Future Outlook: Dairy Snacks Market Valued at US$ 397 Billion by...

Future Outlook: Dairy Snacks Market Valued at US$ 397 Billion by 2033 with 6.1% CAGR

Сообщение 2024-06-10 09:15:44

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The global dairy snacks market is on an impressive growth trajectory, anticipated to reach a valuation of USD 397 billion by 2033, up from USD 226 billion in 2023. This remarkable expansion, at a CAGR of 6.1%, is driven by the rising global consumption of dairy products, changing snacking habits, and a growing emphasis on nutritious diets.

Dairy snacks, which comprise products like cheese, yogurt, and ice cream, offer multiple benefits including high nutrition and good taste. These snacks are increasingly becoming the preferred choice over baked or fried alternatives, especially among health-conscious consumers.

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The demand for dairy snacks is surging due to several factors. Firstly, the increasing snacking habits of consumers worldwide, coupled with a focus on incorporating essential vitamins and minerals into daily diets, are significant drivers. Dairy snacks now account for 20% of the total dairy market, a number expected to rise as the trend towards healthier eating continues.

The market’s growth is further fueled by the rising popularity of ready-to-eat dairy products. These products, favored for their convenience and nutritional profile, are particularly appealing to consumers looking for quick yet healthy snack options. The trend towards clean-label products, which include whey proteins and other nutritious ingredients, is also contributing to the market’s expansion.

Growing Factors of Dairy Snacks Market:

Consumers are increasingly seeking out snacks that not only taste good but also offer health benefits. Dairy snacks, with their high nutritional content, are seen as ideal alternatives to less healthy snack options. This shift towards healthier snacking is a key growth driver for the market.
Manufacturers are continually innovating, introducing new dairy snack products that cater to evolving consumer preferences. This includes the development of low-calorie, low-fat, and lactose-free dairy snacks that meet the dietary needs of health-conscious consumers.
With rising disposable incomes, consumers are more willing to spend on premium, nutritious snacks. This increase in spending capacity is boosting the demand for high-quality dairy snacks.
The convenience of ready-to-eat dairy snacks is a significant factor driving their popularity. Products such as drinkable yogurt cartons, cheese trays, and yogurt pots are not only easy to consume but also offer a healthy snacking option, further propelling market growth.

Country-wise Insights

United States: The U.S. dairy snacks market is expected to reach a valuation of US$ 58.2 billion in 2023. The market is driven by a strong preference for organic and nutritional dairy products, as well as the presence of major suppliers like General Mills, Danone SA, and Unilever Plc. The focus on low-fat and no-sugar products is also boosting demand.

China: China is emerging as a promising market for dairy snacks, with a projected valuation of US$ 16.05 billion in 2023. The rising popularity of snacking, coupled with increasing consumer spending on Western dairy products, is driving market growth. The demand for clean-label products is also contributing to this trend.

United Kingdom: The U.K. dairy snacks market is poised for strong growth, driven by high health awareness among consumers and a shift towards healthy dairy products. The availability of no-sugar and lactose-free variants is supporting this growth.

Category-wise Insights

Currently, cheese accounts for around 45% of the total dairy snacks market. Its high nutritional value, versatility in various cuisines, and wide availability make it a popular choice among consumers.

The online sales channel is expected to dominate, growing at a 6.7% annual rate and accounting for over 50% of all sales. The convenience of purchasing through e-commerce platforms and the ability to choose from a wide range of products are key factors driving this growth.

Key Players of Dairy Snacks Market: