Statista predicts that revenue in the global milk & cream market will amount to US$278 billion in 2020. The market is expected to grow annually by 3.04% (CAGR 2020-2023), reaching a projected revenue growth of 6.3% in 2020.
The top 5 economies predicted to generate the most revenue in the milk & cream market are India, China, the United States, Russia and Brazil. Most revenue will be generated in India, with a projected market volume of US$55 billion in 2019.
In the milk category, World’s Top Exports (WTEx) reports that Asian countries imported the highest dollar worth of milk in 2017, with purchases valued at $12.7 billion or 43.2% of the global total. In second place were European importers at 36.1%, while 11.3% of the world’s imported milk was delivered to Africa. Smaller percentages arrived in Latin America (4.9%) excluding Mexico but including the Caribbean, North America (3.2%) then Oceania (0.9%) led by Australia, New Zealand and Fiji
In the cream category, Mordor Intelligence reports that Europe holds the majority of the market demand for dairy-based cream products, followed by North America and Asia-Pacific. The developed markets are growing at a comparatively steady pace in South America and Asia-Pacific. India, China, Brazil, Argentina, and South Africa are attractive markets for cream exports. These markets are supported by their large population, high dairy product demand and changing food consumption preferences.
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