Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the goat milk industry is estimated to grow at 4.3% CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Goat Milk Market Growth & Trends
The global goat milk market size is expected to reach USD 14.47 billion by 2028, registering a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Goat milk is rich in iron, potassium, and calcium among other vitamins and minerals. It helps lower blood pressure levels, improve digestion, and maintain heart health. The growing awareness regarding these health benefits and the availability of government subsidies are the factors expected to drive the demand for goat milk over the forecast period.
Among all the products, milk contributed to the highest revenue share of more than 41.3% in 2020 and is expected to register a significant CAGR over the forecast period. The product is considered to have better digestibility than other alternatives. Technological advancement in the dairy processing industry has enhanced shelf life and maintained the quality of goat dairy products for a longer period. All these factors are expected to drive the growth of the industry over the forecast period.
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Asia Pacific held a revenue share of 29.8% in 2020. The increasing young population and increasing disposable income in countries such as China and India are the factors projected to drive the product demand. Rising consumer awareness regarding food nutrition is anticipated to bode well for the market growth in near future. The health benefits of goat milk over its dairy substitutes have resulted in its high consumption in the region, thus creating an enormous opportunity for vendors. Industry participants are adopting several inorganic and organic growth strategies to expand their product/service portfolio and to enhance their foothold across the industry.
Goat Milk Market Report Highlights:
• The milk segment contributed to the highest revenue share in 2020 and is expected to expand at the second-highest CAGR over the forecast period. Increasing demand for low cholesterol and lactose contains dairy products is expected to drive the product demand
• Europe is projected to expand at a CAGR of 4.2% from 2021 to 2028. Germany accounted for the largest share of 22.7% in the region followed by the U.K.
• The supermarkets/hypermarkets distribution channel segment contributed to the highest share of more than 35% in terms of revenue in 2020. Consumers feel more comfortable physically choosing their products, especially grocery and dairy products, over online shopping. This factor is anticipated to contribute to the market share of this segment
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Goat Milk Market Segmentation
Grand View Research has segmented the global goat milk market based on product, distribution channel, and region:
Goat Milk Product Outlook (Revenue, USD Million, 2017 - 2028)
• Milk Powder
Goat Milk Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
• Convenience Stores
Goat Milk Regional Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
List of Key Players of Goat Milk Market
• Emmi Group
• Ausnutria Dairy Corporation Ltd.
• Granarolo Group
• Dairy Goat Co-operation (DGC)
• Gay Lea Foods Co-operative Ltd.
• Hay Dairies Pte Ltd.
• Cherry Glen Goat Cheese Co
• Goat Partners International, Inc.
• Summerhill Goat Dairy.
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