GLOBAL – The global market for goat milk is forecasted to reach US$18.68 billion driven by rising consumer demand and increase in number of goats bred specifically for their milk, a new research by Data Bridge Market Research has shown.
According to the report, the market which was was worth US$12.55 billion in 2022 will grow at a compound annual growth rate (CAGR) of 5.10% during the forecast period ending 2030.
Goat milk is an excellent source of nutrients because it naturally contains minerals and vitamins including potassium, iron, and calcium.
Its becoming particularly popular among health-conscious populations, a factor which is driving up demand and leading to the rise in the number of goats are being bred specifically for milk production.
While Asia accounts for the majority of both worldwide dairy goat consumption and production, North America dominates the goat milk market in revenue and market share due to rising goat milk product demand.
Due to rising population, economic expansion, and goat product exports, Asia-Pacific is predicted to rise quickest between 2023 and 2030.
India, China, Pakistan, and Bangladesh manufacture and consume the most. India consumes and produces 25% of global output.
The demand for goat milk is anticipated to rise in tandem with the rising popularity of goat cheese, which is gaining fans for its pleasant flavour and creamy texture.
Dylan McMahon, director at Kendamil’s Kendal Nutricare division however notes that goat milk is still quite a niche product. “If you look at western countries, like the US and UK, you’re probably looking at around 2-3% of the market.”
He however notes that it is growing in popularity because the short-chain fatty acids are shorter in goat milk than cow’s milk, so it’s easier to digest.
“People talk about it being potentially closer in resemblance to breast milk. But at the end of the day, 95% of our sales are still in cow’s milk.”
Goat milk formula hugely popular
Goat milk formulas have also gained huge popularity in the recent years. According to Data Bridge Market Research, Goat Milk-Based Infant Formula Market is expected to reach US$ 17.64 billion by 2029, registering a CAGR of 7.50% during the forecast period of 2022-2029.
The market research firm attributes the formula’s popularity to the fact that goat milk is considered more digestible than cow milk, and identical to human milk.
Fat globules that are present in goat milk-based infant formula are relatively smaller in diameter, enabling easier digestion of up to 94% among infants.
This makes goat-based infant formulas a healthier option, especially among babies and toddlers who have concerns about cow milk.
For all the latest food industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube channel.