In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Dairy product or milk product refers to product which contains milk of mammals (Cow, Buffalo, Sheep and Camel) and also includes butter, cheese and yogurts. Dairy products satisfy the daily need of the consumers. Dairy products such as milk, yogurt and cheese are being an essential part of a regular diet.
Dairy product global market is estimated to flourish at a significant CAGR by 2027. Growing population and rise in per capita income are anticipated to provide a steady growth in the near future. Growing consumption of tradable product like butter, cheese and milk powder are some of the major factor that is expected to boost up the growth of market across the globe. Novel products with better quality and improved nutritional values are been introduced by major players to capture these increasing demand of the market.
According to the FAO, around 150 million households around the world are engaged in production of milk and milk products. In last three decades, overall milk production rate has been reported to have increased by more than 50%, from 482 million tonnes to 754 million tones.
In the regional platform, regions like North America and Europe have observed a substantial rise in number of medium and large scale industries of dairy product. These medium and large scale industries are expected to play a crucial role in evolving the industry. Dairy product is a high quality product which requires lot of investment for the sake of better growth in the market. International market is comprised of both organized and unorganized producer of dairy product. Countries such as China, Japan and Mexico have large amount of production.
Get more information on this report: Download Sample PDF
Asia Pacific, dairy product market is expected to grow at a significant pace over the forecast period. Further, the market of milk, butter and cheese in dairy product in Asia Pacific is projected to grow at highest CAGR during the forecast period. Growth in dairy research & development expenditure is envisioned to positively impact the growth of dairy product market. Moreover, rising population in Asia Pacific countries is expected to fuel the demand for dairy product market during the forecast period.
Our-in depth analysis of the global dairy product market includes the following segments:
By Product Type
Global dairy product market is further classified on the basis of region as follows:
Rising demand for healthy dairy product such as lactose free, fat free and cholesterol-free is expected for the market growth.Global dairy product market is majorly captured by milk and milk products such as cheese, butter, yoghurt and many others. Growing population is increasing the demand of tradable and non- tradable goods. Further, this factor is anticipated to drive the growth of the market. Latest technology advancement and impressive transportation facility is expected to fuel the growth of the market in the near future. Rising consumption levels of foods such as ice creams and milk shakes are also anticipated to drive market growth over the forecast period.
Furthermore, rapid urbanization along with positive GDP figures of developed and developing nations such as U.S., China and others are projected to flourish the growth of dairy product market. In addition to this, favorable government initiatives regarding adoption and regulations of milk products are predicted to fuel the growth of dairy product market.
However, dairy product can cause problem for an individual who have lactose intolerance and milk allergy. Excessive use of milk product can make sudden increase in cholesterol which can lead to heart disease. These factors are anticipated to negatively impact the growth of the market.