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The dairy market is projected to grow with a CAGR of 5% from 2016 to 2023.
In 2018, the global milk output was valued at 843 million ton, an increase of 2.2% from the valued registered in 2017. This increase can be primarily attributed to production expansions in India, Turkey, the European Union, Pakistan, the United States, and Argentina. However, this factor was partially offset by a decline in milk output, especially in China and Ukraine.
Increasing demand for dairy products is driven by growing population, higher income levels, and rising health consciousness. The global market is primarily dominated by the milk segment, followed by butter and cheese segments.
The Dairy and Milk Processing Market focuses on the analysis on the basis of geography which includes:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Geographically, Europe commanded the largest share of the overall dairy products market, followed by Asia-Pacific. The large share of this region is mainly attributed to high per capita consumption, strong dairy culture, increased new product launches, and better trade landscape at a global level. However, Asia-Pacific region is expected to grow at the fastest CAGR.
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