The global milk industry has been forecast to increase at a compound annual growth rate (CAGR) of 3.1% between 2011 and 2016, increasing from total revenues of $117,530.2 million, to reach a market value of $136,837.4 million by the end of 2016.
Throughout the world, there are more than 6 billion consumers of milk and milk products. Over 750 million people live within dairy farming households. Milk is a key contributor to improving nutrition and food security particularly in developing countries.Improvements in livestock and dairy technology offer significant promise in reducing poverty and malnutrition in the world.
Aside from cattle, many kinds of livestock provide milk used by humans for dairy products. These animals include buffalo, goat, sheep, camel, donkey, horse, reindeer, and yak. The first four respectively produced about 11%, 2%, 1.4% and 0.2% of all milk worldwide in 2011. In Russia and Sweden, small moose dairies also exist.
A new report titled 'Milk: Global Industry Guide', published on companiesandmarkets.com, stated that the fresh liquid milk (unflavoured) segment was the markets most lucrative in 2011, with total revenues of $57,058.5 million, equivalent to 48.5% of the market's overall value.
World cow's milk production in 2011 stood at nearly 606 million tonnes, with the top ten producing countries accounting for 56.6% of production. Production of buffalo, sheep and goats' milk is estimated to account for a further 103 million tonnes, with much of this centred in Asia.
Increasing affluence in developing countries, as well as increased promotion of milk and milk products, has led to a rise in milk consumption in developing countries in recent years. In turn, the opportunities presented by these growing markets have attracted investment by multinational dairy firms.
Nevertheless, in many countries production remains on a small scale and presents significant opportunities for diversification of income sources by small farmers. Local milk collection centers, where milk is collected and chilled prior to being transferred to urban dairies, are a good example of where farmers have been able to work on a cooperative basis, particularly in countries such as India.
The USA is the largest cow's milk producer in the world accounting for 14.7% of world production, producing over 89 million tonnes in 2011, an increase of 1.9% when compared to 2009.
India is the second largest cow's milk producer, accounting for 8.7% of world production and producing over 52 million tonnes in 2011. The UK is the 9th largest producer in the world producing over 14 million tonnes in 2011 and accounting for 2.4% of world cow's milk production
Global milk prices are expected to remain strong into 2014 on the back of high demand and disruption to supplies.
For more information on the global milk industry, see the latest research: Global Milk Industry
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