Research Support Specialist, USA
The global other dairy products and eggs market size is expected to reach USD 157.8 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 3.4% from 2021 to 2028. The rising consumption of dairy products and eggs such as powdered milk, curd and raising awareness about the benefits of dairy products in emerging economies is propelling market growth over the last few years.
The government of several countries has implemented various policies and schemes that are favorable for the growth of the dairy industry. For instance, the Animal Husbandry and Dairying Department of the Indian government has announced a comprehensive plan named ‘National Action Plan for Dairy Development: Vision 2022’, which foresees strengthening milk production and developing additional milk processing infrastructure in major milk-producing areas. Moreover, as part of COVID-19 support measures, the Indian government has announced Animal Husbandry Infrastructure Development Fund worth 1,990 USD million with an interest subsidy scheme to support private investment in dairy processing.
The COVID 19 pandemic had suspended the transportation services of other dairy products and eggs for a short duration in many countries. Closure of the restaurant and commercial activities, and various restrictions on the movement of the people have disrupted or stopped the supply chain of essential products by measures arising from COVID-19 restrictions. The increasing demand for curd, and preserved powder milk after the COVID pandemic has created opportunities for the market players. Thus, the market has expected to accelerate a healthy market growth rate in the upcoming years.
The preserved and powdered milk segment is expected to witness the fastest CAGR of 4.0% from 2021 to 2028. The increasing demand for powdered milk owing to its long storage life and versatility combine to make it very cost-effective, which will drive the growth of this segment over the forecast timeline. Moreover, the growing number of working professionals across the globe and the increasing adoption of ready-to-eat food products from the consumer are some major factors that are driving the market growth.
The online segment of the market is expected to register the fastest CAGR of 4.5% from 2021 to 2028. The internet penetration rate has witnessed lucrative growth in recent years, which is accelerating the market growth of this segment. Moreover, an upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the growth of the online distribution channel segment during the forecast period.
Asia Pacific dominated the market and accounted for the largest revenue share of over 30.0% in 2020 due to changing lifestyles, rising urbanization, and growing disposable income. The increasing consumer awareness and acceptance regarding convenience and affordable dairy products is an important factor in the growth of the market. Furthermore, the increasing consumption of these products in developing countries like China, India, and Japan owing to the presence of a huge population and increasing awareness towards a healthy diet will further drive the regional demand over the forecast timeframe.
The report “Other Dairy Products And Eggs Market Size, Share & Trends Analysis Report By Product (Preserved and Powdered Milk, Cream, Non-dairy Milk Substitutes, Lactose-Free Milk, Curd), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global other dairy products & eggs market on the basis of product, distribution channel, and region: