Global Dairy & Soy Food sector was valued at US$426.6 billion in 2017 and is forecast to record a CAGR of 4.4% during 2017–2022 to reach US$528.1 billion by 2022. Americas represented the largest region for the sector with a value share of 31.1% in 2017, followed by Western Europe at 31%. In terms of growth, Asia-Pacific is forecast to record the fastest CAGR of 6.8% during 2017–2022 to become the second-largest regional market with an estimated value share of 29.5% by 2022.
Dairy & Soy Food with health & wellness attributes accounted for a 43.8% share of the overall global sector sales in 2017, 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 dairy & soy food with health & wellness attributes.
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, will drive portable formats in dairy & soy food. However, evolving new diets such as paleo and vegan, which restrict the intake of dairy products, and poor cold storage infrastructure, notably in developing countries, pose a threat to the sector.