The global market is predicted to reach a compound annual growth rate (CAGR) of 4.3 percent during 2016–2021, to reach US$769 billion by 2021.
Asia Pacific is forecast to record the fastest CAGR of 7.7 percent during 2016-2021, to become the largest regional market with an estimated value share of 30.7 percent by 2021. Western Europe represented the largest region for the sector with a value share of 27.4 percent in 2016.
A growing population coupled with improving global economy will remain the primary macroeconomic factors driving growth in the sector. Rising participation of women in the workforce, coupled with long working hours and the resulting desire for convenient yet healthy food choices are seen to drive the market.
The value share of global dairy and soy food segment in the overall food industry is forecast to decline during 2011–2021, led by falling shares in the North America and Western Europe regions. Saturated consumption levels due to the rise in veganism and concerns about animal welfare are the major factors impacting value share of the market. However, continued urbanisation and changing consumption pattern towards westernised foods in most Asia Pacific countries, Middle East, Africa, Latin America, and Eastern Europe regions will boost the share of dairy and soy food market.
The overall market share for private label products in the global dairy and soy market stood at 13.8 percent by value as of 2016, a slight increase from 13.1 percent in 2011. North America had the highest market share for private label products at 23.5 percent in 2016, followed by Western Europe at 22.2 percent, while Asia Pacific had the lowest private label share at four percent.
The dairy and soy foods, along with the health and wellness sectors accounted for a 46.7 percent share of the overall global sector sales in 2016, primarily driven by the demand for products which are perceived to be healthy and nutritious. Growing consumer desire to boost nutritional intake of nutrients such as calcium and protein as well as micronutrients such as vitamins and minerals available naturally in dairy products, is driving demand for the dairy and soy foods, as well as the health and wellness segments.