Dairy Foods Market Size Worth $1,346.32 Billion By 2030 | CAGR: 6.5%
The global dairy foods market size is expected to reach USD 1,346.32 Billion by 2030 according to a new study by Polaris Market Research. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Factors such as the rising consumer disposable income, growing health consciousness, increased milk production in developing countries, as well as increased consumption of protein-enriched foods are expected to contribute to the demand for the products over the forecast period. The growth of the industry is attributed to the consumers shifting preference from meat to milk-based products for micronutrients and proteins, along with the development of the new innovative product offerings by the manufacturers present across the globe. The essential nutritional benefits offered by the milk products along with the increased spending of consumers on lactose-free products are boosting the industry demand. In addition, the rising trend of consuming lactose-free products among the young population is further contributing to the global demand.
Asia Pacific is expected to hold the largest share over the forecast period. Rapid growth in population, growing disposable income, and increased awareness of health are the factors anticipated to augment the growth of the industry over the forecast period. Additionally, because of increased government schemes and initiatives aimed at increasing milk production and enhancing cattle productivity, the dairy products industry is likely to expand in the near future. For instance, The Indian government’s National Dairy Program focuses on the development of cow and milk production.
Top key players
Major players such as Arla Foods amba, Dairy Farmers of America, Inc, Danone S.A, DMK Group, Fonterra Co-operative Group, GCMMF, Meiji Holdings Co., Ltd., Nestle, Royal FrieslandCampina, and The Kraft Heinz Company are some key players operating in the global market.