Milk - Gambia | Statista Market Forecast

Revenue in the Milk market amounts to US$22.65m in 2024. The market is expected to grow annually by 8.40% (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$7.97 are generated in 2024.
In the Milk market, volume is expected to amount to 21.60m kg by 2029. The Milk market is expected to show a volume growth of 2.7% in 2025.0.
The average volume per person in the Milk market is expected to amount to 6.6kg 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 Gambia is currently experiencing minimal growth, impacted by factors such as low consumer demand and limited technological advancements. Despite this, the market is expected to see moderate growth in the coming years due to increasing health consciousness and the convenience of online milk services.

Customer preferences: As the overall demand for dairy products continues to rise in Gambia, there has been a noticeable shift towards more locally sourced and organic milk. This is driven by a growing awareness among consumers about the health benefits of natural and sustainable food options. Furthermore, there has been an increase in demand for plant-based milk alternatives, such as almond and soy milk, reflecting a shift towards healthier and more environmentally friendly food choices. This trend is also influenced by the growing number of health-conscious millennials, who are willing to pay a premium for high-quality and ethically sourced dairy products.

Trends in the market: In Gambia, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards organic and locally-sourced products. This trend is being driven by consumer demand for healthier and more sustainable options, as well as government initiatives promoting domestic production. Additionally, there is a growing trend of product diversification, with dairy companies expanding their offerings to include value-added products such as flavored milk and yogurt. These trends are expected to continue, presenting opportunities for industry stakeholders to tap into the growing demand for organic and value-added dairy products.

Local special circumstances: In Gambia, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's agricultural sector, with a significant portion of the population engaged in dairy farming. Additionally, the country's climate and topography play a crucial role in milk production, as they impact the availability of pasture and water resources. These factors also affect the distribution of milk products, as transportation and storage can be challenging in certain regions. Furthermore, Gambia's cultural preferences and dietary habits also shape the demand for milk and dairy products, with a preference for fresh and locally sourced products over imported alternatives.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Gambia is heavily influenced by macroeconomic factors such as economic growth, consumer purchasing power, and government policies. The country's GDP growth rate and inflation levels impact the affordability of milk and dairy products, while fiscal policies such as import tariffs and subsidies affect market competition and pricing. Additionally, global economic trends and trade agreements can impact the availability and cost of imported dairy products, potentially affecting local market dynamics. The increasing demand for healthy and nutritional food products, coupled with the growing population and urbanization in Gambia, is also driving the growth 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.