Milk - G7 | Statista Market Forecast

Revenue in the Milk market amounts to US$69.28bn in 2024. The market is expected to grow annually by 3.35% (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$89.01 are generated in 2024.
In the Milk market, volume is expected to amount to 54.26bn kg by 2029. The Milk market is expected to show a volume growth of 0.8% in 2025.0.
The average volume per person in the Milk market is expected to amount to 67.2kg 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 within the Dairy Products & Eggs Market in G7 is experiencing slow growth, impacted by factors such as changing consumer preferences, increasing competition, and stagnant demand. Despite this, digital technologies are being adopted to improve efficiency and cater to health-conscious consumers.

Customer preferences: Consumers in the Milk Market of the Dairy Products & Eggs Market within The Food market are increasingly seeking healthier and more sustainable options, leading to a rise in demand for plant-based milk alternatives. This trend is driven by cultural shifts towards more environmentally-friendly choices and a growing awareness of the health benefits of plant-based diets. Additionally, with the rise of lactose intolerance and food allergies, there is a growing demand for dairy-free options in the milk market. This has led to an increase in the availability and variety of plant-based milk products, catering to the changing preferences of consumers.

Trends in the market: In the G7 countries, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based milk alternatives, driven by increasing consumer demand for healthier and environmentally sustainable options. This trend is expected to continue, with the global plant-based milk market projected to reach $21.52 billion by 2024. The rise of veganism and lactose intolerance are major factors contributing to this trend. This presents opportunities for industry stakeholders to innovate and diversify their product offerings to cater to changing consumer preferences. However, traditional dairy producers may face challenges in adapting to this shift and may need to re-strategize to remain competitive in the market.

Local special circumstances: In Germany, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's strong tradition of dairy farming and consumption. This has led to a high demand for locally produced, high-quality milk products. Additionally, strict regulations and labeling laws ensure that consumers are well-informed about the origin and quality of their dairy products. Furthermore, the growing trend towards organic and sustainable dairy products has further shaped the market, with many German consumers willing to pay a premium for these products.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market is impacted by macroeconomic factors such as economic growth, trade policies, and consumer spending habits. Countries with stable economic growth, favorable trade agreements, and high consumer spending power often experience higher demand for dairy products, leading to a thriving market. Conversely, countries facing economic challenges or trade restrictions may see a decline in dairy consumption and market growth. In addition, factors such as changing dietary preferences and health trends can also impact the demand for milk and dairy products. The increasing focus on plant-based alternatives and concerns about the environmental impact of dairy production are influencing consumer choices and shaping the future of the milk market.

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.