DAIRY PRODUCTS MARKET SET TO SOAR BY 44% DRIVEN BY GROWTH IN ASIA PACIFIC
The dairy products market share is expected to increase by 109.07 billion from 2020 to 2025, with 44% of growth coming from the Asia Pacific region (APAC), according to the most recent report by Technavio. The market’s growth momentum will accelerate at a CAGR of 2.79%.
According to Technavio, India and China are the key markets for the dairy products market in APAC. Market growth in this region will be faster than the growth of the market in other regions, the report said.
Contributing factors to this growth in APAC will include increasing incidences of bone diseases, along with growing awareness of the benefits of healthy eating. In addition, it is predicted that growing demand for dairy food products will continue, and the presence of major vendors and brands in this area will facilitate the dairy food market growth in the region over the forecast period.
Dairy Products Market: Major driver
The rising adoption of healthy food habits is notably driving the dairy food market growth, Technavio said.
People are adopting healthy food habits to increase their immunity and reduce the chances of developing various diseases, including those related to the deficiency of calcium.
Calcium-rich dairy foods, including milk, cheese, and yogurt – which are also rich in potassium, vitamin D and protein – are recommended by doctors and nutritionists to avoid the risk of developing diseases related to calcium deficiency and bone diseases. These factors will fuel the demand for dairy foods, and accelerate growth of the global dairy food market, the report stated.
Dairy Products Market: Segmentation Analysis
The market research report segments the dairy food market by Product (milk, cheese, yogurt, butter, and others) and Geography (APAC, Europe, North America, South America, and MEA).
Revenue Generating Segment: The dairy food market share growth in the milk segment will be significant for revenue generation, the market analyst said. Rapid growth in urbanisation, increasing prevalence of osteoporosis among females, increasing awareness of healthy food habits, rising availability of organic milk, and the increasing presence of global vendors producing milk are the major factors driving the growth of this segment in the global dairy food market.
According to Technavio, the competitive scenario provided in its Dairy Food Market report analyses, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
For more stories on the dairy industry, click here.