Industry Statistics and Trends
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 7.2 % over the past five years, to reach an estimated $889.4bn in 2023.
Trends and Insights
Rising world prices and production
- Rising feed costs have led to significant increases in the price of milk as manufacturers have pushed increased input costs onto consumers, fueling revenue growth.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Consumption from developed nations will continue to dip and slow growth
- In North America and Europe, per capita consumption of milk and cream products will continue to dip in line with shifting consumer preferences, increasing competition from substitutes.
Biggest companies in the Global Milk & Cream Manufacturing
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Fonterra Co-operative Group Limited | 10,490.7 | N/A | N/A | |
Nestle SA | 6,993.8 | N/A | N/A | |
Dairy Farmers of America Inc. | 3,496.9 | N/A | N/A |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Fluid milk, Powder milk and Cream and other. Fluid milk is the largest segment of the Global Milk & Cream Manufacturing.
Trends and Insights
Fluid milk remains strong but faces considerable substitutes
- Fluid milk comprises acidophilus milk, milk-based beverages (except dietary), buttermilk, chocolate milk, flavored milk drinks, homogenized milk and pasteurized milk.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
This industry comprises operators that are mainly engaged in grading, filtering and chilling fresh liquid whole milk or cream. Operators are also involved in manufacturing, bottling or cartoning pasteurized liquid whole milk; flavored liquid whole or skim milk; liquid skim milk; liquid standardized milk; milk powder; cream; sour cream; or buttermilk.
What's included in this industry?
Pasteurized milk manufacturing (except canned) Flavored liquid whole or skim milk manufacturingProcessed liquid milk processing Cream manufacturingSour cream manufacturingMilk powder manufacturingMilk-based baby foods (in powder form) manufacturing Health beverages (in powder form) manufacturingMalted milk powder manufacturingButtermilk manufacturingCompanies
Fonterra Co-operative Group LimitedNestle SADairy Farmers of America Inc.Purchase this report to view all 3 major companies in this industry.
Related Terms
POWDERED MILKPROBIOTICSPASTEURIZATIONPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Higher prices and production spurred growth. Increased input costs forcing manufacturers to hike prices and rising consumption and production in developing countries fueled r...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Fluid milk consumption continues to climb. Despite consumers in the US and Europe increasingly consuming substitute milk products like soy and almond, strong growth from Asia...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Manufacturers concentrate heavily in Europe. Europe's high per capita cattle milk consumption encourages milk and cream manufacturers to establish in the region.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each region in 2023
- Number and share of revenue each region accounts for in 2023
- Number and share of wages each region accounts for in 2023
- Number and share of employees in each region in 2023
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2023
- Share of population compared to output in each region in 2023
- Data tables
- Share of global output by region in 2023
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Manufacturers primarily compete on quality and price. Price competition is high for lower-quality products like milk powders, while competition in quality is high for premium...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
No company has amassed more than 5.0% of the market. The massive global production makes it difficult for one company to accumulate a considerable market share.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Fonterra Co-operative Group Limited's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Nestle SA's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Dairy Farmers of America Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
Detailed analysis
- Description and key data for Fonterra Co-operative Group Limited, and factors influencing its performance in the industry
- Description and key data for Nestle SA, and factors influencing its performance in the industry
- Description and key data for Dairy Farmers of America Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Global milk and cream manufacturers face heavy regulations. While regulations in specific regions differ, government agencies regulate milk and cream quality and production.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Wage costs dip as manufacturers hike investment. Growing investment in technology and factories enabled manufacturers to lessen their dependence on labor while increasing the...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Milk & Cream Manufacturing industry in Global in 2024?
The market size of the Global Milk & Cream Manufacturing industry in Global is $889.4bn in 2024.
How many businesses are there in the Global Milk & Cream Manufacturing industry in 2023?
There are 9,042 businesses in the Global Milk & Cream Manufacturing industry in Global, which has grown at a CAGR of 4.1 % between 2018 and 2023.
Has the Global Milk & Cream Manufacturing industry in Global grown or declined over the past 5 years?
The market size of the Global Milk & Cream Manufacturing industry in Global has been growing at a CAGR of 7.2 % between 2018 and 2023.
What is the forecast growth of the Global Milk & Cream Manufacturing industry in Global over the next 5 years?
Over the next five years, the Global Milk & Cream Manufacturing industry in Global is expected to grow.
What are the biggest companies in the Global Milk & Cream Manufacturing market in Global?
The biggest companies operating in the Global Milk & Cream Manufacturing market in Global are Fonterra Co-operative Group Limited, Nestle SA and Dairy Farmers of America Inc.
What does the Global Milk & Cream Manufacturing in Global include?
Pasteurized milk manufacturing (except canned) and Flavored liquid whole or skim milk manufacturing are part of the Global Milk & Cream Manufacturing industry.
Which companies have the highest market share in the Global Milk & Cream Manufacturing in Global?
The company holding the most market share in Global is Fonterra Co-operative Group Limited.
How competitive is the Global Milk & Cream Manufacturing industry in Global?
The level of competition is moderate and steady in the Global Milk & Cream Manufacturing industry in Global.
Related Industries
Widen your competitive advantage with related industries
Competitors
- Global Fruit & Vegetable Processing
- Other Global Dairy Product Manufacturing
Complementors
- Global Cheese Manufacturing
- Global Convenience Store Chains
International industries
- Dairy Product Production in the US
- Soy & Almond Milk Production in the US
- Coffee Creamer Production in the US
- Dairy Product Production in Canada
- Milk and Cream Processing in Australia
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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