Goat Milk Product Market - Global Outlook and Forecast 2019-2024
The global goat milk market is estimated to reach revenues of around $15 billion by 2024, growing at a CAGR of more than 7% during 2018-2024.
The rise of modern trade benefit dairy due to reliance on chillers and cold chain logistics for categories like yogurt and fresh milk will attribute to the development of the global market. The growing awareness and increasing number of campaigns, advertisements, and digital marketing will boost the sales of these products in the market.The global goat milk market is driven by significant shifts in the preferences towards packaged branded dairy across emerging nations. The growing internet penetration, smartphone users, and online retailing are contributing to the growth of the global market. The market research report provides in-depth market analysis and segmental analysis of the global goat milk market by product, by distribution channel, and geography.
The report considers the present scenario of the global goat milk market and its market dynamics for the period 2019−2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Goat Milk Products Market - Dynamics
The nutritional benefits and easy digestibility as compared to cow milk or other dairy milk are contributing to the growth of the global goat milk market. Goat dairy is rich in calcium, fatty acids, and contains a lower level of cholesterol. This product is consumed by people who are lactose intolerant.Goat dairy contains A2 casein which is easily digested by infants,and the fat globules are relatively smaller in diameter which allows easier absorption up to 94% among infants. Such properties will drive the demand for these products in the global market. The majority of the infant milk formula producers uses goat milk powder for infant formula in the market.With the increase in economic development and increasing, consumer spending across emerging nations will propel the growth of the global goat milk market. APAC, MEA, and Latin America are among the fastest growing regions and major revenue contributors in the global market. China is among the major contributors in the APAC region with a surge in demand for milk powders that are used the production of infant formulas and goat cheese.
Goat Milk Products Market - Segmentation
This market research report includes a detailed segmentation of the market by product, distribution channel, and geography.The global goat milk market by product is segmented into goat cheese, milk powder, packaged milk, UHT milk, and others. Goat cheese dominated approximately half of the total market share in 2017, growing at a CAGR of more than 5% during the forecast period. The rapidly changing food habits and increasing health issues such as obesity and high level of cholesterol are driving the growth of this segment in the global market.UHT milk is approximately 50% cheaper than the fresh milk. The vendors are tapping the recent trend offlavored milk and launch new products to maximize profits and tap the opportunities in the global market. North America and Europe together account for three fourth of the market in 2018.
Online segment is the fastest growing segment in the global market, growing at a CAGR of 15% during the forecast period. The rise ofbetter internet connectivity across developed and emerging nations is encouraging consumers to shop through online websites in the global goat milk products market. Various countries are focusing on enhancing their digital economies by increasing internet penetration and deploying LTE networks.The availability of extra discounts and products bundling offers is helping hypermarkets and supermarkets to attract a large number of consumers in the global goat milk market.
Market Segmentation by Product
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