Global Milk & Cream Market to Hit $1.54 Trillion by 2034

World 17.12.2024

Source: DairyNews.today

According to a newly released report by Fact.MR, the global milk and cream manufacturing market is projected to reach $923.95 billion in 2024 and grow at a CAGR of 5.2% over the next decade, climbing to $1.54 trillion by 2034. This consistent growth stems from the sector's adaptability and rising demand across traditional and emerging industries, including cosmetics, biotechnology, and pharmaceuticals.

Global Milk & Cream Market to Hit $1.54 Trillion by 2034

Milk and cream production, traditionally tied to food and beverage applications, now play a pivotal role in non-traditional sectors such as high-end cosmetics and functional healthcare products. With milk-derived ingredients being key components in products ranging from baby formula to luxury skincare, manufacturers are capitalizing on broader market opportunities.

The food and beverage industry remains dominant, with increasing demand for protein-enriched meals, sports nutrition products, and functional beverages. Advances in processing technologies enable manufacturers to customize milk-based ingredients for industrial applications, further expanding the market reach.

Regional Insights and High-Growth Markets

North America is expected to grow at a CAGR of 5.4% through 2034, driven by innovations in health-focused dairy products.
East Asia will see steady progress with a CAGR of 5.3%, while Japan and South Korea are forecasted to grow at 4.4% and 5.1% respectively.
The fluid milk segment is anticipated to advance at a CAGR of 4.9% during the forecast period.

Innovative Packaging and Sustainability Lead Market Strategies

Global producers are implementing sustainability-driven strategies, including eco-friendly packaging and ethical sourcing practices. Leading companies are launching premium organic dairy products and specialized formulations like lactose-free options to meet evolving dietary needs.

Simultaneously, innovative packaging solutions are enhancing product shelf life and consumer convenience. Combined with targeted digital marketing campaigns, manufacturers are effectively reaching diverse consumer segments by promoting milk's role in both culinary and cosmetic applications.

Competitive Landscape and Key Players

Prominent industry players such as Arla Foods, Groupe Danone, Nestlé SA, Dairy Farmers of America, Amul Industries, and Kraft Foods are driving growth through strategic product innovations and market expansions.

Recent Industry Developments:

In October 2022, MILKFED (Punjab State Cooperative Milk Producers Federation Ltd.) introduced Verka milk and related products in Delhi, benefiting local farmers and boosting incomes.
In August 2022, Parag Milk Foods expanded its premium milk brand Pride of Cows into Ahmedabad, strengthening its presence in India's growing premium dairy market.