US packaged dairy food market to register 10.9% growth by 2017
The packaged dairy food market in the US will register a compound annual growth rate (CAGR) of 10.9%…The packaged dairy food market in the US will register a compound annual growth rate (CAGR) of 10.9% by 2017, in comparison to a CAGR of 8.6% during 2007-2012, finds a report by Canadean.
According to the report titled, "Market Focus: Trends and Developments in the Dairy Food Sector in the US", demand for dairy food products in the market is driven by the growing influence of an affluent Millennial population.
Distribution of dairy products in the US follows a similar pattern to overall retail packaged food distribution, with a higher market share of 70% from Hypermarkets & Supermarkets.
Men account for 51.4% of the sector by volume, while older, affluent, and time rich consumers are the largest consumer groups in both male and female markets for dairy food products.
In addition, positive employment numbers and low inflation rate increased confidence among consumers, and is driving positive growth for the foodservice and restaurant industry in the country.
Usage of reduced fat products and nutritional products in the dairy food market rose with growing concern for healthy lifestyles.