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Dairy industry constitutes of milk production, its preparation for sale, and manufacturing of dairy products. Dairy market consists of a wide range of products including milk, yogurt, cheese, spreadable fats, cream, and others. The demand of dairy products is continuously fostering, especially in developing countries, owing to higher nutritional value associated with milk and milk products. According to Food & Agriculture Organization of the United Nations (FAO), world milk output witnessed a growth of 1.4 percent between the years 2016 and 2017, and reached 811 million tonnes in 2017.
The global dairy market is extremely fragmented and has a large number of international and local market palyers. The most adopted strategy by significant market players are launch of innovative products, especially dairy products that claims to be organic or natural. For instance, in September 2018, Arla Foods introduced a range of fruit yogurts called Arla Bio Nur, in Germany market. The product is developed from a combination of 25% organic fruit and 75% organic yogurt.
Key Market Driver -
Increasing demand of milk and dairy products in developing countries
Key Market Restraint -
Lactose intolerance and increased inclination of consumers towards vegan diet
Increased consumption of dairy products in emerging economies such as China, Japan, and India is expected to drive the growth of global dairy market during the forecast period. According to FAO, the milk output in Asia rose by 1.9% during 2016-17, attributed by improved dairy industry performance in India and Pakistan. To meet the dairy demand entrance of local market players in developing markets is projected to further fuel the growth of overall dairy market.
Rising number of people who are intolerant towards lactose consumption is a major restraining factor for the growth of global dairy market. According to National Institutes of Health (NIH), around 30 to 50 million American population is estimated to be lactose intolerant. Rising number of vegan population, due to potential health benefits offered by vegan diet can also hinder the growth of global dairy market during the forecast period.
Some of the major companies that are present in the global confectionery market are Arla Foods, Muller Group, Groupe Danone, Nestle S.A., Fonterra Co-operative Group Limited, Dairy Farmers of America, Kraft Foods, Amul Industries Private Limited, Yili, Mother Dairy Fruit & Vegetables Private Ltd., and The Lactalis Group.
Drinkable yogurt segment is projected to be the fastest growing segment among products, owing to increasing consumer inclination towards probiotic drinks. The increased adoption of yogurt drink to aid digestive system, reduce weight, and improve overall health, especially in developed markets is expected to propel the growth of drinkable yogurt market in the forthcoming years. Furthermore, launch of new yogurt drinks with new and exotic flavours by prominent market players will further augment the growth of drinkable yogurt segment during the forecast years.
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Asia Pacific held the largest market share in the global dairy market in the year 2017, and is expected to dominate the global dairy market during the forecast years. Growth in dairy industry of Asia Pacific is hugely contributed by the major Asian economies such as China, India, and Japan. According to the U.S. Dairy Export Council (USDEC), in 2017, cheese import value of China crossed 108,000 tons. Cheese import by China attained a compound annual growth rate of 27%. Expansion in retail distribution of dairy products in Asia Pacific, coupled with increasing product launches by local as well as multi-national market players is projected to impact the Asia Pacific dairy market positively during the forecast period.
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