Global Dairy Market Set to Reach $1.5 Trillion by 2032 Amid Rising Protein Demand
Source: The DairyNews
According to a report by Allied Market Research, the global dairy market is anticipated to reach $1.5 trillion by 2032, growing at a compound annual growth rate (CAGR) of 5.1%. This growth is driven by the increasing consumer awareness of health benefits associated with dairy products, which are rich in essential nutrients such as calcium, protein, and vitamins.
The report highlights that while dairy remains a preferred source of these nutrients, especially in regions with limited dietary diversity, the rising popularity of plant-based alternatives like soy and almond milk is presenting challenges to market growth. Despite this, the demand for dairy is bolstered by the trend towards "clean label" products, where consumers are increasingly seeking dairy items that contain minimal additives and preservatives and are made with natural ingredients.
The milk segment, as of 2022, dominated the global dairy market, accounting for over two-fifths of total revenue. It is expected to maintain its leadership position through the forecast period, driven by sustained consumer preference and growing recognition of milk's nutritional benefits. However, the fastest-growing segment within the dairy market is projected to be "others", which includes a variety of dairy products utilized in sports nutrition, functional foods, and culinary applications. This segment is expected to witness the highest CAGR of 7.3% from 2023 to 2032, reflecting its expanding range of applications in the food industry.
The milk segment, as of 2022, dominated the global dairy market, accounting for over two-fifths of total revenue. It is expected to maintain its leadership position through the forecast period, driven by sustained consumer preference and growing recognition of milk's nutritional benefits. However, the fastest-growing segment within the dairy market is projected to be "others", which includes a variety of dairy products utilized in sports nutrition, functional foods, and culinary applications. This segment is expected to witness the highest CAGR of 7.3% from 2023 to 2032, reflecting its expanding range of applications in the food industry.
