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Goat Milk Market Size, Share & Analysis, 2021-2028 | Industry Report

Goat Milk Market Size, Share & Trends Analysis Report By Product (Milk, Milk Powder, Cheese), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online), By Region, And Segment Forecasts, 2021 - 2028

Report ID: MN17620213  |  Published: April 2021  |  No of Pages: 85
Format: Electronic (PDF)  |  Industry: Food & Beverage  |  Publisher: Grand View Research

Report Overview

The global goat milk market size was valued at USD 10.37 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 4.3% over the forecast period. Goat milk is highly nutritious as it contains essential minerals and vitamins. It is a rich source of iron, potassium, and calcium. The growing popularity of the product due to its slightly lower cholesterol level compared to cow milk is expected to drive market growth. Goat milk is also slightly lower in lactose than cow-derived dairy products, which makes it more digestible compared to its substitutes. This is another factor driving the popularity of goat milk.

U.S. goat milk market size, by product, 2017 - 2028 (USD Billion)

The market is anticipated to witness substantial growth due to the increasing income level and rapidly growing urbanization. Consumers are becoming more aware of the advantages and disadvantages of consuming dairy products. Goat milk is considered beneficial for the heart and has lowered chances of causing heart-related diseases.

Owing to the increasing internet penetration and media awareness campaigns, consumers are becoming aware that cow milk may not be suitable for some. Therefore, there is an increased demand for alternatives. In terms of nutrition, goat milk is almost the same as cow milk. However, it has different physical properties that make it good for human digestibility and health.

Goat milk contains a good percentage of protein, which is essential for overall human growth and development. It also contains more calcium than its counterparts, making it ideal for bone health. Goat milk also contains essential minerals and vitamins and higher amounts of potassium, iron, and vitamin A than cow milk. Therefore, it is considered highly nutritious for all age groups.

Product Insights

Milk contributed to the highest revenue share of more than 40% in 2020 and is expected to expand at a significant CAGR over the forecast period. Goat milk' has high calcium content, which helps keep bones and teeth stronger. It is also considered the best source of energy for a growing baby. Goat milk is believed to have better digestibility than other alternatives. Research has shown that goat's milk enhances the ability of the body to absorb vital nutrients from foods, while cow's milk may interfere with the absorption of key minerals like iron and copper present in the food.

Cheese contributed to the second-highest revenue share in the goat milk market in 2020 and is expected to expand at the highest CAGR over the forecast period. Increasing consumer preference for goat-derived cheese owing to its soft texture and taste is anticipated to bode well for the segment growth. Its counterparts contain larger fat molecules, thus making it harder to digest than goat's cheese, which is another factor driving the preference for goat product forms over others.

Distribution Channel Insights

The supermarkets/hypermarkets segment contributed to the highest revenue share of more than 35% in 2020 and is projected to register a substantial CAGR over the forecast period. Consumers feel more comfortable choosing their products physically, especially grocery and dairy products. Consumers are very keen on the freshness and quality of dairy products. The availability of a wide range of products in a single store is another factor anticipated to fuel the growth of this sales channel. A few of the leading parameters driving the retail sale of goat milk from these stores are round-the-clock or longer operating hours and proximity to the customers.

Global goat milk market share, by distribution channel, 2020 (%)

The online distribution channel segment is projected to expand at the highest CAGR of 5.1% during the forecast period. The current COVID-19 pandemic is a significant factor driving products' retail through the online distribution channel. The steady increase in acceptance of smartphones and broadband connections, especially in developing countries, has boosted online retail sales. The flexible retail option is the key to the growth of the online sales channel.

Regional Insights

North America accounted for a significant market share of 26.18% in 2020, with the U.S. occupying a dominant revenue contributor position in the region. Growing preference for dairy products with low lactose content is expected to drive the product demand, which is driving the growth of the regional goat milk market.

The Asia Pacific market is projected to register the fastest CAGR of 8.0% over the forecast period, with China being the major revenue contributor to the regional market growth. Asia's goat milk demand continued to grow, driven by high demand for processed food stemming from the increasing urbanization coupled with increased disposable income. Moreover, the rapidly growing online distribution channels region is further driving the growth. India is expected to witness a significant CAGR in the forthcoming years due to the increasing demand for value-added dairy products.

Key Companies & Market Share Insights

The market is characterized by the presence of various well-established players and several small players. However, the industry is dominated by the top international players such as Emmi Group, Kavli, Ausnutria Dairy Corporation Ltd., Granarolo Group, Gay Lea Foods Co-operative Ltd., and Hay Dairies Pte Ltd. Industry participants engage in several inorganic and organic growth strategic initiatives to expand their product/service portfolio and to enhance their market foothold. Increasing competition at regional and global levels is leading the market toward consolidation. Some of the prominent players operating in the global goat milk market are:

    • Emmi Group
    • Kavli
    • Ausnutria Dairy Corporation Ltd.
    • Granarolo Group
    • Dairy Goat Co-operation (DGC)
    • Gay Lea Foods Co-operative Ltd.
    • Hay Dairies Pte Ltd.
    • Cherry Glen Goat Cheese Co
    • Goat Partners International, Inc.
    • Summerhill Goat Dairy.

Goat Milk Market Report Scope

Report Attribute

Details

The market size value in 2021

USD 10.75 billion

The revenue forecast in 2028

USD 14.47 billion

Growth Rate

CAGR of 4.3% from 2021 to 2028

The base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; Japan; India; Brazil; South Africa

Key companies profiled

Emmi Group; Kavli; Ausnutria Dairy Corporation Ltd.; Granarolo Group; Dairy Goat Co-operation (DGC); Gay Lea Foods Co-operative Ltd.; Hay Dairies Pte Ltd.; Cherry Glen Goat Cheese Co; Goat Partners International Inc.; Summerhill Goat Dairy

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global goat milk market report based on product, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Milk
    • Milk Powder
    • Cheese
    • Others

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
    • Supermarkets/Hypermarkets
    • Convenience Stores
    • Online
    • Other

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • U.K.
        • Germany
    • The Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa

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