Milk decreased 0.06 USD/CWT or 0.32% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Milk - values, historical data, forecasts and news - updated on March of 2025.

Learn about the various factors that impact dairy commodity prices, including supply and demand, trade policies, and weather conditions, and how they affect the prices of milk, cheese, butter, and whey protein on commodity exchanges around the world.

Learn about the factors that influence the price of dairy products such as milk, cheese, and butter, and how global competition and government support programs impact the industry

Graph and download economic data for Producer Price Index by Commodity: Farm Products: Raw Milk (WPU0161) from Jan 1947 to Feb 2025 about milk, agriculture, commodities, PPI, inflation, price index, indexes, price, and USA.

Explore the fluctuations in EU dairy commodity prices and the various factors affecting the market, including oversupply, the Russian embargo, and the COVID-19 pandemic. Discover the positive signs of recovery in the butter and milk powder markets, but also the fragility of the market and the potential for continued price fluctuations.

The FAO Dairy Price Index* was 142.9 points in January 2025. The coronavirus pandemic and the war in Ukraine drove the price of dairy products up throughout 2022. The prices decreased but began to rise again towards the end of 2023.For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated facts and figures page. For further information about the Russian invasion of Ukraine, please visit our dedicated page on the topic.

The global price per unit in the 'Milk Substitutes' segment of the food market was forecast to continuously increase between 2024 and 2029 by in total 0.3 U.S. dollars (+9.58 percent). After the ninth consecutive increasing year, the price per unit is estimated to reach 3.45 U.S. dollars and therefore a new peak in 2029. Notably, the price per unit of the 'Milk Substitutes' segment of the food market was continuously increasing over the past years.Find other key market indicators concerning the average consumption per capita and sales volume change. The Statista Market Insights cover a broad range of additional markets.

How much is a gallon of milk? In 2024, the average retail price of whole fortified milk in the United States was 4.1 U.S. dollars, which was a decrease from the previous year. Milk production Dairy farming is an agricultural business which is engaged in the long-term milk production within the dairy industry. Dairy farming is a large contributor to the overall economy in many states. California, Wisconsin, and Idaho had the highest milk supply in 2022. Continuing the trend of each year breaking the record for milk production, an estimated 228.3 billion pounds of milk were produced in 2023. Milk consumption Since 2011, there has been a steady decline in milk consumption in the United States, with just 65.2 liters consumed per capita compared to 78.3 in 2011. This could be explained by consumers’ increasing shift towards plant-based dairy alternatives. In 2019, 35 percent of consumers consumed soy products at least once a week, up from 24 percent in 2010.

The global whole fresh milk market totaled $752.9B in 2024, standing approx. at the previous year. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the market value increased by 6.4%.

Global Lactose-Free Dairy Market reached US$ 11.9 billion in 2022 and is expected to reach US$ 20.7 billion by 2030

Argentina's dairy industry is experiencing significant price volatility, with the Consumer Price Index (CPI) for dairy products in the Greater Buenos Aires region reaching 9514.1 in December 2024. This marks a dramatic increase from 3998.9 just a year earlier, highlighting the rapid inflation affecting the sector. The surge in dairy prices is part of a broader trend of rising food costs across the country, impacting consumers and the industry alike. While the Greater Buenos Aires region leads in dairy product CPI, other regions are also experiencing substantial increases. For instance, the Pampeana region saw its bread and cereals CPI rise to 8405.1 in November 2024, up from 3247.2 the previous year. These price hikes are occurring despite the relatively stable milk consumption volume. In 2022, Argentina's milk consumption reached 11.9 million metric tons, with a slight increase to 12 million metric tons projected for 2023. Despite the challenging economic environment, some dairy brands have maintained strong consumer loyalty. In 2023, La Serenísima led the market, followed by La Paulina and Ilolay. However, the industry faces headwinds, as evidenced by the industrial production index (IPI) for dairy products, which stood at 127.5 points in August 2024, representing a 6.6 percent decrease from the previous year. This decline in production, coupled with rising prices, suggests potential challenges for both consumers and producers in the Argentine dairy market.

The statistical data generated through the administration of the Federal milk order program is recognized widely as one of the benefits of this program. These data provide comprehensive and accurate information on milk supplies, utilization, and sales, as well as class prices established under the orders and prices paid to dairy farmers (producers). The sources of this data are monthly reports of receipts and utilization, producer payroll reports, and reports of nonpool handlers filed by milk processors (handlers) subject to the provisions of the various milk orders. The local market administrator (MA) uses these reports to determine pool obligations under the order and to verify proper payments to producers. Auditors employed by the MA review handler records to assure the accuracy of reported information. Reporting errors are corrected; if necessary, pool obligations are revised. After the pool obligations have been determined the local market administrator summarizes the individual handler reports and submits a series of order summary reports to the Market Information Branch (MIB) in Dairy Programs. The MIB summarizes the individual order data and disseminates this information via monthly, bimonthly, and annual releases or publications. Since milk marketing order statistics are based on reports filed by the population of possible reporting firms and not a sample, these statistics are comprehensive. Also, since these individual firm reports are subject to audit and verification, these statistics are accurate. The Federal milk order statistics database contains historical information, beginning in January 2000, generated by the administration of the Federal milk order program. Most of the information in the database has been published previously by the Market Information Branch in Dairy Programs either on its web site or in the Dairy Market News Report. New users are encouraged to use the "User Guide" to learn how to navigate the search screens. If you are interested in a description of the Federal milk order statistics program, or want current data, in ready made table form, use the "Current Information" link.

According to Cognitive Market Research, the global Dairy Product market size will be USD 501241.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 200496.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 150372.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 115285.55 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 25062.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 10024.83 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The Milk category is the fastest growing segment of the Dairy Product industry

Market Dynamics of Dairy Product Market

Key Drivers for Dairy Product Market

Growing Global Population to Boost Market Growth

a growing population, rising consumer personal disposable income, rising health consciousness, rising milk output in developing countries, and rising consumption of foods enhanced with protein. These are some of the elements driving the market's expansion in demand for dairy products. By 2050, there will be 9.9 billion people on the planet, according to the Population Reference Bureau. Due to population expansion, there is a significant demand for dairy products, including milk, butter, yoghurt, and other dairy products. Customers directly use these products for a number of reasons. Cheese is good for the heart, according to studies, and demand for dairy products is rising globally as more people become aware of its health advantages. As consumers switch from eating meat to dairy-based products for micronutrients and proteins, the demand for dairy-based products is predicted to increase dramatically over the coming years.

Increase in Government Programs and Activities to Drive Market Growth

The industry is anticipated to expand as a result of government programs and activities targeted at enhancing the output of milk and livestock. For example, the National Dairy Program of the Indian Government seeks to increase milk and cattle production. The growing popularity of fast-food restaurants has significantly increased the consumption of cheese, dairy desserts, and butter. The consumption of dairy products in households is being driven by their wonderful taste and high protein content. They are frequently used in a variety of foods, such as pizza, burgers, and pasta. Furthermore, most households today consider milk to be a daily and necessary product. Consequently, it is anticipated that the global market for dairy products will expand significantly throughout the forecast period.

Restraint Factor for the Dairy Product Market

Rise of Plant-Based Alternatives Will Limit Market Growth

Consumers' increased concern for animal welfare is driving up demand for plant-based food substitutes. Soy milk, almond milk, non-dairy ice creams, cheese substitutes, and whipped cream are examples of plant-based dairy products that are quickly making their way into the mainstream retail market because of the rising belief that they are safer and healthier. It is anticipated that the fast growing dairy substitutes market, which includes new product innovations including non-dairy ice creams, cheese substitutes, and whipped creams, will impede the expansion of the global dairy products market. One significant issue impeding the growth of the global dairy products market is the growing number of people who do not ingest lactose.

Impact of Covid-19 on the Dairy Product Market

The coronavirus epidemic has had an impact on the world economy since governments all around the world implemented lockdowns to restrict travel. International travel and industrial operations were suspended as a result of these lockdowns. Nearly every industrial sector suffered greatly as a result of these actions. Labour shortages and supply chain failures also affect...

United States dairy market size reached US$ 109.98 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 153.52 Billion by 2032, exhibiting a growth rate (CAGR) of 3.30% during 2024-2032. The increasing consumer demand for high-protein diets, innovations in dairy products, the growing popularity of organic and non-GMO options, expanding export markets, rising health consciousness, and advancements in dairy farming and production technologies are some of the major factors propelling the market growth.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2024-2032. Our report has categorized the market based on product, application, and distribution channel.

The Latin American milk market amounted to $82.3B in 2024, remaining relatively unchanged against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the market value increased by 6.1% against the previous year. As a result, consumption reached the peak level of $83.4B. From 2023 to 2024, the growth of the market remained at a somewhat lower figure.

Dairy Products Market is growing at a CAGR of 3.2% during the forecast period 2024-2031

The Asian whole fresh milk market amounted to $333.4B in 2024, approximately mirroring the previous year. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $335B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

Explore the multifaceted factors influencing whole milk prices, including production costs, consumer demand, agricultural policies, and global market trends. Understand how these elements contribute to price fluctuations and what they mean for consumers and producers in the dairy industry.

The Australia dairy market size was valued at USD 6.7 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 10.6 Billion by 2033, exhibiting a CAGR of 4.64% from 2025-2033. Some of the factors driving the Australia dairy market include the growing demand for plant-based alternatives, advancements in dairy farming and production technologies, increased consumer preference for premium and specialty dairy products, and robust government support and initiatives promoting sustainability and innovation.

IMARC Group provides an analysis of the key trends in each segment of the Australia dairy market, along with forecasts at the country and regional levels from 2025-2033. The market has been categorized based on product, application, and distribution channel.

According to Cognitive Market Research, the global Dairy Industry Market size will be USD 891254.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.60% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 356501.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 267376.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 204988.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
The Latin America market will account for more than 5% of global revenue and have a market size of USD 44562.71 million in 2024. It will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 17825.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
The Bakery & Confectionery held the highest Dairy Industry Market revenue share in 2024.

Key Driver for the Dairy Industry Market

Income Growth and Urbanization to Increase the Demand Globally

As income levels rise and urbanization accelerates worldwide, the demand for dairy products, including cheese, is expected to increase significantly. Urbanization brings about changes in lifestyle and dietary habits, with urban populations often having greater purchasing power and access to a wider variety of food options. With more people living in urban areas, there is a higher demand for convenient and processed foods, including cheese, which is versatile and widely enjoyed in various cuisines.

Additionally, as disposable incomes increase, consumers are more likely to incorporate dairy products into their diets as part of a more diverse and nutritionally rich food intake. These factors create a conducive environment for the growth of the cheese segment within the dairy industry, with opportunities for producers to innovate, expand their product offerings, and tap into new markets both domestically and internationally.

Population Growth to Propel Market Growth

Population growth is a significant driver propelling market growth across various industries, including the dairy sector. As the global population continues to expand, particularly in emerging economies, the demand for dairy products is expected to rise steadily. With more mouths to feed, there is an increased need for staple foods like dairy, which provides essential nutrients such as protein, calcium, and vitamins. Moreover, population growth often correlates with urbanization, as more people move to cities in search of better opportunities. Urban populations tend to have higher purchasing power and access to a diverse range of food products, including dairy items like milk, cheese, and yogurt.

Furthermore, population growth isn't just about quantity but also demographic shifts. Changes in age demographics, such as an aging population in some regions, can also impact dairy consumption patterns. Older adults may seek dairy products for their calcium content to support bone health, contributing to sustained demand for dairy products.

Restarint Analysis for Dairy Industry Market

Health Concerns and Dietary Shifts to Limit the Sales

While population growth is a significant driver of market growth in the dairy industry, it's essential to recognize that health concerns and dietary shifts can act as limiting factors, impacting sales. In recent years, there has been a growing awareness of health issues related to dairy consumption, including lactose intolerance, concerns about cholesterol levels, and saturated fats. These health concerns have prompted some consumers to reduce their intake of dairy products or seek alternatives.

Additionally, dietary shifts towards plant-based diets and veganism have gained traction, driven by concerns about animal welfare, environmental sustainability, and perceived health benefits. As a result, many consumers are opting for plant-based dairy alternatives such as almond milk, soy milk, and oat milk, which offer similar nutritional profiles without the drawbacks associated with dairy consumption.

Impact of COVID-19 on the Dairy Industry Ma...