Cream rises to the top: Surging input costs are boosting the industry
Solid economic growth in the growing economies of Asia and South America, alongside rising global per capita income, has led to consistent growth in global demand for milk and dairy products. Even amid the outbreak of COVID-19, production climbed. Rising input costs forced manufacturers to hike prices, contributing to considerable revenue growth. While milk prices have increased, profit has only inched up because of rising input costs. Industry-wide revenue has been growing at a CAGR of 7.2% over the past five years and is expected to total $889.4 billion in 2023, when revenue will drop by an estimated 4.9%.
This industry comprises operators that are mainly engaged in grading, filtering and chilling fresh liquid whole milk or cream. Operators are also involved in manufacturing, bottling or cartoning pasteurized liquid whole milk; flavored liquid whole or skim milk; liquid skim milk; liquid standardized milk; milk powder; cream; sour cream; or buttermilk.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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