Milk - Cyprus | Statista Market Forecast

Revenue in the Milk market amounts to US$73.60m in 2024. The market is expected to grow annually by 7.34% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$71bn in 2024).
In relation to total population figures, per person revenues of US$58.02 are generated in 2024.
In the Milk market, volume is expected to amount to 47.36m kg by 2029. The Milk market is expected to show a volume growth of 3.3% in 2025.0.
The average volume per person in the Milk market is expected to amount to 31.9kg in 2024.

Definition:

Milk is defined as a protein- and fat-rich opaque white or creamy-colored fluid. This combination of nutrients can also be milked from other animals such as sheep and goats, but from an economic perspective, cow's milk remains the world's most important dairy product.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Regular fresh milk
Full-fat milk, reduced-fat milk, low-fat milk, skimmed milk, semi-skimmed milk
Regular pasteurized milk, ultra-pasteurized (UHT) milk, raw milk
Flavored milk, barista milk
Lactose-free milk

Preserved and powdered milk
Yogurt drinks
Non-dairy milk substitutes
Out-of-home consumption

The Milk Market in Cyprus has shown minimal growth due to various factors such as changing consumer preferences, increasing health consciousness, and the convenience of online milk delivery services. Despite this, the Dairy Products & Eggs Market in The Food market is expected to experience steady growth in the coming years.

Customer preferences: As health and wellness become increasingly important in Cyprus, consumers are turning to plant-based milk alternatives such as almond, soy, and oat milk. This is driven by a growing awareness of lactose intolerance and a desire for more sustainable and ethical food choices. Additionally, there is a rising demand for organic and locally sourced milk, as consumers prioritize freshness and traceability in their dairy products. This shift towards alternative and premium milk options is also influenced by the rise of veganism and flexitarian diets in the country.

Trends in the market: In Cyprus, the Milk Market within the Dairy Products & Eggs Market of The Food market is experiencing a shift towards organic and sustainable products. This trend is driven by consumer demand for healthier and environmentally friendly options. This has led to the introduction of new products such as organic and plant-based milk alternatives. Additionally, there is a growing focus on product transparency and traceability, with consumers seeking information on the source and production methods of their dairy products. These trends have significant implications for industry stakeholders, as they must adapt to meet changing consumer preferences and compete in a saturated market. It also presents opportunities for innovation and differentiation to meet the growing demand for sustainable and health-conscious dairy products.

Local special circumstances: In Cyprus, the Milk Market of the Dairy Products & Eggs Market within The Food market is influenced by the Mediterranean climate, which allows for year-round milk production and a variety of dairy products. Additionally, the country's strong agricultural sector and strict regulations on milk production and quality ensure a steady supply of fresh and safe milk. The cultural preference for locally sourced and organic products also drives demand for Cypriot milk and dairy products. Furthermore, Cyprus' status as a major tourist destination contributes to the demand for dairy products, as visitors seek out traditional Cypriot cuisine and local specialties.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Cyprus is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. As Cyprus continues to recover from the 2008 financial crisis, the country's overall economic health is improving, leading to increased consumer spending and demand for dairy products. Additionally, government policies aimed at promoting domestic production and reducing imports have further boosted the market for milk and other dairy products in Cyprus. However, global trade tensions and fluctuations in currency exchange rates could potentially impact the supply and pricing of dairy products in the country.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.