Global milk & cream manufacturing market set to reach $923.95 billion by 2024, with 5.2% CAGR

From GlobeNewswire: 2024-12-16 09:56:00

The global milk & cream manufacturing market is expected to reach $923.95 billion by 2024, with a 5.2% CAGR through 2034. Demand is increasing due to diverse uses in industries like biotechnology and cosmetics. The food sector remains dominant, with innovative uses in sports nutrition and functional drinks driving growth. Market players include Arla Foods, Nestle, and Kraft Foods.

Key takeaways from the market study show that the global milk & cream manufacturing market is forecasted to reach $1.543.94 billion by 2034. The North American market is expected to grow at a 5.4% CAGR, while the fluid milk segment is projected to progress at a rate of 4.9% between 2024 and 2034. The East Asian market is estimated to advance at a CAGR of 5.3%.

Leading players in the milk and cream manufacturing industry are focusing on innovation to maintain a competitive edge. Companies are introducing new products, such as flavored options, to attract consumers. In addition, sustainable packaging and improved logistics are making manufacturers richer. High-quality organic products and customized formulas are being launched to cater to different dietary requirements.

In other dairy-related news, the global plant-based milk powder market is expected to grow at a CAGR of 7.7%, reaching $896.5 million by 2034. The global UHT milk market is projected to reach $138.9 billion by 2034. The milk protein concentrate market is valued at $4.01 billion in 2024 and is anticipated to grow to $7.64 billion by 2034. The global breast milk substitute market is currently valued at $18.4 billion and is projected to reach $45.1 billion by 2032. Consumers are increasingly turning to whey-based drinks and yogurts for their high nutritional value and low fat content.

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