Milk - NAFTA | Statista Market Forecast

Milk - NAFTA

NAFTA

Highlights

Revenue in the Milk market amounts to US$41.07bn in 2024. The market is expected to grow annually by 3.80% (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$80.48 are generated in 2024.
In the Milk market, volume is expected to amount to 39.17bn kg by 2029. The Milk market is expected to show a volume growth of 1.1% in 2025.0.
The average volume per person in the Milk market is expected to amount to 73.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market in the Dairy Products & Eggs Market within The Food market in NAFTA has seen minimal growth, influenced by factors such as changing consumer preferences and fluctuating milk prices. Despite this, digital technologies and online services are still driving the market to expand.

Customer preferences: As consumers become more health-conscious and environmentally-aware, there is a growing demand for sustainable and organic dairy products in the Milk Market of the Dairy Products & Eggs Market within The Food market. This trend is driven by a desire for cleaner and more ethical food choices, as well as concerns over the use of hormones and antibiotics in conventional dairy farming. Additionally, there is a growing preference for plant-based milk alternatives, such as almond and oat milk, among vegan and lactose-intolerant consumers.

Trends in the market: In North America, the Milk Market in the Dairy Products & Eggs Market within The Food market is experiencing a shift towards organic and plant-based milk products. This trend is driven by consumer demand for healthier and environmentally friendly options, as well as concerns over animal welfare. Furthermore, there is a growing trend of incorporating milk alternatives in various food and beverage products, indicating potential growth opportunities for dairy companies. However, this trend could also pose challenges for traditional dairy farmers and processors, who may need to adapt to new production methods and invest in alternative milk sources.

Local special circumstances: In Canada, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's supply management system, which controls production and prices. This has led to a stable and protected market for Canadian dairy producers, but has also faced criticism for limiting competition and driving up prices for consumers. Additionally, Canada's unique geographical landscape, with vast rural areas and harsh weather conditions, presents challenges for dairy production and distribution, further shaping the dynamics of the market.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market is greatly impacted by macroeconomic factors such as trade agreements, economic stability, and government policies. Countries with favorable trade agreements, such as those included in NAFTA, experience increased market growth due to streamlined trade processes and reduced tariffs. Additionally, countries with stable economies and supportive fiscal policies tend to have a higher demand for dairy products and eggs, leading to an overall growth in the market. Government initiatives, such as subsidies and incentives for dairy farmers, also play a significant role in driving market performance. Furthermore, global economic trends, such as changing consumer preferences and increasing disposable incomes, also contribute to the growth of the Milk Market in the Dairy Products & Eggs 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.