This is only an excerpt of the full article that appeared in P&F Magazine. The full content is not currently available online.
The global market for dairy products is currently worth $481 billion and growing at a rate of 5.1% per year, fueled by growth in demand in the Middle East and Africa, Central and South America, and Asia Pacific (T-1). Cheese is the largest product category, with the global market for cheese now worth $195 billion (T-2). Ice cream and frozen desserts is the next largest market, worth $92 billion globally and growing at a rate of 5.9% per year.
The global market for butter and yellow fats is worth $64 billion, while yogurt and cultured milks, including drinking yogurt and prebiotic drinks, is now worth $63 billion. Although a much smaller market, demand for milk drinks now stands at $25 billion and growing rapidly. Finally, the global market for chilled desserts is worth $17 billion.
For this analysis, the author has focused on dairy products, excluding (unflavored) liquid milk, as this is not an opportunity for flavors.