The Libya dairy products market is valued at US$ 588.9 Mn in 2022 and is expected to exhibit a CAGR of 4% and reach US$ 873.3 Mn by the end of 2032.
The Libya dairy products market is currently pegged at 366,736 tons and is expected to evolve at a volume CAGR of 3.3% and reach 508,469 tons by the end of 2032. Market growth is mainly attributable to increasing consumption of flavored dairy products, preference for dairy products to facilitate weight management, and rising popularity of dairy-based products among the population.
Dairy products are a key part of the human diet and have been official nutritional recommendations in many countries around the world. Dairy products are a rich source of protein and offer numerous health benefits to consumers. Moreover, rapid changes in the food and beverage market due to rising awareness about protein benefits is changing the purchasing decisions of consumers. As a result, dairy manufacturers in Libya aim to provide protein-rich dairy products to consumers.
Growing health concerns among consumers, rise of the gym culture, and a shift toward foods with functional benefits are estimated to serve as some of the major drivers for market growth in the country. This trend can lead to retailer outlets in Libya stocking up on milk and other nutritional dairy products. Health and fitness enthusiasts in Libya looking for food and beverage products fortified with proteins will also augment market expansion.
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Industrialization and urbanization have increased the disposable income of the population. Due to the rise in disposable income, consumers are looking for premium products. With the trend of premium products, the Libyan market for dairy products is anticipated to grow steadily over the coming years.
On the other hand, there are certain challenges as well that are limiting market progress. For instance, in recent times, Libya has witnessed high inflation rates due to several factors, dependency on imports for essential commodities, and varying prices of commodities. Thus, manufacturers of dairy products need to navigate these issues carefully to sustain in the market.
Key Takeaways from Market Study
- The Libya dairy products market is currently valued at US$ 588.9 Mn and is anticipated to progress a CAGR of 4% during the forecasted period (2022-2032).
- By sales channel, the modern trade category is currently valued at US$ 110.7 Mn.
- The utilization of cheese in Libya is projected to be 32,191 tons and is anticipated to increase at 3.6% CAGR.
- Based on product type, the milk & cream segment is currently pegged at 308,466 tons and expected to expand at a volume CAGR of 3.2%.
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“The Libya dairy products market is majorly import dependent. As a result, dairy product manufacturers around the world can leverage this opportunity by establishing their footprint in the country and offer high-quality dairy products. The milk & cream segment holds a majority of the share in market since it is considered as a daily commodity, though the butter segment has the highest growth potential,” says a Persistence Market Research analyst.
Manufacturers of dairy products are emphasizing augmenting their production and processing capabilities along with strengthening their distribution networks to penetrate untapped areas of the country.
- Süta? Süt Ürünleri A.? exports its dairy products to over thirty countries such as the U.S., Libya, UAE, Qatar, Kuwait, Japan, Iraq, and many more, having an export valuation of around US$ 16 Mn. This extensive export capacity of the company allows it to increase its brand presence on a global basis.
- Rawidairy consistently focuses on increasing its production capacity and maintaining reliable and fast communication. It establishes and maintains successful business relations with its distributors and suppliers, which aids in running seamless operations.
- AI Mazraa
- Al Naseem
- Arab Dairy
- B&C Food
- Buhajar Group
- Dairygold Deutschland Handels GmbH
- Guney Sut
- HB Group
- Pant Mawr Farmhouse Cheeses
- Süta? Süt Ürünleri A.?
- Tamah Food Industries Company
- The Kraft Heinz Company (Arla Foods)
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the Libya dairy products market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032. The study offers compelling insights based on product type (milk & cream, cheese, butter, dairy desserts, and yogurt & buttermilk) and sales channel (modern trade, online retailers, convenience stores, mom & pop shops, and other sales channels).
Read More Trending “PMR Exclusive Article”- https://www.globenewswire.com/en/news-release/2022/09/19/2518357/0/en/Libya-Dairy-Products-Market-is-expected-to-reach-US-873-3-Mn-by-the-end-of-2032-Persistence-Market-Research.html
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