Milk - G20 | Statista Market Forecast

Milk - G20

G20

Highlights

Revenue in the Milk market amounts to US$272.10bn in 2024. The market is expected to grow annually by 6.44% (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$54.71 are generated in 2024.
In the Milk market, volume is expected to amount to 205.50bn kg by 2029. The Milk market is expected to show a volume growth of 2.1% in 2025.0.
The average volume per person in the Milk market is expected to amount to 37.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market within the Dairy Products & Eggs Market in the G20 region has seen steady growth, driven by factors such as consumer demand for high-quality dairy products and the convenience of online shopping. However, minimal growth is being impacted by challenges such as price fluctuations and supply chain disruptions.

Customer preferences: Demand for plant-based milk alternatives has been on the rise, driven by health and environmental concerns. This trend has been particularly prominent in G20 countries, where consumers are increasingly opting for non-dairy options such as almond, soy, and oat milk. This shift towards plant-based milks is also influenced by cultural and lifestyle factors, with more individuals adopting vegetarian, vegan, or flexitarian diets. As a result, traditional dairy milk producers are diversifying their product offerings to cater to this growing market segment.

Trends in the market: In the G20 countries, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based milk alternatives. This trend is being driven by a growing consumer awareness of health and environmental concerns. As a result, dairy companies are increasingly investing in and launching plant-based milk products. This trend is expected to continue with the rise of veganism and dairy-free diets. This has significant implications for industry stakeholders, as they will need to adapt their product offerings to cater to this changing consumer demand. Additionally, there may be competition between traditional dairy products and plant-based alternatives, leading to potential market disruptions.

Local special circumstances: In the G20, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by local factors. In countries like India, government policies promoting dairy production have led to a rise in milk consumption and demand for dairy products. In Argentina, the dairy industry is largely driven by export demand and favorable climate conditions for milk production. In China, the growing middle class and increasing health consciousness has resulted in a shift towards higher quality dairy products, driving market growth. These unique local factors play a significant role in shaping the dynamics of the Milk Market in the G20 countries.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market is significantly impacted by macroeconomic factors such as consumer spending, income levels, and trade policies. In countries with a growing middle class and increasing consumer purchasing power, there is a higher demand for dairy products, driving market growth. On the other hand, trade policies and tariffs can significantly affect the import and export of dairy products, influencing market dynamics. Economic stability and favorable fiscal policies also play a crucial role in creating a conducive environment for the growth of the milk market. Additionally, changing dietary preferences and health consciousness among consumers are driving the demand for dairy alternatives, further shaping the market landscape.

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.