Global dairy market on the rise

The global market size will grow to reach US$586 billion by 2027 with a compound annual growth rate of 2.5% from 2020 to 2027 said a new report from Grand View Research. Findings credit the growth to rising demand for dairy products and increase of modern retail and logistics facilities. The rising popularity of innovative dairy products, such as low-fat butter, no-sugar flavoured milk, and flavoured cheese, is also driving the market. However, the growing trend of veganism and vegan diets, especially in North America and Europe might restrict the market growth.
Meanwhile, the report also reveals that Asia-Pacific will emerge as the fastest-growing regional market from 2020 to 2027. The rise is due to the growing demand for cheese and yoghurt in countries like China and India. Busier lifestyles and continuing focus on health and wellness have also resulted in the increased consumption of packaged dairy products; thus, supporting market growth. Furthermore, rapidly expanding e-commerce sector in the region due to increasing Internet penetration and reliability will boost product sales through online distribution channels. (Image from Unsplash)