Global Dairy Products Beverages Market size is estimated to reach $32.5 billion by 2027, growing at a CAGR of 5.5% during the forecast period 2022-2027. Dairy products beverages can be delineated as drinks fabricated from dairy products such as yogurt, milk, kefir, and others. Owing to their nutrient-rich nature they are consumed worldwide on a larger scale. Dairy-based beverages are home to essential nutrients like calcium, phosphorus, riboflavin, magnesium, vitamin B12, and polyunsaturated fatty acids (linoleic acid and oleic acid) that ensure overall body health by improving insulin sensitivity and reducing LDL cholesterol. Preparation of such beverages requires standard facilities and the utmost hygienic environment to prevent the growth of polychlorinated biphenyls whose contamination may set severe metabolic syndrome in motion. The global dairy products beverages market outlook is exceptionally enchanting considering the rising demand for flavored options. The health benefits associated with dairy beverages, augmenting purchasing power and health consciousness, dynamic modernization, state-of-the-art milking technologies, broadening retail chain network, and recent developments like mergers and acquisitions are factors set to drive the growth of the Global Dairy Products Beverages Market for the period 2022-2027.
Global Dairy Products Beverages Market Segment Analysis-By Source
The Global Dairy Products Beverages Market based on the source type can be further segmented into milk, kefir, yogurt, buttermilk, and others. The yogurt segment held the largest share in 2021. The growth is owing to the upsurging demand for drinkable yogurt. The drinkable yogurt has emerged as one of the most desired drinks owing to its nutrient-packed nature. It is indeed a sound source of branched-chain amino acids, vitamin D, vitamin B12, magnesium, and calcium that prevent the fast decaying of bones. Therefore, considering the health of people owing to the massive prevalence of joint dysfunctions like arthritis, individuals are turning their attention toward such beverages. Also, many people are subjected to substitute their fat-rich options from their breakfast such as eggs as drinkable yogurt is a first-rate source of lean protein. Nevertheless, the yogurt segment is estimated to be the fastest-growing with a CAGR of 6.2% over the forecast period 2022-2027. This growth is owing to expanding popularity of drinks like lassi which are purely synthesized from yogurt. In addition to that, unlike milk and other dairy products-based beverages, drinkable yogurt doesn’t lead to digestion problems which is a prominent factor behind its widescale acceptance.
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Global Dairy Products Beverages Market Segment Analysis-By Distribution Channel
The Global Dairy Products Beverages Market based on distribution channels can be further segmented into offline and online Platforms. The offline stores segment held the largest share in 2021. The growth is owing to the wide-ranging presence and widescale migration of people from bucolic to urban areas. Therefore, with accruing the urban population the demand for such modern retail outlets witnessing a sheer rise. According to a report, more than 50% (4.46 billion people) were residing in cities and the figure is like to stretch up to 6-7 billion in foreseeable future. Also, busy shoppers always remain ready to pay a premium as the supermarkets extend the convenience of shopping everything in one place. On another hand, strong marketing strategies such as discount coupons undertaken by such facilities act as a potent trigger in alluring customers. Moreover, the online segment is estimated to be the fastest-growing segment with a CAGR of 6.6% over the forecast period 2022-2027. This growth is owing to growing smartphone users and all-weather access to the internet. On another hand, to onboard more customers, e-commerce companies like Amazon are offering same-day delivery conveniences which are anticipated to be a game-changer.
Global Dairy Products Beverages Market Segment Analysis-By Geography
The Global Dairy Products Beverages Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 36% of the overall market in 2021. The growth in this segment is owing to the factors such as a state-of-the-art network of modern retail outlets and enlarging inclination of people toward such nutrient-rich options. Moreover, the eventful lifestyles of people are driving them toward ready-to-drink beverages. Nevertheless, owing to rapid urbanization and decent purchasing power. Furthermore, the Asia-Pacific segment is expected to be the fastest-growing over the forecast period 2022-2027. This growth is owing to the rising dairy consumption of countries like India, China, Pakistan, and Vietnam. Moreover, governments in these countries especially in India are providing adequate support and platform to MSMEs to enhance their overall share in the global dairy products beverages market. Also, the relentless pace of economic growth lifting many people out of extreme poverty and strengthening the income of the middle class is casting votes in favor of the respective market.
Global Dairy Products Beverages Market Drivers
Speedy modernization, variety of flavors, and growing disposable income owing to economic prosperity are Anticipated to Boost Product Demand
Swift modernization has changed the lifestyles of millions of people throughout the globe. Also, it has given life to phrases like “Variety is the spice of life.” Consequently, the availability of wide-scale flavor options is emerging as a prominent driver driving the growth of the global dairy products beverages market. Moreover, globalization has its fair share in ensuring economic prosperity throughout the globe as it provides hundreds of business destinations to countries. Countries located in wealthy regions of the world such as Europe and North America enjoy jaw-dropping per capita of $65000. Besides, developing countries like India and China are recording humungous exports. For instance, despite pandemics both China and India are growing with over 8% growth rates. China snatched the title of “Richest Country” from the U.S. last year. The total wealth of the country is calculated to be $514 trillion in 2020, with a massive spike of $156 trillion. Similarly, India is projected to become a $5 trillion economy by 2026. As a result, owing to budding GDP per capita, these countries are able to uplift millions of residents out of extreme poverty which is acting as a preeminent trigger in the growth of the respective market.
Rising health awareness with intensification in chronic maladies is Expected to Boost Product Demand
Owing to the scarcity of essential nutrients and the rising number of obese people, many serious maladies like CVDs and bone dysfunctions like osteoarthritis have reached epidemic proportions. Around 32 million (i.e., more than 9%) of the U.S. population had osteoarthritis complications in 2020. Consequently, millions of people are adopting minerals and vitamin-rich foods and beverages into their diets. Therefore, the overall consumption of dairy beverages is proliferating as dairy products are deemed to be a powerhouse of energy and essential nutrients.
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Global Dairy Products Beverages Market Challenges
Lactose intolerance and deteriorated supply chain are Anticipated to Hamper Market Growth
Lactose intolerance can be a major challenge for the global dairy products beverages market as according to a report, lactose malabsorption or lactose intolerance is a common problem in more than 60% of the total world population. Moreover, rapid digitalization has provided a platform for the voice of animal welfare organizations like PETA. As a result, the trend of veganism is gaining popularity day after day and is said to hamper the growth of the market. Nevertheless, slumping demand and deteriorated supply chain owing to inadequate manufacturing as governments are reimposing traveling restrictions may further restrain market growth.
Global Dairy Products Beverages Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Global Dairy Products Beverages top 10 companies include:
In November 2021, “Danone” a French-based food and beverages multination company have announced that in 2022 it is going to invest around $49 million to renovate its dairy facility named “Villecomotal-Sur-Arros” in plant-based drink producing facility especially oat drinks. The company’s decision is ascribed to the mounting demand for plant-based beverages every year.
In October 2021, Texas, United States-based company “Dairy.Com” announced the acquisition of India-based d dairy SaaS company “Mr. Milkman.” Dairy.Com set its feet in the Indian market after buying the 100% stake. The value of this transaction stands at around 10 million. The acquisition is likely to reinforce the supply chain solutions of Dairy.Com as the company is planning to introduce technology from the initial stage of procurement to delivery.
In March 2019, “Lactalis group” a Laval, France-based multinational company that deals in dairy products announced the successful acquisition of India-based dairy company “Prabhat Diary.” The company has expanded its footprints in the fast-growing Indian dairy market after this acquisition. The value of the transaction stands around 1700 crore Indian rupees.
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Geographically, the North America Dairy Products Beverages Market accounted for the highest revenue share in 2021. However, the Asia-Pacific segment is poised to grow with the fastest CAGR during the forecast period 2022-2027.
Accruing purchasing power and proliferating health cognizance as the world is said to be a preeminent driver driving the growth of Global Dairy Products Beverages Market as the world is reeling under the weight of numerous life-threatening ailments. Lactose intolerance, dwindled demand, and supply chain owing to harsh restrictions are posing certain challenges in front of manufacturers, and expanding veganism trends are said to reduce the market growth.
Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Global Dairy Products Beverages Market report.
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