LONDON, Jan. 11, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the dairy food market, the internet of things (IoT) technology is increasingly being used to track dairy products and ensure safe product handling. IoT technology consists of a network of devices, vehicles, or other items that continuously exchange data to provide insights into how a process or system is operating. This technology is being used to track ingredients used in products as well as the journey the products take through the supply chain. Equipment connected to the internet in trucks and storage coolers can be used to monitor dairy products and tag them with environmental conditions like temperature or location that provide information about safe product handling during transportation.
For instance, the Chinese government implemented the National Food Quality Safety Traceability Platform using IoT technology to improve the quality and safety of food production supply chains.
The global dairy food market size is expected to grow from $675.78 billion in 2020 to $722.14 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The dairy food market is expected to reach $956.26 billion in 2025 at a CAGR of 7%.
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The dairy food industry is fairly fragmented, with a large number of players. The top ten competitors in the market made up to 18.92% of the total market in 2020. Major players in the market include Groupe Lactalis S.A., Danone S.A., Fonterra Co-operative Group Limited, Inner Mongolia Yili Industrial Group Co., Ltd., Nestle S.A., Saputo Inc, Frieslandcampina, Arla Foods amba, Dairy Farmers of America, and The Kraft Heinz Company.
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The dairy food market is segmented by type into milk and butter, cheese, dry, condensed, and evaporated dairy product, and ice cream and frozen dessert; by distribution channel into supermarkets/ hypermarkets, convenience stores, e-commerce, and others.
Many dairy food manufacturing companies are increasing their customer base with both retailers and individual consumers through e-commerce platforms. The increasing use of internet and e-commerce platforms among consumers facilitates online dairy food products sales and also gives companies access to new markets without heavy investment in distribution channels. The e-commerce platforms also enable the inclusion of long tail niche products in the organic dairy food market to keep up with the consumers demand for organic products. For instance, Mother Dairy, an India-based manufacturer of milk and other dairy products tied up with nine e-tailers including Big Basket, Grofers, AskMe Grocery, Sangam Direct, SRS Grocery, Just Buy Live, Grocermax, Orange E-Tokri, and Innerchef for sales of dairy food products to expand company’s presence in e-commerce space and boost its revenue in the country.
TBRC’s dairy food industry analysis states that Asia Pacific is the largest region in the market, accounting for 42.1% of the total in 2023. It is followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the dairy food market will be South America and the Middle East where growth will be at CAGRs of 8.9% and 8.8% respectively. These will be followed by Africa, and Asia Pacific.
Dairy Food Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide dairy food market overviews, dairy food market analyze and forecast market size and growth for the whole market, dairy food market segments and geographies, dairy food market trends, dairy food market drivers, dairy food market restraints, dairy food market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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