Technavio Releases New Report Global Organic Dairy Products Market
By Business Wire News
In this report, Technavio’s foodresearch experts announce their key market highlights for the global organic dairy products market. Their findings include:
Market revenue for the global organic dairy products market to grow at a CAGR of more than 11%
Valued at USD 15 billion in 2014, the global organic dairy market is expected to exceed USD 26 billion by 2019, growing at a CAGR of 11.7%. The growing focus of consumers toward the consumption of organic food and beverages will compel manufacturers to launch innovative and exotic organic dairy products.
In the last few years, innovative organic dairy products such as organic spoonable yogurt with granola and fruit toppings, Greek yogurt and organic milk containing anti-oxidants and healthy fatty acids like DHA, and omega 3 have been introduced into the market. These innovations combined with the financial benefits that manufacturers receive from governments to produce organic dairy products are driving the growth of the market.
“With global concerns toward environment and health issues increasing, various governmental organizations are coming up with aids that encourage farmers to switch from conventional farming techniques to organic dairy farming,” said Technavio lead food research analyst Arushi Thakur. “Organizations like the Agricultural and Processed Food Products Export Development Authority (India) and United States Department of Agriculture (US) have come up with systems that not only provide farmers with assistance toward the adoption of such organic methods, but also help them transition during the process,” Thakur added.
The Environmental Quality Incentives Program (EQIP) from the USDA provides financial as well as technical assistance to farmers who are voluntarily ready to undertake or transfer to organic and sustainable farming practices. In fact, farmers who are beginners in the field are provided with higher monetary assistance to encourage them further in their attempts.
Europe and North America account for over 90% of the total market
The organic dairy products market in Europe was valued at USD 7.5 billion in 2014 and is expected to reach over USD $13 billion by 2019, growing at a CAGR of almost 12%. The UK, France, Germany, Italy, Sweden, Denmark and The Netherlands are the key markets for this region. The organic dairy products market has emerged as the second largest product segment in the organic food and beverages market accounting for more than 20% of market share in Europe.
The market is driven by the continuous introduction of innovative organic dairy products such as flavored organic milk drinks and functional or energy based milk drinks in the market. It was found that one in five people in the UK prefer energy based milk drinks during or post-workout or exercise. There have also been multiple single serving organic flavored milk drinks launched in the market targeting the growing on-the-go market, for breakfast or after school.
The organic dairy products market in North America was valued at USD 6 billion in 2014 and is expected to reach USD 10.8 billion by 2019, growing at a CAGR of over 12%. With developing concerns over the extensive use of additives and preservatives in processed dairy products like cheese and cream, North American consumers are opting to buy organic dairy products.
It is expected that the organic packaged food market in the US will grow at a rate of over 5% during the forecast period. In Canada, organic dairy sales account for more than 12% of the total organic dairy products market.
Organic yogurt is the fastest growing segment
The organic yogurt market was valued at USD 5.45 billion in 2014 and is expected to exceed USD 10 billion by 2019, growing at a CAGR of 13%.
The growing interest of consumers toward innovative and exotic flavored organic yogurt variants such as organic maple, blueberry pomegranate, cherry, cola, mulling spice, tropical orange, tea berry, etc. will favor market growth during the forecast period. In 2014, Chobani launched organic 32oz grass fed multi-serve packs of its Greek yogurt with distinctive packaging to differentiate it from the rest of its product range. The rising demand for organic yogurt in Australia, New Zealand, UK, France, and Italy will further drive market growth.
Top vendors covered in this report:
- Aurora Organic Dairy
- Ben & Jerry
- Horizon Organic
- Organic Valley
- Whole Foods
Browse Related Reports:
- Global Organic Baby Food Market 2016-2020
- Halal Food Market in Europe 2016-2020
- Global Pea Protein Market 2016-2020
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