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07/11/2022

Global Dairy Market Steadily Growing, Per Report

A new report shows that while consumer interest in plant-based dairy alternatives is growing, the global dairy market is still steadily on the rise.
Zachary Russell
Associate Editor
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Despite a growing interest in plant-based dairy alternatives, the global market for dairy products is growing, according to a new report from Research And Markets. 

The global dairy food market is expected to grow from $700.06 billion in 2021 to $768.53 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The market is expected to grow to $1.072 trillion in 2026 at a CAGR of 8.7%. 

The report gives insight to retailers looking to grow their assortment of private label dairy products. The research firm looked at the various categories of dairy (milk, butter cheese, etc.) along with by source and distribution channel, showing projected growth in the next few years.

“The increasing demand for local, sustainable and organic food production is expected to positively impact the dairy food market during the forecast period,” Research And Markets wrote in a teaser of the report. “Organic food production including organic dairy products places a strong emphasis on consumer health, environmental protection, and animal welfare. Consumers now are becoming more concerned with how food is raised and prepared and are willing to pay a little more for something they recognize as healthy.”

The full report can be found here.