North America Milk Market to Hit US$35.8 bn by 2019: Transparency Market Research
A new market research report has been recently published by Transparency Market Research, a U.S.-based market research and intelligence firm. The research report provides an in-depth analysis of the milk market in North America, including market overview, product segmentation, and competitive analysis. The research report is titled “North America Milk Market – Scenario, Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019”.According to the report, in 2012, the North America milk market stood at US$27.81 billion and in 2013, it was valued at US$29.1 billion. Going further, the milk market is projected to touch US$35.8 billion by the end of 2019, growing significantly at a 3.5% CAGR between 2013 and 2019. In terms of volume of milk consumption, in 2013, the North America milk market was pegged at 17.96 billion kg and is estimated to grow to 21.05 billion kg by the end of 2019, growing positively at a 2.13% CAGR through the forecast period.
According to TMR, the growth of the North America milk market is largely supported by a strong milk distribution network that ensures the easy availability of milk in retail stores. Consumers are increasingly wary of the nutritional value of food products that they consume, making milk one of the preferred sources of nutrition, especially calcium. The milk market in North America is also expected to be buoyed by a change in eating patterns among consumers in this region. Since 2011, the popularity of dairy products as an integral part of dietary plans has contributed to a higher consumption of milk here. The demand for this dairy product has been on the rise also owing to a growing immigrant population in the United States and Canada. As more immigrants, their families, and children move to the U.S. and Canada, the demand for dairy products, especially milk, has been rising over the past few years.
TMR’s report on the North America milk market segments the industry based on product type as: butter milk, concentrated milk, liquid milk, and powder milk. The report studies three main countries – U.S., Canada, and Mexico – to determine and forecast demand and revenues based on product type.
Within the product segment, concentrated milk is estimated to register the fastest growth. The growth rate of the concentrated milk segment is pegged at 3.47% through the next six years. Another segment that will show healthy growth is that of liquid milk. An expansion in this segment will primarily arise from an increasing awareness about meeting daily nutritional requirements and an improved overall awareness about health. An ever-increasing network of hypermarkets and supermarkets, resulting from stronger distribution channels, is giving consumers easier access to milk at lower prices. This factor can also be regarded as a growth driver in the North America milk market.
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The report anticipates private labels to lead in terms of market share, over the next six years. Private labels are not only cost effective, but also provide high-quality milk to consumers in North America. After private labels, the largest share in the milk market in North America was occupied by dairy farmers in 2013. TMR’s report profiles leading market players in the North America milk industry such as: Parmalat, Dairy Land, Neilson, and GrupoLala. The study offers incisive insights into current North America milk market trends and provides market forecasts from 2013 through 2019.