Dairy Products Have More Growth Potential

Corey Geiger , Abbi Prins and Billy Roberts

July 17, 2024

Key Points

  • Most U.S. consumers purchase dairy, which is also the largest category in retail. Over the next three years, approximately 90% of people have no plans to reduce their dairy product purchasing behavior.
  • Globally, the cheese snack market is projected to reach $75.1 billion this year, and it could grow at a compound annual growth rate of 6.5% through 2034.
  • Private labels are outpacing brands in 10 of the 15 dairy categories. Store brand options making considerable inroads include yogurt, cream cheese, cream and creamers.
  • The lactose-free product category provides a simple, yet relevant, tool of innovation for dairy processors to help reach the 120 million Americans who cannot enjoy traditional dairy products due to some form of lactose intolerance.
  • Consumers’ tastes and purchasing patterns continue to evolve, and that means dairy processors, manufacturers and marketers need to innovate, too.

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Disclaimer: The information provided in this report is not intended to be investment, tax, or legal advice and should not be relied upon by recipients for such purposes. The information contained in this report has been compiled from what CoBank regards as reliable sources. However, CoBank does not make any representation or warranty regarding the content, and disclaims any responsibility for the information, materials, third-party opinions, and data included in this report. In no event will CoBank be liable for any decision made or actions taken by any person or persons relying on the information contained in this report.

 
 
 
 

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