Allied Market Research recently published a report, titled, “Goat Milk Market by Product (Milk, Cheese, Milk Powder, and Other) and Distribution Channel (Hypermarkets & Supermarket, Convenience Store, Specialty Stores, Medical & Pharmacy Store, and Online): Global Opportunity Analysis and Industry Forecast, 2019-2026″. According to the report, the global Goat milk industry was pegged at $8.67 billion in 2019 and is projected to reach $11.4 billion by 2026, registering a CAGR of 3.8% from 2019 to 2026.
Chief reasons for market fluctuations
Rise in health awareness of goat milk, increase in demand of goat milk products, and government subsidies for goat farming have boosted the growth of the global goat milk market. However, high cost of the goat milk, and increase in awareness for vegan products impede the growth to certain extent. On the contrary, technological advancement and aggressive marketing strategies for goat milk, and surge in online sales of F&B products are expected to create lucrative opportunities in the near future.
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The milk powder segment to manifest the fastest growth through 2026
Based on products, the milk powder segment is expected to portray the fastest CAGR of 7.40% during the forecast period. This is due to increasing demand of milk powder to produce infant formula. However, the milk segment held the largest share in 2019, accounting for more than three-fourths of the global goat milk market. This is due to increase in health awareness, and rise in demand of goat milk products.
The Residential segment dominated the market
Based on distribution channel, the specialty stores segment held the lion’s share in 2019, contributing to nearly two-fifths of the global goat milk market, owing to availability of fresh milk products at single store. However, the online segment is expected to manifest the fastest CAGR of 7.10% during the forecast period. This is due to increase in online marketing with huge options such as availability of detailed information, and discount & free home delivery offered by various e-commerce platforms.
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North America held the largest share
The global Goat milk market across North America dominated in 2019, contributing to nearly two-fifths of the market. This is owing to rise in working population and increase in growth of the fast food industry. However, the market across Asia-Pacific region is expected to register the fastest CAGR of 5.80% during the study period. This is due to availability of government subsidies for goat farming.
Major market players
Hay Dairies Pte Ltd
The Good Goat Milk Co
Delamere Dairy
Holle baby food AG
Cherry Glen Goat Cheese Co
Yayi International
Dairy Goat Co-operation (DGC)
FIT
dairy expert
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