The dairy market comprises establishments involved in manufacturing dairy products from raw milk and processed milk products, manufacturing dry, condensed, concentrated and evaporated dairy, and producing some dairy substitute products.
The top five companies covered are Nestle SA, Dairy Farmers of America, Fonterra Group Cooperative Limited, Danone and Arla Foods. Nestlé S.A. was the largest company in the dairy market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The global dairy market was valued at around $640 billion in 2017. Western Europe was the largest region in the dairy market in 2017, accounting for more than 25% market share. The USA was the largest country in the market in 2017, accounting for nearly 20% of the market share.
The increasing incidence of lactose intolerance has led to a rise in demand for lactose free dairy products. Lactose intolerance is characterized as the inability to digest lactose, a disaccharide sugar composed of galactose and glucose found in milk. Lactose-free dairy products contain small amounts of an enzyme called lactase that help digest lactose.
The dairy market is segmented into Milk & Butter, Cheese, Dry, Condensed, & Evaporated Dairy Product and Ice Cream & Frozen Dessert.
Milk & Butter segment includes establishments manufacturing processed milk products such as pasteurized milk, cream, creamery butter, sour cream and fluid milk dairy substitutes from soybeans and other non-dairy substances.
Cheese includes establishments manufacturing cheese products (except cottage cheese) from raw milk and processed milk products, and cheese substitutes from soybean and other non-dairy substances.
Dry, Condensed, & Evaporated Dairy Product includes establishments manufacturing dry, condensed and evaporated milk and dairy substitute products.
Ice Cream & Frozen Dessert includes establishments manufacturing ice cream, frozen ices, frozen tofu, frozen yogurts, sherbets and other frozen desserts (except bakery products).