Regular
consumption of milk is perceived to be healthy for all age groups.
Milk has remained a significant inclusion in the staple diets of
people across cultures for many generations. With the evolution of
mankind, milk as an agricultural product has gained much significance
worldwide. Today, the global milk market has emerged as an organized
industry within the agricultural sector, catering to the demand of
millions living around the world.
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America Milk Market
report
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In
a recent report, Transparency Market Research has pegged the overall
value of milk market in North America at US$27.8 bn in 2012 and
US$29.1 bn in 2013. Going further, the North America milk market is
anticipated to reach US$35.8 bn by the end of 2019. If the figures
hold true, the milk market in North America will exhibit a moderate
and steady 3.50% CAGR between 2013 and 2019. In terms of volume of
milk consumed, the North America milk market in 2012 stood at 17.9 bn
kg and it is estimated to reach 21 bn kg by 2019, demonstrating a
positive CAGR of 2.13% during the period.
Paradigm
Shift in Consumer Preference Boosts North America Milk Market
In
the last couple of years, the dynamics of consumer preference have
changed drastically. To keep pace with the changing paradigm of
consumer choices, the milk market now offers different variants of
flavor to attract consumers. Leading players in the market are
adopting product innovation tactics to gain a competitive edge.
Therefore, a significant rise in research and development investments
has been noted, which consequently paves the way for the market’s
future growth. Milk doesn’t have many substitutes and also has a
short shelf life, which increases its consumption. According to the
latest studies, the consumption of milk in North America is
anticipated to remain substantial over the forthcoming years.
Additionally, the growing population of expatriates in the U.S. and
Canada will significantly amplify the demand for milk from these
countries.
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The
U.S. Emerges as a Lucrative Milk Market in North America
In
the U.S. alone, the demand for milk is driven by growing awareness
about health and the escalating demand for better nutritional value
of meals. Furthermore, the U.S. is the largest producer of milk and
dairy products in North America. The milk market in North America is
segmented into concentrated milk, butter milk, powder milk, and
liquid milk. Of these, the segment of liquid milk and concentrated
milk is anticipated to exhibit the fastest CAGR. The growth of these
segments will be majorly helped by the growing health concerns in the
region and increasing demand for daily nutrient intake to avoid
deficiency.
North
America Milk Market Exhibits Highly Fragmented Vendor Landscape
The
North America milk market is highly fragmented in nature;
furthermore, an influx of new producers is expected in the near
future, further intensifying the prevailing competition.
Additionally, the emergence of private labels in the scenario is
likely to enhance the bargaining power of the consumers in the North
America milk market. Distribution channels such as departmental
stores, supermarkets, and hypermarkets are increasing in number,
which will also fuel the North America milk market. In the U.S. milk
market, Dairy Farmers of America held the majority share in the
market in 2013, compared to other private level brands. The Canada
market was led by Neilson, Parmalat, and Dairy Land. The milk market
in Mexico, on the other hand, witnessed GrupoLala emerge as the
leading player in 2013.
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exclusive blend of quantitative forecasting and trends analysis
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research techniques in developing distinctive data sets and research
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