Milk Global Market Report 2024

The milk market size has grown strongly in recent years. It will grow from $794.96 billion in 2023 to $863.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The historical period's growth can be attributed to several factors, including population growth and urbanization, increased awareness of nutrition, changing dietary preferences, economic development, and the development of the dairy industry.

The milk market size is expected to see strong growth in the next few years. It will grow to $1181.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be linked to various factors, including health and wellness trends, the adoption of sustainable dairy practices, shifts in dietary preferences towards plant-based alternatives, global food security concerns, and ongoing innovation in dairy products. Prominent trends in the forecast period encompass the utilization of data analytics and insights, optimization of remote work practices, considerations for sustainability and environmental, social, and governance (ESG) factors, the implementation of agile and adaptive operations, and the integration of cybersecurity measures.

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 rising number of individuals adopting a vegan lifestyle is expected to foster the growth of the milk market. Vegans adhere to a diet that excludes not only meat but also all other animal-derived products. The benefits of milk substitutes for vegans, such as improved health, nutrition, and environmental sustainability, make them a viable option for those following a vegan lifestyle. As of December 2021, redefine meat, an Israel-based technology company, estimated that approximately 79 million people worldwide, slightly over 1% of the total population, identified as vegans. Hence, the increasing vegan population is propelling the growth 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 report are Danone SA, Arla Foods Amba, China Mengniu Dairy Company Limited, Kraft Foods Group Inc., 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, Fonterra Co-operative Group Limited, 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 2023. 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.

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 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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