The global dairy foods market size is expected to reach USD 964.18 billion by 2027, exhibiting a CAGR of 4.6% during the forecast period. The significant demand for dairy products yogurt, cheese, and whey proteins among the general population will augur well for the market, states Fortune Business Insights, in a report, titled “Dairy Foods Market Size, Share & COVID-19 Impact Analysis, By Source (Cattle, Sheep, Goat, and Camel), By Type (Lactose and Lactose-free), Product Type (Milk, Cheese, Butter, Dessert, Yogurt, and Others), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027.” The market size stood at USD 686.18 billion in 2019.
The coronavirus emergency has resulted in financial jeopardy for trades and businesses around the world. The authorities of several countries have initiated lockdown to avert the increase of this infectious disease. Such strategies have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Rising Consumption of Value-Added Dairy Products to Contribute Impetus
The evolving lifestyles of people and disposable income are factors expected to spur opportunities for the market. The growing demand for value-added dairy foods such as cheese, butter, creams, and yogurts among consumers will have a tremendous impact on the market. The increasing cognizance about gut health will further fuel demand for yogurt, kefir, and other fermented dairy products, in turn, bolster healthy growth of the market. The rapidly prospering dairy industry is expected to enable speedy expansion of the market in the forthcoming years. In addition, the development of innovative powders such as dairy creams and cheese powder can promote the growth of the market.
Instability in Dairy Production to Disrupt Business Amid COVID-19
The lockdown in several regions has severely impacted the global dairy foods market. The massive drop in the foodservice industry has resulted in limited demand for dairy products. Thus, the low demand for higher-value products is expected to hamper the dairy business. Nonetheless, the growing sale of low-cost dairy foods such as milk powders among consumers will simultaneously aid the market for speedy recuperation. In addition, the technological advancements to improve the production of dairy products will promote the market amid coronavirus.
High Demand for Clean-label Products to Influence Growth in Europe
The market in Europe is expected to experience a rapid growth rate during the forecast period due to the growing demand for clean-label dairy products. The shifting consumer preference towards organic, healthy, non-GMO, lactose-free, and non-fat milk and dairy foods will aid expansion in the region. North America is likely to hold a small portion in the global market during the forecast period owing to the shifting consumer preference towards vegan products. However, the ongoing awareness programs to encourage consumers for animal-based dairy products can potentially stimulate the market in the region. Moreover, the rising consumption of infant formula and whey powder will favor growth in the region.
June 2020: Lactalis International, announced the release of a new skimmed milk powder made by using a specific heat treatment that denatures the protein to obtain a heat-stable powder.
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