Surge in health awareness of goat milk, rise in demand of Goat Milk products, and government subsidies for goat farming are the major driving factors responsible for the growth of the global goat milk market. The global goat milk market size was valued at $8.5 billion in 2018 and is projected to reach $11.4 billion by 2026, registering a CAGR of 3.8% from 2019 to 2026.
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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 other players in the global goat milk industry are FIT, dairy expert, Hay Dairies Pte Ltd., The Good Goat Milk Co., Summerhill Goat Dairy, Delamere Dairy, Holle baby food AG, Cherry Glen Goat Cheese Co., Yayi International, and Dairy Goat Co-operation (DGC).
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By region, the market is dominated by North America, particularly the U.S., followed by Canada as the major market, while Asia-Pacific is dominated by China, with nearly 4.1% CAGR during the forecast period. In addition, LAMEA is expected to witness a 4.6% CAGR during the forecast period.ย
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The goat milk market is segmented on the basis of product, distribution channel, and region. Depending on product, the market is segmented into milk, cheese, milk powder, and others.
Based on the goat milk market analysis by product, the cheese segment is expected to grow comparatively faster than other goat milk products, witnessing a CAGR of 5.3%.
According to the goat milk market forecast by distribution channel, the specialty store segment was the major revenue contributor in the market in 2018. In addition, the online segment is expected to witness a growth of the market due to increase in penetration of internet and e-commerce platforms.ย
Key Findings of the Goat Milk Market:
- In 2018, by product, the goat milk accounted for the highest market share, growing at a CAGR of 3.7% from 2019 to 2026.
- In 2018, by distribution channel, the specialty store segment accounted for one-fourth share and is projected to grow at the highest CAGR of 2.9% during the forecast period.
- In 2018, by region, North America accounted for a prominent market share and is anticipated to grow at a CAGRs of 2.9% throughout the forecast period.
- In 2018, by country, Mexico accounted for a prominent market share and is anticipated to grow at a CAGRs of 5.3% throughout the forecast period.
- In 2018, by region, Asia-Pacific accounted for a prominent market share and is anticipated to grow at a CAGRs of 5.8% throughout the forecast period.
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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.
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