The global organic milk market has been witnessing slow but steady growth in past few years, according to a study produced by QY Research, City of Industry, Calif.
The global market for organic milk was valued at $4031 million in 2017, and is likely to reach $5683 million by 2023, expanding at a CAGR of 4.64% throughout the forecasted period.
There is a rising trend of growth in the average price of organic milk across the world. This trend is expected to continue in the years to come due to the constant rise in the price index. Organic milk sales in 2017 were 3,482 million liters, up from 3,079 million liters in 2013.
The demand and popularity of organic milk is also rising thanks to consumers’ inclination toward organically and naturally grown food products and the perception of organic food products.
However, the market is also facing a challenge from many parts of the world. The higher price of organic milk is a major concern, thus hampering the growth of the global organic milk market. The milk of those animals given antibiotics are not allowed to be sold as organic milk, thus limiting the development of global organic milk market.
Based on product, global organic milk market is segmented into organic whole milk, organic 2% milk, organic 1% milk, organic fat-free milk and others. Organic whole milk and organic milk are the two most preferred types in the global organic milk market, capturing 39% and 31% revenue share, respectively.
The United States is the largest organic milk-consuming country in the world, and is expected to retain its position in the years to come. The United States is also likely to grab about 40% revenue share, followed by Europe (36%), and China (11%).