May 08, 2024 (MENAFN via COMTEX) --
(MENAFN - EIN Presswire)
Dairy Market AMR
Rising global demand for dairy products drives industry innovations and technological advancements.
The dairy industry plays a crucial role in providing essential nutrition worldwide, with dairy products rich in vital nutrients such as calcium and protein." - Allied Market Research
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, May 7, 2024 /EINPresswire / -- According to a new report published by Allied Market Research titled"Dairy Market ," The Dairy market was valued at $883.20 billion in 2022 and is estimated to reach $1464.4 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
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The dairy industry is a sector of agriculture focused on the production and processing of milk and milk-derived products. It encompasses a wide range of activities, including the raising of dairy cattle or other milk-producing animals, milk harvesting, transportation, and dairy product manufacturing. The primary product of the dairy industry is milk, which is processed into various products such as cheese, butter, yogurt, and ice cream. Industry plays a crucial role in providing a significant source of nutrition worldwide, with dairy products being rich in essential nutrients such as calcium and protein. Additionally, the dairy sector has economic importance in many countries, contributing to both local and global food markets.
Dairy farming and processing play crucial roles in both national economies and individual livelihoods worldwide. There are approximately 133 million dairy farms globally, collectively contributing to 9% of the annual global milk production, making this sector a vital component of the agricultural landscape. The increasing global population and changing consumption patterns continue to boost the demand for dairy products, driving significant innovations and technological advancements in the industry.
Some notable developments include the adoption of automation and robotics, which improve efficiency by automating milking and feeding systems, reducing labor costs, and promoting animal welfare. Technology also plays a key role in monitoring animal health, advancing genetics through artificial insemination, and enhancing nutritional practices. Additionally, the dairy industry is embracing blockchain technology, temperature monitoring, and supply chain integrity initiatives to improve traceability and quality control throughout the dairy supply chain. These innovations provide decentralized and transparent ledgers for recording transactions and events.
The dairy sector is undergoing transformative changes, with advancements in early-life nutrition, sustainable farming practices, fodder shortages, herd management, methane emissions reduction, new product development, and the application of artificial intelligence. These innovations contribute to sustainability, efficiency, and diversification within the industry.
Several emerging Dairy Market Trends are reshaping the landscape of food consumption, illustrating shifts in consumer preferences and behaviors. One noteworthy trend is the rapidly growing culture of healthy snacking, where individuals are increasingly inclined to opt for nutritious, on-the-go choices. This shift is particularly pronounced in the dairy industry, where products such as yogurt and cheese are being reimagined as convenient, protein-rich snacks that cater to health-conscious consumers
Moreover, the rise in food consumption outside of traditional home settings is another striking illustration of evolving consumer habits. Whether it's grabbing a quick breakfast sandwich at a cafeÌ or enjoying a dairy-based dessert at a restaurant, dairy products are frequently featured in the menus of eateries, reflecting their versatility and popularity in diverse culinary contexts.
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Key players included in the dairy market analysis are :
Dairy Farmers of America Inc.
Nestle S.A.
Arla Foods amba
Danone S.A.
Lactalis Group
Gujarat Cooperative Milk Marketing Federation Ltd.
Britannia Industries Limited
Inner Mongolia Yili Industrial Group Co. Ltd.
Fonterra Co-operative Group Limited
China Mengniu Dairy Company Limited
Arla Foods amba and Saputo Inc.
Furthermore, the digital era has ushered in the dairy market growth of online and mobile shopping, impacting the way consumers access and purchase food. Dairy products are no exception, as consumers can now order milk, cheese, and other dairy essentials through their smartphones, underscoring the industry's adaptability to changing retail landscapes. In essence, dairy remains at the forefront of these transformative trends, offering convenient, affordable, and versatile options that cater to evolving consumer preferences. The dairy industry is an integral part of national economies and individual livelihoods; thus, online sales channels bring many dairy market opportunities.
Milk production takes place all around the world, and global demand for dairy continues to increase due to population growth, rises in incomes, urbanization, and following Western diets in countries such as China and India. To meet supply chain demand, modern technologies can provide valuable assistance. Furthermore, the dairy industry is a very labor-intensive enterprise, leading to high labor costs, which have a significant impact on overall profitability. To increase profitability, productivity, efficiency, and rapidness, new technologies such as artificial intelligence (AI) & machine learning (ML) can play a significant role. There are a number of AI & ML applications usable in the dairy industry that include the use of robots, drones, sensors, 3D printing, virtual reality, blockchains, and artificial neural networks (ANN). For instance, one robot per thousand workers reduced the cost of wages by 0.5%. Also, AI helps in meeting the demands, as it increases production efficiency by 25%, reduces production costs by 50%, and increases utilization by more than 85%.
The dairy market is segmented into type, end-user, distribution channel, and region. By type, the market is categorized into milk, cheese, yogurt, butter, cream, and others. By end user, it is fragmented into commercial and residential. By distribution channel, the market is categorized into hypermarkets and supermarkets, specialty stores, B2B, and E-commerce. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific) and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and Rest of LAMEA).
Key Market Findings
On the basis of type, the milk segment had the dominant dairy market share in 2022 and is likely to remain dominant during the dairy market forecast period.
On the basis of end users, the residential segment dominated the global market in 2022 and is likely to remain dominant during the forecast period.
On the basis of distribution channel, the business-to-business segment dominated the global market in 2022 and is likely to remain dominant during the forecast period.
On the basis of region, the Asia-Pacific region dominated the global market in 2022 and is likely to remain dominant during the forecast period.
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About Us
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We have professional corporate relations with various companies, and this helps us dig out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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