“Global Dairy Protein Market to reach a market value of USD 17.6 Billion by 2031 growing at a CAGR of 4.9%”
The Global Dairy Protein Market size is expected to reach $17.6 billion by 2031, rising at a market growth of 4.9% CAGR during the forecast period.
North America has a strong tradition of dairy consumption, with products like milk, cheese, yogurt, and butter staples in many consumers' diets. Therefore, the North American region will capture 34.8% revenue share by 2031. This high consumption contributes to the demand for dairy proteins in the region. The sports nutrition sector in North America has also contributed to their growing demand, with athletes and fitness enthusiasts seeking protein supplements to support muscle recovery and growth.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November, 2021, Archer Daniels Midland Company completed the acquisition of Sojaprotein. Through this acquisition, Archer Daniels Midland broadened its alternative protein expertise and enhanced its capacity to satisfy the increasing market demand for plant-based food and beverage options. Additionally, In May, 2023, Archer Daniels Midland Company completed the acquisition of D.C.A. Finance B.V. Through this acquisition, the companies expanded their commodity brokerage expertise and solutions.
Based on the Analysis presented in the KBV Cardinal matrix; Archer Daniels Midland Company is the forerunner in the market. In December, 2023, Archer Daniels Midland Company completed the acquisition of Revela Foods, LLC, a diversified food ingredients company. Through this acquisition, Archer Daniels Midland Company incorporated the dairy flavour ingredients and solutions of Revela to strengthen its global dairy and Savory flavours portfolio. Companies such as Fonterra Co-operative Group Limited, Kerry Group PLC, Saputo, Inc. are some of the key innovators in the market.
As people become more conscious of their dietary choices and the role of nutrition in overall health and wellness, there has been a growing demand for protein-rich foods and beverages, including those derived from dairy sources. Thus, the increasing health awareness among consumers has been a significant driving force behind the growth of the market, fuelling demand for protein-rich dairy products and driving innovation in the industry.
Sports nutrition products often include protein supplements to aid muscle repair and growth after exercise. These, including casein and whey, are significantly esteemed in nutritional supplements on account of their superior quality and comprehensive amino acid composition, which efficiently facilitates muscle growth and recovery. Therefore, the growth in sports nutrition has created a favourable environment for the market, with increasing demand driven by factors such as health awareness, product innovation, scientific support, and expanded distribution channels.
Plant-based alternatives, such as pea, soy, and rice protein, directly compete with dairy proteins in various applications, including beverages, protein powders, meat substitutes, and dairy alternatives like plant-based milk and yogurts. As consumer interest in plant-based diets grows, these alternatives capture market share that would otherwise go to these proteins. Thus, the rise of plant-based alternatives challenges the market.
On the basis of form, the market is classified into solid and liquid. The solid segment witnessed 85.8% revenue share in the market in 2023. The solid form segment encompasses a variety of protein-rich products such as cheese, yogurt, and milk powders. These solid forms of this protein are crucial in meeting consumer demand for convenient and nutritious food options.
Based on type, the market is characterized into whey protein, milk protein concentrate, and casein & derivatives. In 2023, the milk protein concentrate segment recorded 28.9% revenue share in the market. Increased consumer consciousness regarding the significance of protein in promoting immune health and general wellness has contributed to a surge in the desire for products that contain milk protein concentrate (MPC).
By application, the market is fragmented into nutrition, food & beverages, personal care & cosmetics, feed, and others. The food & beverages segment procured 40.5% revenue share in the market in 2023. These products include dairy-based foods such as yogurt, cheese, ice cream, and butter and dairy protein-fortified beverages like protein shakes, smoothies, and functional drinks.
Free Valuable Insights: Global Dairy Protein Market size to reach USD 17.6 billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment held 30.8% revenue share in the market in 2023. By prioritizing sustainability, health, and quality, Europe continues to be a significant participant in the worldwide industry. Europe has a long-standing dairy production and consumption tradition, with products like cheese, yogurt, and milk integral to the European diet.
The market competition in the Dairy Protein Market is intense, characterized by the presence of numerous players offering a wide range of dairy protein products. Major dairy companies, as well as new entrants and niche players, compete vigorously to capture market share and expand their customer base. Key factors driving competition include product quality, innovation, pricing strategies, distribution channels, and brand reputation. Large dairy protein manufacturers leverage their economies of scale and extensive distribution networks to maintain a competitive edge.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 12.2 Billion |
| Market size forecast in 2031 | USD 17.6 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.9% from 2024 to 2031 |
| Number of Pages | 234 |
| Number of Tables | 363 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Form, Type, Application, Region |
| Country scope |
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| Companies Included | Archer Daniels Midland Company, Arla Foods, Inc., Kerry Group PLC, Saputo, Inc., Fonterra Co-operative Group Limited, Royal FrieslandCampina N.V., Schreiber Foods, Inc., Lactalis Group, DANA Dairy Group Ltd., Agri-Mark, Inc. |
By Form
By Type
By Application
By Geography
This Market size is expected to reach $17.6 billion by 2031.
Increasing health awareness among consumers are driving the Market in coming years, however, Rise of plant-based alternatives restraints the growth of the Market.
Archer Daniels Midland Company, Arla Foods, Inc., Kerry Group PLC, Saputo, Inc., Fonterra Co-operative Group Limited, Royal FrieslandCampina N.V., Schreiber Foods, Inc., Lactalis Group, DANA Dairy Group Ltd., Agri-Mark, Inc.
The expected CAGR of this Market is 4.9% from 2024 to 2031.
The Whey protein segment is generating the highest revenue in the Market by Type in 2023; thereby, achieving a market value of $10.1 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $6.1 billion by 2031.
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