Research: Global Dairy Products Market to Reach US$494 Billion by 2015, According to GIA
Global Industry Analysts, Inc.(GIA) announces the release of a comprehensive global report on Dairy Products market. The global market for Dairy Products is forecast to reach US$494 billion by the year 2015. Recovery in consumption post global recession, continuing population growth, rising demand from developing countries, trade liberalization, and continued growth in advertising are expected to fuel market growth.
Demand for various milk products slumped in 2009 in the wake of recession. Spot prices in the international market for dairy commodities declined following the recession, and hit the lowest level in the month of February 2009. However, prices registered an increase since then in response to tighter global supplies and improving economic conditions. Demand for dairy products began to recover in the latter part of the 2009 and the industry began to witness growth in early 2010.
The market for dairy products is forecast to gain momentum over the ensuing years. Economic recovery in various parts of the world, along with an inclination for value-added products (organic produce and products with additional nutritional benefits) is expected to add significant market growth. Besides health, convenience also played a vital role in the growth of global dairy market.
Major players profiled in the report Dairy Products include Amul (Anand Milk Union Limited), Arla Foods, Dairy Farmers of America Inc., Dean Foods Company, Groupe Danone SA, Groupe Lactalis SA, Kraft Foods Inc., Meiji Dairies Corporation, Nestle SA, Saputo Inc., Unilever NV, among others.
Europe constitutes the largest regional market for dairy products, as stated by the new market research report on Dairy Products. The United States represents the single largest market, in terms of consumption of dairy products. Consumption of milk and dairy products in developed countries is expected to witness limited growth in the near term. Whereas, the global market for dairy products continues to be driven by exceptional growth in Asia, Latin America and the Caribbean.
In developing regions with relatively lower income levels, per capita consumption is witnessing dramatic growth. Launch of innovative dairy products such as vitamin-enriched, organic and convenience/snack foods has stimulated significant demand. Efforts to market these products has resulted in interesting findings that young adults, health conscious people and children tend to spend more on milk products.
In terms of product types, the global Dairy Products market is dominated by cheese in value terms. Europe, US, and Brazil are the leading producers of Cheese globally. Fluid Milk represents the next largest market, followed by ice creams, and yoghurt. Milk consumption remains unaffected by the global recession. Most of the growth in milk consumption over the recent years has been primarily driven by the developing countries.
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