$889.4bn
$XX.Xbn
2m
9,042
$XX.Xbn
Solid economic growth in the growing economies of Asia and South America, alongside rising global per capita income, has led to consistent growth in global demand for milk and dairy products. Even amid the outbreak of COVID-19, production climbed. Rising input costs forced manufacturers to hike prices, contributing to considerable revenue growth. While milk prices have increased, profit has only inched up because of rising input costs. Industry-wide revenue has been growing at a CAGR of 7.2% over the past five years and is expected to total $889.4 billion in 2023, when revenue will drop by an estimated 4.9%.China and India are two of the fastest-growing consumers and producers of milk in the world. While increased investments in technology and factories have strengthened productivity in North America and the EU, consumption in those countries has decreased. Manufacturers in the EU and North America have increasingly looked to large markets like China as a source of growth.Through the end of 2028, manufacturers will continue to enjoy growth, but as growth in milk prices slow, revenue will follow suit. As consumption in North America and the EU continue to dip because of stiff competition from substitute products, economic growth and rising disposable income in developing nations will continue to spur growth. Milk products with added probiotics and vitamins will drive growth in developing nations as consumers become increasingly health-conscious. Industry revenue is forecast to climb at a CAGR of 1.1% through the end of 2028 to total $939.1 billion.
Industry revenue has grown at a CAGR of 7.2 % over the past five years, to reach an estimated $889.4bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Fonterra Co-operative Group Limited | 10,490.7 | N/A | N/A | |
Nestle SA | 6,993.8 | N/A | N/A | |
Dairy Farmers of America Inc. | 3,496.9 | N/A | N/A |
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Industry revenue is measured across several distinct product and services lines, including Fluid milk, Powder milk and Cream and other. Fluid milk is the largest segment of the Global Milk & Cream Manufacturing.
Fluid milk remains strong but faces considerable substitutes
This industry comprises operators that are mainly engaged in grading, filtering and chilling fresh liquid whole milk or cream. Operators are also involved in manufacturing, bottling or cartoning pasteurized liquid whole milk; flavored liquid whole or skim milk; liquid skim milk; liquid standardized milk; milk powder; cream; sour cream; or buttermilk.
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Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Higher prices and production spurred growth. Increased input costs forcing manufacturers to hike prices and rising consumption and production in developing countries fueled r...
Learn about an industry's products and services, markets and trends in international trade.
Fluid milk consumption continues to climb. Despite consumers in the US and Europe increasingly consuming substitute milk products like soy and almond, strong growth from Asia...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Manufacturers concentrate heavily in Europe. Europe's high per capita cattle milk consumption encourages milk and cream manufacturers to establish in the region.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Manufacturers primarily compete on quality and price. Price competition is high for lower-quality products like milk powders, while competition in quality is high for premium...
Learn about the performance of the top companies in the industry.
No company has amassed more than 5.0% of the market. The massive global production makes it difficult for one company to accumulate a considerable market share.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Global milk and cream manufacturers face heavy regulations. While regulations in specific regions differ, government agencies regulate milk and cream quality and production.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wage costs dip as manufacturers hike investment. Growing investment in technology and factories enabled manufacturers to lessen their dependence on labor while increasing the...
Including values and annual change:
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The market size of the Global Milk & Cream Manufacturing industry in Global is $889.4bn in 2024.
There are 9,042 businesses in the Global Milk & Cream Manufacturing industry in Global, which has grown at a CAGR of 4.1 % between 2018 and 2023.
The market size of the Global Milk & Cream Manufacturing industry in Global has been growing at a CAGR of 7.2 % between 2018 and 2023.
Over the next five years, the Global Milk & Cream Manufacturing industry in Global is expected to grow.
The biggest companies operating in the Global Milk & Cream Manufacturing market in Global are Fonterra Co-operative Group Limited, Nestle SA and Dairy Farmers of America Inc.
Pasteurized milk manufacturing (except canned) and Flavored liquid whole or skim milk manufacturing are part of the Global Milk & Cream Manufacturing industry.
The company holding the most market share in Global is Fonterra Co-operative Group Limited.
The level of competition is moderate and steady in the Global Milk & Cream Manufacturing industry in Global.