Dairy products market is expected to be up about 30% in 2017-18
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Dairy products markets have been booming in the United States, as consumers increasingly embrace healthier alternatives and demand for dairy products is on the rise.
The number of U.S. dairy farms has increased from just over 4 million farms in 2014 to about 10 million in 2016, according to the U.K.-based Dairy Products Market Association, a trade group.
That’s up from about 2.5 million in 2014 and 2.2 million in 2011.
The market has been growing steadily for more than two decades, but it has become more competitive as consumer demand has improved and competition among producers has improved.
The industry expects to be more than $400 billion in annual sales by 2021, up from $280 billion in 2020, according the group.
The U.s. dairy industry, which makes about 3 million tons of milk a day, is expected hit $500 billion in sales by 2024, up more than 30% from 2020.
That compares with about $150 billion in the dairy industry last year, according.
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