Global Dairy Food Market 2022 to 2031 – Featuring Groupe Lactalis, Danone, Fonterra Co-operative, Inner Mongolia Yili Industrial and Nestle – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Dairy Food Global Market Opportunities And Strategies To 2031: COVID-19 Impact And Recovery” report has been added to ResearchAndMarkets.com’s offering.
This report describes and evaluates the global dairy food market. It covers three five-year periods: 2016-2021, termed the historic period, and the forecast periods of 2021-2026 and 2026-2031. The report evaluates the market across each region as well as for the major economies within each region.
The global dairy food market 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%.
Companies Mentioned
- Groupe Lactalis S.A.
- Danone S.A.
- Fonterra Co-operative Group Limited
- Inner Mongolia Yili Industrial Group Co., Ltd.
- Nestle S.A.
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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.
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.
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.
For more information about this report visit https://www.researchandmarkets.com/r/u98dn7
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