New York, September 19, 2022 (GLOBE NEWSWIRE) – The Dairy market in Libya is currently set at 366,736 tonnes and is expected to evolve at a CAGR volume of 3.3% and reach 508,469 tonnes by the end of 2032. The growth in the market is mainly attributable to the increase in consumption of flavored dairy products, to the preference for dairy products – dairy to facilitate weight management; and the growing popularity of dairy products among the population.
Dairy products are a fundamental 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 for consumers. Furthermore, rapid changes in the food and beverage market due to the growing awareness of the benefits of protein are changing consumer purchasing decisions. As a result, dairy farmers in Libya aim to provide consumers with protein-rich dairy products.
Growing health concerns among consumers, the rise of gym culture and the shift to foods with functional benefits are estimated to serve as some of the main drivers for market growth in the country. This trend may lead retail outlets in Libya to stock up on milk and other nutritional dairy products. Libya’s health and fitness enthusiasts looking for protein-enriched food and beverage products will also increase market expansion.
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Industrialization and urbanization have increased the disposable income of the population. Due to the increase in disposable income, consumers are looking for premium products. With the trend of premium products, the Libyan dairy market is expected to grow steadily over the next few years.
On the other hand, there are also some challenges that limit the progress of the market. For example, in recent times, Libya has seen high inflation rates due to several factors, dependence on imports for essential commodities and variable commodity prices. Therefore, dairy producers must carefully address these issues in order to sustain themselves in the market.
Key points of the market study
- The dairy market in Libya is currently valued at US $ 588.9 million and is expected to progress by a 4% CAGR over the projected period (2022-2032).
- By sales channel, the modern commerce category is currently valued at US $ 110.7 million.
- The utilization of cheese in Libya is expected to be 32,191 tons and is projected to increase to 3.6% CAGR.
- Depending on the product type, the milk and cream segment is currently pegged at 308,466 tonnes and is expected to expand at a volume CAGR of 3.2%.
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“The dairy market in Libya is mainly dependent on imports. As a result, dairy producers around the world can take advantage of this opportunity by establishing their presence in the country and offering high-quality dairy products. The milk and cream segment holds the majority of the market share as it is considered an everyday product, although the butter segment has the highest growth potential, “says a Persisence market research analyst.
Dairy producers are emphasizing increasing their production and processing capacities along with strengthening their distribution networks to penetrate the untapped areas of the country.
- Suta? Süt Ürünleri A.? exports its dairy products to over thirty countries such as the United States, Libya, United Arab Emirates, Qatar, Kuwait, Japan, Iraq and many more, with an export value of approximately US $ 16 million. This broad export capability of the company allows it to increase brand presence on a global basis.
- Rawidairy constantly focuses on increasing its production capacity and on maintaining reliable and fast communication. It establishes and maintains successful business relationships with its distributors and suppliers, which helps to manage operations without interruption.
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To explore More valuable insights
Persistence Market Research, in its new report, offers an unbiased analysis of the dairy market in Libya, presenting historical data (2017-2021) and estimation statistics for the forecast period 2022-2032. The study offers compelling insights based on the type of product (milk and cream, cheese, butter, dairy-based desserts and yogurt and buttermilk) and the sales channel (modern commerce, online retailers, convenience stores, mom & pop stores and other channels sales).
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