Allied Market Research published a report, titled, “Global Milk Powder Market by Type (Whole Milk Powder, Skimmed Milk Powder, Dairy Whitener, Buttermilk powder, Fat Filled Milk Powder, and Others), and by Application (Nutritional Food, Infant Formula, Confectionery, Baked Sweets, Savories, and Others), Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global milk powder industry generated $29.6 billion in 2021, and is anticipated to generate $50.7 billion by 2031, witnessing a CAGR of 4.8% from 2022 to 2031.
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Prime determinants of growth
The global milk powder market is driven by factors such as growth in the expansion of the dairy industry along with the rise in the adoption of organic food among health-conscious consumers. However, the increase in the availability of milk powder alternatives restricts the market growth. Moreover, the rise in popularity of milk powder in the foodservice sector and increasing introduction of private label brands in the market offers new opportunities in the coming years.
Report coverage & details:
|Market Size in 2021||$29.6 billion|
|Market Size in 2031||$50.7 billion|
|No. of Pages in Report||320|
|Segments covered||Type, Application, and Region|
|Drivers||Rise in the adoption of organic food
Growth in the expansion of the dairy industry
Strong branding and advertisement by market players
|Opportunities||Rise in number of large private label brands
Rise in popularity of milk powder in foodservice industry
|Restraints||Increase in availability of alternatives
Presence of additives
- The COVID-19 pandemic affected the farmers and the employees of companies, as carrying out the operations was tough due to stringent lockdown rules initiated by the government.
- The pandemic increased volatility and uncertainty for dairy companies as production was getting disrupted due to a lack of resources. The prices were fluctuating, due to the lower availability of milk in the market, which impacted on the overall price of the finished product.
- The rise in transportation costs resulted in regular delays in product distribution across the globe.
The whole milk powder segment to maintain its leadership status throughout the forecast period
Based on type, the whole milk powder segment dominated the market in 2021 accounting for more than half of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 4.0% from 2022 to 2031, owing to a substantial majority of customers worldwide believing that whole milk is the most natural type of milk. Developing countries with increasing populations and disposable incomes are propelling the growth of whole milk powder. However, the buttermilk segment is projected to manifest the highest CAGR of 8.8% from 2022 to 2031. Post-pandemic, there has been an increase in home cooking and baking, which has raised the demand for baking ingredients like buttermilk powder. The increasing demand for buttermilk powder is expected to drive the growth of the milk powder market.
The confectionery segment to maintain its lead position during the forecast period
On the basis of the application, the confectionery segment dominated the market in 2021 accounting for more than one-third of the market share and is expected to maintain its dominance during the forecast period. Confectionery requires milk products such as whole milk powder, fat-filled milk powder, and others as a basic ingredient for manufacturing the final product. Milk powder provides confectionary items with a rich and creamy flavor, making them more attractive to customers. However, the savories segment is projected to manifest the highest CAGR of 8.2% from 2022 to 2031. Savories are consumers’ favorite choice of food for on-the-go munching. Further, consumers have been increasingly prepared to pay more for premium, artisanal, and high-quality snacks which are expected to boost growth in the coming years.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global milk powder market revenue and is likely to dominate the market during the forecast period. The Asia-Pacific milk powder market is propelled by changing lifestyles caused by globalization, the rise in the working-age population, and increased penetration of cafes and restaurants. However, the North America region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. The trend of healthy eating has been growing stronger in North America. People have become more concerned about their health due to the rise in the obese population, and other chronic diseases caused by incorrect food habits. This is expected to drive the growth of the milk powder market.
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Leading Market Players: –
- Arla Foods amba
- Fonterra Co-operative Group Limited
- Nestle S.A.
- Saputo Inc.
- Schreiber Foods Inc.
- The Kraft Heinz Company
- Groupe Lactalis
- Dairy Farmers of America, Inc.
- Danone S.A
- Royal Friesland Campina N.V.
The report provides a detailed analysis of these key players in the global milk powder market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Source From:- https://www.globenewswire.com/news-release/2023/04/25/2654090/0/en/Milk-Powder-Market-to-Garner-50-7-Billion-by-2031-at-4-8-CAGR-Allied-Market-Research.html
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