Growing use of technologically advanced equipment to obtain more milk from dairy animals is likely to propel product demand. Increasing adoption of advanced transportation measures for maintaining efficiency and quality of milk products during long distance exports can augment growth of the market for dairy products. Favorable initiatives from various governments to monitor production and storage of dairy products are likely to stimulate market expansion over the forecast period.
Most companies operating in the market for dairy products are investing in R&D activities to develop advanced equipment for better processing and storage. For instance, Amul recently launched chocolate bars made from camel milk owing to its high nutritional value compared to cow milk. Camel milk can be used as replacement for human breast milk. It has low sugar content, lots of minerals, and high amount of potassium, sodium, copper, zinc, vitamin C, and iron.
The worldwide dairy product market can be segregated on the basis of type and region. Based on type, the market can be categorized into milk and cream, fresh cheese, grated cheese, blue-veined cheese, other processed cheese, fats and oils derived from milk, dairy spreads, butter, ice cream, whey, casein, lactose, yogurt, and butter milk among others. Cheese, milk, and lactose are expected to account for major market share over the forecast period. Rising demand from around the world is anticipated to bode well for product demand in the years to come. In addition, increasing consumption of milkshakes and ice creams can fuel market growth.
Geographically, the market for dairy products is categorized into India, Italy, Japan, United States, Russia, Brazil, Canada, China, France, and Germany. India is expected to dominate the market and account for the largest market share in the forthcoming years. India is anticipated to offer lucrative investment opportunities owing to high production. Dairy products such as buttermilk, yogurt, butter, and cottage cheese are a large part of culinary tradition of India and are consumed on regular basis. This factor is anticipated to propel global market over the forecast period.
U.S. is expected to witness significant CAGR attributed to substantial demand for milk, yogurt, and cheese among local consumers. In addition, growing awareness regarding benefits of nutritional and balanced diet can fuel regional market expansion in near future. Moreover, introduction of advanced milk processing equipment coupled with rising milk production can augment market growth during the forecast period.
Japan is likely to witness rapid expansion in the years to come owing to high demand for cheese, milk, and yogurt among local consumers as compared to other regions. China is expected to register steady CAGR during the forecast period attributed to rising disposable income and pace of urbanization. In addition, demand for safer and healthier food coupled with awareness regarding health benefits of dairy products can positively influence regional demand.
Some of the leading companies operating in the global dairy products market are Amul, Agra Industrier, Dairy Farmers, Nestle SA, and Dean Foods Company.