Milk Market Report 2025

The milk market size has grown strongly in recent years. It will grow from $860.9 billion in 2024 to $921.25 billion in 2025 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to population growth and urbanization, nutritional awareness, changing dietary preferences, economic development, and dairy industry development.

The milk market size is expected to see strong growth in the next few years. It will grow to $1.24 trillion in 2029 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to health and wellness trends, sustainable dairy practices, dietary shifts and plant-based alternatives, global food security, innovation in dairy products. Major trends in the forecast period include data analytics and insights, remote work optimization, sustainability and ESG considerations, agile and adaptive operations, cybersecurity integration.

The increasing demand for dairy products is expected to drive the growth of the milk market in the foreseeable future. Dairy products, encompassing items such as butter, cheese, ice cream, yogurt, and condensed and dried milk, rely on milk as their primary ingredient. The growing consumer preference for these dairy products contributes to an increased demand for milk. For instance, data from the New Zealand-based government data agency, NZ Tauranga Aotearoa, reported a combined export value of milk powder, butter, and cheese at $18.8 billion in September 2022, marking a 17% increase or $2.8 billion from July 2021. Therefore, the surging demand for dairy products is a driving factor for the growth of the milk market.

The increasing number of vegans is expected to boost the growth of the milk market in the coming years. Vegans follow a lifestyle that excludes not only meat but also all animal-derived products, adhering to a specific form of vegetarianism. Milk and milk substitutes offer various benefits for vegans, such as improved health, better nutrition, and greater environmental sustainability, making them a viable and sustainable option for those adopting a vegan lifestyle. For example, in April 2023, the Plant-Based Foods Association, a U.S.-based trade association representing the plant-based food industry, reported that 70% of the total U.S. population consumed plant-based foods in 2022, up from 66% in 2021. As a result, the growing number of vegans is contributing to the expansion of the milk market.

Technological innovations emerge as a prominent trend in the milk market, with major companies focusing on integrating new technology to enhance the quality and safety of milk, thereby reinforcing their market positions. For example, in March 2023, Everest Instruments, an India-based provider of dairy technology solutions, introduced the Fatscan Milk Analyzer. This innovative technology enables a precise and efficient analysis of milk quality, measuring parameters such as % of fat, SNF (solids-not-fat), added water, density, protein, and lactose in less than 30 seconds.

Major companies operating in the milk market are concentrating on introducing innovative products, such as Silk Nextmilk, to drive revenues. Silk Nextmilk, a plant-based milk product catering to dairy-milk consumers, offers both whole fat and reduced fat variations, providing vegans with a practical and sustainable alternative. For instance, in January 2022, DanoneWave LLC, a France-based food-products corporation, launched Silk Nextmilk. This product, specifically designed for dairy lovers, contains six essential dairy nutrients - calcium, vitamin D, vitamin A, vitamin B12, riboflavin, and phosphorus - along with four grams of plant-based protein per serving. The product is non-GMO Project Verified, lactose-free, and has 30% fewer calories than dairy milk, aiming to offer dairy consumers a plant-based option with a similar taste and texture.

In August 2022, Royal A-ware, a Netherlands-based cheese producer, acquired Olympia Dairy for an undisclosed amount. This strategic acquisition complements Royal A-ware’s operations in Belgium and reinforces its potential for future growth. Olympia Dairy, a Belgium-based producer of milk, milk concentrate, and other dairy products, is now part of Royal A-ware's portfolio.

Major companies operating in the milk market include Danone SA, Arla Foods Amba, China Mengniu Dairy Company Limited, Land O’Lakes Inc., Meiji Holdings Co. Ltd., Almarai Company, Royal Friesland Campina NV, Armor Proteines SAS, Dairy Farmers of America Inc., Fonterra Co-operative Group Ltd., Foremost Farms USA Cooperative, Glanbia plc, Groupe Lactalis SA, Gujarat Cooperative Milk Marketing Federation, Hangzhou Wahaha Group Co. Ltd., HP Hood LLC, Inner Mongolia Yili Industrial Group Co. Ltd., Kerry Group plc, Nestle SA, Lactalis Group SA, Saputo Inc., Dairy Farmers of Canada, Dairy Farmers of Ontario, California Dairies Inc., Agropur Cooperative, Anand Milk Union Limited.

Asia-Pacific was the largest region in the milk market in 2024. The regions covered in the milk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the milk market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Milk is characterized as an emulsion of protein and fat in water, produced by various mammals. The milk obtained from domesticated animals serves as a crucial food source for humans, providing essential nourishment.

The primary product types within the category of milk include skimmed milk powder, liquid milk, whey protein, butter, infant nutrition, and others. Skim milk specifically refers to milk from which the milk fat has been removed, containing less than 0.15% fat. Various animal sources contribute to milk production, including cows, sheep, buffalo, goats, and other species. Distribution occurs through diverse channels such as convenience stores, supermarkets, hypermarkets, online platforms, and others.

The milk market research report is one of a series of new reports that provides milk market statistics, including milk industry global market size, regional shares, competitors with a milk market share, detailed milk market segments, market trends, and opportunities, and any further data you may need to thrive in the milk industry. This milk market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The milk market consists of sales of full-fat, toned, and mixed milk. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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