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Milk & Dairy Products Market Report 2007
Key Note Publications Ltd, July 2007, Pages: 119
The milk and dairy products market in the UK was valued at £7.17bn in 2006, having grown by 12.5% over the review period (2002 to 2006). The market is broadly divided into the following sectors: liquid milk, cheese, yogurts and chilled desserts (including drinking yogurts), yellow fats (butter, margarine and other spreads) and cream.
Growth has been driven by a number of factors. A positive economic background, with an ongoing rise in personal disposable incomes, has helped to increase demand for more convenient, better quality foods in the food market generally. However, one of the main drivers of growth remains `better-for-you' foods.
In the milk and dairy market, this has been evident in the rising sales of reduced-fat options, including a trend towards semi-skimmed and skimmed milk, lower-fat cheeses and the success of the yogurts sector. A further factor has been the rapid growth of the functional dairy sector. Initially, this centred on spreads offering cholesterol-lowering benefits but has extended into products with added vitamins and minerals, as well as other product sectors, including milk, cheese, yogurts and dairy drinks.
An interest in the quality of food has also led to a greater emphasis on provenance, where products are from and how they are made. In addition, consumers have shown a willingness to buy products that have covered fewer `food miles' and to support local businesses. Regional milks and cheeses have experienced greater demand on the back of such trends. Organic dairy products have also been driving sales, as consumers have increasingly sought more naturally produced ranges.
The dairy market is dominated by a handful of major processors and vertically integrated dairy co-operatives. Companies have been active with joint ventures, as well as buying out specific interests and consolidating business.
Milk and dairy products have a high level of consumer penetration, with most households buying across all the major categories. Despite the established nature of many products, some sectors continue to grow — both the cheese and yogurt sectors have gained new consumers since 2002.
Within the milk and dairy market, there remains considerable scope for further product development. Added-value products with an emphasis on better-for-you benefits and better quality, as well as convenience, will continue to be the main drivers.
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