WILMINGTON, CT, UNITED STATES, October 4, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Dairy Market," The Dairy Market Size 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.
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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, proteinrich 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 café 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.
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 myraid Dairy Market Opportunities.
Milk production takes place all around the world and global demand for dairy continues to increase due to population growth, rise in incomes, urbanization, and following Western diets in countries such as China and India. To meet the supply chain demand, modern technologies can provide valuable assistance. Furthermore, the dairy industry is a very labor-intensive enterprise leading to high labor cost, which has a significant impact on the 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%, reduction of production cost by 50%, and increase in 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/supermarkets, specialty stores, B2B, and E-commerce. Region-wise, the market is analyzed across North America (U.S., Canada, 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).
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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.
Key Market Findings
On the basis of type, the milk segment had the dominating Dairy Market Share in the year 2022 and is likely to remain dominant during the Dairy Market Forecast period.
On the basis of end user, the residential segment dominated the global market in the year 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 the year 2022 and is likely to remain dominant during the forecast period.
On the basis of region, Asia-Pacific region dominated the global market in the year 2022 and is likely to remain dominant during the forecast period.
David Correa
Allied Market Research
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