Milk And Butter Global Market Report 2024

The milk and butter market size has grown strongly in recent years. It will grow from $321.08 billion in 2023 to $339.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historical period can be attributed to factors such as dairy farming practices, the essential role of dairy products as nutritional staples, expansion within the dairy industry, traditional culinary applications, and global trade dynamics.

The milk and butter market size is expected to see strong growth in the next few years. It will grow to $416.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be linked to various factors, including the rise of diverse dairy alternatives, the influence of health and wellness trends, a focus on sustainability and ethical practices, the impact of digital marketing and e-commerce, and the expansion of global markets. Key trends expected in the forecast period encompass the popularity of plant-based milk and butter, the availability of lactose-free and dairy-free options, the development of butter blends and spreads, the emergence of functional and fortified dairy products, and the adoption of sustainable packaging practices.

The growing demand for locally-sourced, sustainable, and organic food production is poised to have a positive influence on the milk and butter manufacturing market in the foreseeable future. The organic food production sector, including organic dairy products, places a strong emphasis on factors such as consumer health, environmental sustainability, and animal welfare. Consumers are increasingly showing concern about the methods of food production and are willing to pay a premium for products they perceive as healthier and more responsible. As an illustration, in June 2022, the Organic Trade Association, a US-based organization representing organic businesses, reported an 11% increase in sales of organic dairy products and eggs compared to previous years. This rising demand for organic products presents significant opportunities for dairy product producers in both developed and developing nations, and it is likely to drive market growth in the coming years.

The primary categories within the realm of milk and butter encompass dairy milk and butter. Butter, a dairy product, is derived from the fat and protein components of churned cream. These products find a wide array of applications in food, beverages, intermediate products, condiments, and various other distribution channels. They are typically distributed through a variety of channels, including supermarkets, hypermarkets, convenience stores, e-commerce, and other distribution outlets.

The milk and butter research report is one of a series of new reports that provides milk and butter statistics, including milk and butter industry global market size, regional shares, competitors with milk and butter shares, detailed milk and butter segments, market trends and opportunities, and any further data you may need to thrive in the milk and butter industry. This milk and butter 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 ever-increasing demand for food is expected to be a driving force behind the milk and butter market in the near future. This heightened demand for food is a global phenomenon driven by factors such as population growth, rising incomes, climate change, the need for food security, evolving dietary preferences, and increased per capita consumption. To cater to these changing consumer preferences, the market has witnessed the development of flavored milk, dairy spreads, flavored butter, and other value-added dairy products. For instance, in August 2023, based on information from the UK's Government Digital Service, the food sector, excluding agriculture and fishery, experienced a 12.3% increase in GVA from 2020, reaching $138.91 billion in 2021. Therefore, the escalating demand in the food sector is a key driver of growth in the milk and butter market.

The outbreak of COVID-19 has had a significant negative impact on the milk and butter manufacturing market in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined because of lockdowns imposed by governments worldwide in response to the pandemic. COVID-19, an infectious disease characterized by symptoms such as fever, cough, and breathing difficulties, was first identified in Wuhan, China, in 2019 and subsequently spread globally, affecting regions including Western Europe, North America, and Asia. Food and beverage manufacturers rely on a steady supply of raw materials from both domestic and international sources. The restrictions on the movement of goods, both within and across countries, led to production halts due to a shortage of raw materials. Additionally, trade restrictions on non-essential goods and concerns about contamination in manufacturing facilities contributed to the overall decline in the market. Despite these challenges, it is anticipated that the milk and butter manufacturing market will recover from this shock over the forecast period, as the impact is considered a 'black swan' event rather than a result of ongoing structural weaknesses in the market or the global economy.

The adoption of Internet of Things (IoT) technology is becoming increasingly prevalent in monitoring dairy products, including milk and butter, to ensure safe handling and quality. IoT technology comprises a network of interconnected devices, vehicles, or objects that continuously exchange data, providing insights into various processes and systems. This technology is being utilized to track the ingredients used in dairy products. Internet-connected equipment within trucks and storage coolers allows for the monitoring of dairy products and the recording of environmental conditions like temperature and location. This data offers valuable information regarding the safe handling of products during transportation. For instance, the Chinese government has implemented the National Food Quality Safety Traceability Platform, utilizing IoT technology to enhance the quality and safety of food production supply chains.

Prominent companies operating in the milk and butter market are actively engaged in innovating new products to enhance their market profitability. These innovative food products often incorporate advanced freezing technologies or methods that preserve the quality, texture, and nutritional value of the food. As an example, in March 2023, Lactalis, a France-based dairy company, introduced a light butter in the UK and Ireland. This newly launched product is aimed at the market for lighter spreadable butter and is devoid of vegetable oil. The introduction of this product by Lactalis is in response to the growing demand for healthier dietary options. The new light butter offers reduced fat content and is crafted using premium ingredients, catering to the preferences of health-conscious consumers.

Major companies operating in the milk and butter market include Danone S.A., Inner Mongolia Yili Industrial Group Co. Ltd., Fonterra Group Cooperative Limited, Groupe Lactalis S.A., Saputo Inc., Arla Foods amba, Frieslandcampina, Yakult Honsha Co. Ltd., Louis Dreyfus, Savencia Fromage & Dairy, Nestle S.A., Dairy Farmers of America Inc., Yili Group, China Mengniu Dairy Company Limited, Land O'Lakes Inc., Dean Foods, DMK Deutsches Milchkontor GmbH, Meiji Holdings Company Ltd., The Kraft Heinz Company, The Agropur Diary Co-operative, Sodiaal, Amul, Schreiber Foods Inc., Müller, Foremost Farms, Hiland Dairy, Prairie Farms Diary, St. Mary's Farm, St. Pete's Select, The Turner Dairies, Tillamook Country Creamy Association, Alpenrose Dairy, Challenge Diary.

Asia-Pacific was the largest region in the milk and butter market in 2023. Western Europe was the second largest region in milk and butter market. The regions covered in the milk and butter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the milk and butter market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The milk and butter market consists of sales of sweet buttermilk, sour buttermilk, skimmed milk powder, fat-filled milk powder, whole milk powder, dairy whiteners, reduced-fat milk (2%), whole milk, lactose-free milk, low-fat milk(1%), skim milk, evaporated milk, condensed milk, creamery butter, whey butter. 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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