The global dairy products market is expected to witness significant growth over the forecast period. Growing world population base, rise in per capita income, increase in consumer awareness level regarding nutritional values of dairy products and, change in consumer dietary patterns are the key drivers regulating the market growth. In addition, technological advancements and innovations for obtaining more milk from dairy animals are also estimated to boost the market growth.
Demand for milk and milk products such as cheese and butter is increasing daily with an increase in the world population. High-end technology is required to meet these needs by increasing the milk processing capacity and maintaining the quality of the product. The dairy industry is highly localized owing to the perishable nature of milk products. According to FAO, only 7% of milk in the U.S. is exported. Dairy products are exported to the regions where climatic conditions, unmet demand-supply ratio, unfavorable government measures, and change in exchange rates play a major limiting role. Use of technologically advanced transportation measures for maintaining the efficiency and quality of milk products during long-distance export are also anticipated to boost the dairy products market growth.
Government arbitration plays a major role in regulating the market growth. The government in key dairy-producing countries such as Canada monitors the pricing structure and production quantities of main dairy products. it also monitors the process of storing dairy products in order to maintain the quality of these products for longer durations and avoid unnecessary wastage. Favorable rules and regulation are formed by government bodies in order to protect them from fluctuations in foreign market prices
Rising adoption levels of a sedentary lifestyle, unhealthy food habits and increasing awareness levels for nutritional food products is also estimated to increase demand for the market. Novel products with improved quality and increased nutritional values are been introduced by major players to capture these increasing demands of the market. These products include toned milk, skimmed milk, low-fat energy drinks, seasonal fruit yogurts, and savory yogurt dip.
The dairy products market is segmented on the basis of the type of product. It includes milk, butter, cheese, casein, ice cream, lactose, and yogurt. Among these products, milk, cheese, and lactose are estimated to hold major share of the market owing to their rising demand and increased usage rates in all levels of population. Rising consumption levels of foods such as ice creams and milkshakes are also anticipated to drive market growth over the forecast period.
Based on application, the dairy products market is segmented into frozen food, bakery and confectionary and, clinical nutrition. Frozen food include ice creams and other condensed milk products to be maintained for longer durations. The bakery industry also has applications of dairy products such as cream, cheese, and butter during the production of various types of biscuits and bread. Dairy products owing to their nutritional values and benefits are also administered by clinical professionals to patients suffering from some disorders and undergoing surgery. The foodservice and food processing industry and the food retailers are the major customers for these products.
The dairy industry is also considered as one of the major industry providing a huge amount of employment worldwide. According to FAO, around 150 million households around the world are engaged in the production of milk and milk products. In the last three decades, the overall milk production rate has been reported to have increased by more than 50%, from 482 million tonnes to 754 million tones.
North America is estimated to dominate the market. Key factors supporting the largest share are the ability to manage a higher number of herds, increase in per cow milk production, increasing awareness levels among people for nutritional products, and introduction of advanced equipment for milk processing.
Asia Pacific region is expected to be one of the fastest-growing regions over the forecast period. India contributes around 16% of global dairy production. The increase in population base, high consumption of dairy products, and increasing economic growth in this region are the factors attributing significant growth.
Key players of the dairy products market are Amul, Agra Industrier, Dairy Farmers, Kraft Foods Inc., Fonterra Group Cooperative Limited, Dairy Farmers of America Inc., Arla Foods UK Plc., Meiji Dairies Corporation, Nestle SA, Royal Friesl and Campina N.V.Sancor Cooperatives Unidas Limited, Megmilk Snow Brand Co. Ltd, Dean Foods Company, Parmalat S.P.A, Danone and Unilever.
Market players such as Danone are continuously innovating and manufacturing the products to attract a huge base of population. The company has developed a program called Nutriplanet. This program is for the better identification of the taste, nutritional needs, and habits of the customer. The Program also provides support to local milk producers to maintain the quality of milk products and improve farming practices.
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FDA, in particular, has relaxed the nutrition labeling of products which is expected to aid in increasing the distribution of packaged foods by restaurant operators leading to the optimum supply chain of products to consumers. Furthermore, food safety testing and processing industries are expected to function at full capacity owing to consumers stock-piling goods during the COVID-19 lockdown. The report will account for Covid19 as a key market contributor.