow to $1,360.11 Billion in 2031 at a CAGR of 6.1%

According to a report by Altus Market Research titled, “Dairy Food Global Market 2022 Opportunities And Strategies To 2031: COVID-19 Impact And Recovery Including: By Type: (Milk And Butter; Cheese; Dry, Condensed, And Evaporated Dairy Products; Ice Cream And Frozen Dessert); By Distribution Channel”, the global dairy food market size reached a value of nearly $722.14 billion in 2021, having grown at a compound annual growth rate (CAGR) of 5.1% since 2016, and is expected to grow at a CAGR of 7.0% to nearly $1,012.98 billion by 2026. Also, the market is expected to grow to $1,360.11 billion in 2031 at a CAGR of 6.1%.

Market Growth Drivers:

Growth in the historic period resulted from strong economic growth in emerging markets, global population growth, a rise in disposable income, growing number of health-conscious consumers, and low interest rate environment. Factors that negatively affected growth in the historic period were shortage of labor, reductions in free trade, and counterfeit products. Going forward, the covid-19 pandemic, rising population, rising penetration of organized retail, improvement in cold chains, increased dietary consciousness and increasing product launches will drive the growth. Factors that could hinder the growth of the dairy food market in the future include government initiatives towards milk alternatives and an increase in lactose intolerance among consumers.

Market Growth by Key Players:

The dairy food market is fairly fragmented, with a large number of players. The top ten competitors in the market made up to 18.92% of the total market in 2020. Major players in the market include Groupe Lactalis S.A., Danone S.A., Fonterra Co-operative Group Limited, Inner Mongolia Yili Industrial Group Co., Ltd., Nestle S.A., Saputo Inc, Frieslandcampina, Arla Foods amba, Dairy Farmers of America, and The Kraft Heinz Company.

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Market Growth by Segments:

The dairy food market is segmented by type into milk and butter, cheese, dry, condensed, and evaporated dairy product, and ice cream and frozen dessert. The milk and butter market was the largest segment of the dairy food market, accounting for 43.8% of the total market in 2021. Going forward, the cheese market is expected to be the fastest growing segment in the dairy food market segmented by type, at a CAGR of 7.8% during 2021-2026.

The milk and butter market is further segmented by type into milk and butter. The milk was the largest segment of the milk and butter market, accounting for 91.6% of the total market in 2021. Going forward, the butter market is expected to be the fastest growing segment in the milk and butter market segmented by type, at a CAGR of 8.5% during 2021-2026.

The cheese market is further segmented by type into natural cheese, and processed cheese. The processed cheese was the largest segment of the cheese market by type, accounting for 63.7% of the total market in 2021. Going forward, the natural cheese market is expected to be the fastest growing segment in the cheese market segmented by type, at a CAGR of 9.2% during 2021-2026.

The dry, condensed, and evaporated dairy products market is further segmented by type into dry dairy product, condensed dairy product and evaporated dairy product. The dry dairy product was the largest segment of the dry, condensed, and evaporated dairy products market by type, accounting for 69.4% of the total market in 2021. Going forward, the condensed dairy product market is expected to be the fastest growing segment in the dry, condensed, and evaporated dairy products market segmented by type, at a CAGR of 6.8% during 2021-2026.

The ice cream and frozen dessert market is further segmented by type into ice cream and frozen dessert. The frozen dessert was the largest segment of the ice cream and frozen dessert market by type, accounting for 63.5% of the total market in 2021. Going forward, the frozen dessert market is expected to be the fastest growing segment in the ice cream and frozen dessert market segmented by type, at a CAGR of 6.9% during 2021-2026.

Market Growth distribution channel

The dairy food market is also segmented by distribution channel into supermarkets/hypermarkets, convenience stores, e-commerce, and others. The supermarkets/hypermarkets market was the largest segment of the dairy food market, accounting for 50.1% of the total market in 2021. Going forward, the e-commerce market is expected to be the fastest growing segment in the dairy food market segmented by distribution channel, at a CAGR of 14.1% during 2021-2026.

Market Growth by Region:

Asia Pacific was the largest region in the dairy food market, accounting for 42.1% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the dairy food market will be South America, and Middle East where growth will be at CAGRs of 8.9% and 8.8% respectively. These will be followed by Africa, and Asia Pacific, where the markets are expected to grow at CAGRs of 8.7% and 8.3% respectively.

Future Investment Opportunities:

The top opportunities in the dairy food market segmented by type will arise in the milk and butter segment, which will gain $125.1 billion of global annual sales by 2026. The top opportunities in the milk and butter market segmented by type will arise in the milk segment, which will gain $111.7 billion of global annual sales by 2026. The top opportunities in the cheese market segmented by type will arise in the processed cheese segment, which will gain $55.6 billion of global annual sales by 2026. The top opportunities in the dry, condensed, and evaporated dairy product market segmented by type will arise in the dry dairy product segment, which will gain $19.4 billion of global annual sales by 2026. The top opportunities in the ice cream and frozen dessert market segmented by type will arise in the frozen dessert segment, which will gain $23.9 billion of global annual sales by 2026. The top opportunities in the dairy food market segmented by distribution channel will arise in the Supermarkets/Hypermarkets segment, which will gain $124.0 billion of global annual sales by 2026. The dairy food market size will gain the most in China at $69.5 billion.

Market: Trend-based Strategies

Market-trend-based strategies for the dairy food market include internet of things (IoT) technology, increasing dairy food companies’ collaboration with e-commerce companies, increasing demand for clean label products, robotics and automation in dairy industry, partnerships and acquisition for brand expansions. Player-adopted strategies in the dairy food market include product innovation and new opportunities for business development, expand its dairy business through strategic acquisitions, product innovation through strategic partnerships, expand its customer reach through digital platforms.

Growth Strategies by Altus Market Research for Companies in the Market:

To take advantage of the opportunities, The AMR recommends the dairy food companies focus on internet of things (IoT) technology in supply chain management, invest in robotics and automation, focus on clean label products, collaborate with e-commerce companies, expand in emerging markets, set up authorized distributors and sales representatives, adopt market-based pricing, offer competitively priced products, leverage social media use to maximize reach, target local

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