The global dairy market has witnessed remarkable growth, achieving a substantial volume of 890.40 million tons in 2022. According to extensive market analysis and insights, the market is poised to continue its upward trajectory during the forecast period of 2023 to 2028, with a projected compound annual growth rate (CAGR) of 4.50%.
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Key Market Insights:
Growing Health Consciousness: The growing awareness of the nutritional benefits of dairy products, such as milk, cheese, yogurt, and butter, has led to an increase in their consumption, particularly among health-conscious consumers.
Rising Demand for Protein-Rich Foods: Dairy products are rich sources of high-quality protein, making them popular choices for consumers seeking protein-rich diets for muscle development and overall health.
Urbanization and Changing Lifestyles: The increasing urbanization and changing consumer lifestyles have driven the demand for convenient and ready-to-eat dairy products, leading to the expansion of the global dairy market.
Innovation and Product Diversity: Dairy companies are continuously innovating and diversifying their product offerings to meet the evolving consumer preferences, introducing new flavors, formats, and functional dairy products.
Globalization and Trade Opportunities: The globalization of the dairy industry and favorable trade policies have facilitated the cross-border trade of dairy products, further boosting market growth.
Market Segments:
Liquid Dairy Products: This segment includes milk, flavored milk, cream, and other liquid dairy products consumed as beverages or used in various culinary applications.
Dairy-Based Snacks: This segment comprises dairy-based snacks such as cheese sticks, yogurt bars, and dairy-based desserts that offer convenience and portability.
Cheese and Butter: The cheese and butter segment includes a wide variety of cheese types and butter products consumed in households and used in food processing.
Yogurt and Cultured Products: This segment includes various types of yogurt and cultured dairy products with added probiotics, catering to consumers seeking digestive health benefits.
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