Dairy Products Global Market Report 2024

The dairy products market size has grown steadily in recent years. It will grow from $500.83 billion in 2023 to $524.15 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to several factors, including urbanization and changing lifestyles, rising disposable income, population growth and demographic shifts, innovation in product offerings, and trade liberalization. These elements collectively contributed to the expansion and development of the dairy product industry during that time.

The dairy products market size is expected to see steady growth in the next few years. It will grow to $628.29 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. In the forecast period, the growth of the dairy product industry can be attributed to various factors such as cultural diversity and adaptation, global trade and market expansion, health and nutrition trends, the growth of plant-based alternatives, and the emphasis on premiumization and specialty offerings. Additionally, major trends in this period include considerations of cultural preferences and diversity, heightened awareness of nutrition, the emphasis on clean label and transparency, globalization and expanding into international markets, as well as the increasing demand for convenience and snacking options.

The dairy products market is poised for growth, largely driven by the surging demand for cheese. Cheese, crafted from curds of soured milk that congeal and mature into soft or hard solids, is a fundamental dairy item. This increased demand for cheese is propelling market expansion. For example, data from the USDA Economic Research Service in 2022 revealed a rise in per capita cheese consumption in the United States, reaching 40.3 pounds in 2021 from 40.1 pounds in 2020, while the total U.S. cheese production in 2020 amounted to 13.25 billion pounds. Hence, the escalating appetite for cheese is a primary force behind the growth of the dairy products market.

The growing demand for an array of dairy products is a driving factor in market advancement. Dairy products encompass a wide spectrum of foodstuffs derived from milk, sourced from various mammals such as cows, goats, sheep, and buffalo. Rich in vital nutrients such as calcium, protein, vitamins, and minerals, these products undergo diverse processing methods to yield consumables such as milk, cheese, butter, and milk powder. Statistics from Stats NZ Tatauranga Aotearoa in September 2022 revealed a substantial uptick in the combined export value of milk powder, butter, and cheese, surging by $2.8 billion, marking a 17% increase to hit $18.8 billion by the fiscal year ending July 2022 compared to the previous year. This heightened demand for a variety of dairy products is a significant driver fostering the expansion of the dairy products market.

Product innovation stands as a pivotal trend reshaping the dairy products market. Leading companies are channeling efforts into innovating products to fortify their market foothold. For instance, in July 2022, Danone SA introduced Aptamil, an industry-first dairy and plant blend baby formula. This unique formula combines a blend of 60% plant protein and 40% dairy protein, incorporating selected plant proteins, fats, and fibers, resulting in a product with a 30% lower carbon footprint. Aptamil utilizes recyclable packaging and supports regenerative agriculture methods, catering to vegetarian and plant-based diets while meeting the nutritional needs of infants. Such innovations underscore a trend toward sustainable, diversified, and nutritionally tailored dairy products, reshaping the market landscape.

Major players within the dairy products market are directing their focus towards the development of advanced technological processes, exemplified by innovations such as 'DelvoONE,' aimed at fortifying their market presence. This new platform integrates artificial intelligence (AI) and machine learning, offering yogurt manufacturers cutting-edge solutions. In October 2022, Koninklijke DSM N.V., a Netherlands-based nutritional ingredients manufacturer, introduced the 'DelvoONE' product portfolio through the 'Culture Co-Creation Platform.' This innovative platform streamlines the development of all-in-one cultures for fermented milk products. It enhances precision and efficiency in new product development for dairy producers by simplifying the complexity of trials in the culture selection process, marking a significant advancement in the industry's technological capabilities.

In October 2021, Inner Mongolia Yili Industrial Group Co., Ltd., a China-based dairy products producer, completed the acquisition of Ausnutria Dairy Co., Ltd., based in the Netherlands, specializing in pediatric milk formula production, processing, and packaging. The undisclosed acquisition aims to bolster Yili's milk formula segment and facilitate its entry into the nutrition goods industry, leveraging Ausnutria's expertise. This strategic move represents a concerted effort to strengthen Yili's position and expand its product offerings within the dairy products market by tapping into Ausnutria's specialized capabilities in infant formula and dairy products.

Major companies operating in the dairy products market report are Arla Foods amba, Fonterra Co-operative Group Limited, The Kraft Heinz Company, Nestlé S.A., Danone S.A., Royal FrieslandCampina N.V., Dairy Farmers of America Inc., DMK Group, Gujarat Cooperative Milk Marketing Federation Ltd., Meiji Holdings Co. Ltd., Parmalat S.p.A., Sodiaal Group, Unilever N.V., Inner Mongolia Yili Industrial Group Co. Ltd., China Mengniu Dairy Co. Ltd., Megmilk Snow Brand Co. Ltd., Saputo Inc., Lactalis International, Dean Foods Company, Agropur Cooperative, Kaira District Co-operative Milk Producers' Union Limited., Arion Dairy Products BV, Bel Group S.A., Savencia SA, Cabot Creamery Cooperative Inc., California Dairies Inc., Clover Sonoma Inc., Darigold Inc., Davisco Foods International Inc., Foremost Farms USA, Glanbia plc., Hilmar Cheese Company Inc., Idaho Milk Products, Kerry Group plc., Land O'Lakes Inc., Leprino Foods Company.

Asia-Pacific was the largest region in the dairy products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the dairy products market during the forecast period. The regions covered in the dairy products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dairy products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key categories of dairy products include milk, cheese, butter, desserts, yogurt, and others. Milk is a liquid produced by the mammary glands of female mammals, providing essential nourishment to their offspring immediately after birth. These products are distributed through diverse channels such as supermarkets, hypermarkets, specialty stores, online retail, and others. Dairy items find applications in bakery and confectionery, clinical nutrition, frozen foods, and various other sectors.

The dairy products market research report is one of a series of new reports that provides dairy products market statistics, including dairy products industry global market size, regional shares, competitors with a dairy products market share, detailed dairy products market segments, market trends and opportunities, and any further data you may need to thrive in the dairy products industry. This dairy products 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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