North America Milk Market Set to Reach US$35.8 bn by 2019, Driven by Growing Health Concerns

2024-11-04 07:14:51 Lifestyle

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Regular consumption of milk is perceived to be healthy for all age groups. Milk has remained a significant inclusion in the staple diets of people across cultures for many generations. With the evolution of mankind, milk as an agricultural product has gained much significance worldwide. Today, the global milk market has emerged as an organized industry within the agricultural sector, catering to the demand of millions living around the world.

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In a recent report, Transparency Market Research has pegged the overall value of milk market in North America at US$27.8 bn in 2012 and US$29.1 bn in 2013. Going further, the North America milk market is anticipated to reach US$35.8 bn by the end of 2019. If the figures hold true, the milk market in North America will exhibit a moderate and steady 3.50% CAGR between 2013 and 2019. In terms of volume of milk consumed, the North America milk market in 2012 stood at 17.9 bn kg and it is estimated to reach 21 bn kg by 2019, demonstrating a positive CAGR of 2.13% during the period.

Paradigm Shift in Consumer Preference Boosts North America Milk Market

In the last couple of years, the dynamics of consumer preference have changed drastically. To keep pace with the changing paradigm of consumer choices, the milk market now offers different variants of flavor to attract consumers. Leading players in the market are adopting product innovation tactics to gain a competitive edge. Therefore, a significant rise in research and development investments has been noted, which consequently paves the way for the market?s future growth. Milk doesn?t have many substitutes and also has a short shelf life, which increases its consumption. According to the latest studies, the consumption of milk in North America is anticipated to remain substantial over the forthcoming years. Additionally, the growing population of expatriates in the U.S. and Canada will significantly amplify the demand for milk from these countries.

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The U.S. Emerges as a Lucrative Milk Market in North America

In the U.S. alone, the demand for milk is driven by growing awareness about health and the escalating demand for better nutritional value of meals. Furthermore, the U.S. is the largest producer of milk and dairy products in North America. The milk market in North America is segmented into concentrated milk, butter milk, powder milk, and liquid milk. Of these, the segment of liquid milk and concentrated milk is anticipated to exhibit the fastest CAGR. The growth of these segments will be majorly helped by the growing health concerns in the region and increasing demand for daily nutrient intake to avoid deficiency.

North America Milk Market Exhibits Highly Fragmented Vendor Landscape

The North America milk market is highly fragmented in nature; furthermore, an influx of new producers is expected in the near future, further intensifying the prevailing competition. Additionally, the emergence of private labels in the scenario is likely to enhance the bargaining power of the consumers in the North America milk market. Distribution channels such as departmental stores, supermarkets, and hypermarkets are increasing in number, which will also fuel the North America milk market. In the U.S. milk market, Dairy Farmers of America held the majority share in the market in 2013, compared to other private level brands. The Canada market was led by Neilson, Parmalat, and Dairy Land. The milk market in Mexico, on the other hand, witnessed GrupoLala emerge as the leading player in 2013.

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