The global milk powder market reached a value of US$ 30 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 45.1 Billion by 2027, exhibiting a CAGR of 7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Milk powder is manufactured by dehydrating fluid milk in order to increase its shelf-life. It has a similar nutrient profile as fluid milk, consisting of thiamine, proteins, vitamin C and B12, etc. Apart from recombination and reconstitution, milk powder is also utilized for its functional properties in several value-added foods such as confectionery, bakery and meat products. In recent years, the demand for milk powder has increased as a number of countries have been unable to meet their rising milk demand and rely on imported milk which is generally procured in the form of milk powder.
Global Milk Powder Market Drivers/Constraints:
Powdered milk has a longer shelf-life than liquid milk due to the presence of low moisture content. Owing to this, it can be easily stored at ambient temperatures, transported to remote locations without proper cold chain infrastructure, and used at times when milk production is low.
As milk powder has diversified applications in the food and beverage industry, the sustained growth of this industry has been proactive in stimulating its demand, particularly in the emerging regions such as China, India, Brazil, etc.
Milk powder offers the same nutritional value as regular milk, owing to which, it is used in sports nutrition products including nutrition bars and beverages. The increasing demand for these products, driven by growing fitness consciousness, has been catalyzing the milk powder market.
The governments of various nations have laid down stringent policies on taxation, duty structures, subsidies and export/import of milk powder which can have major implications on the bottom lines of milk powder producers and hinder the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global milk powder market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type, function and application.
Breakup by Product Type:
Whole Milk Powder
Skimmed Milk Powder
On the basis of product type, the market has been bifurcated into whole milk powder and skimmed milk powder. Amongst these, whole milk powder is the most popular product type and represents a commonly used ingredient in the food industry.
Breakup by Function:
Based on function, the market has been segregated into emulsification, foaming, flavoring and thickening. Milk powder is used for emulsification in salad dressings, meat emulsions, soups, sauces, dairy beverages and baked goods; as foaming agent in the preparation of cakes, mousses and ice creams; as a flavoring agent in baked goods; and thickening agent in sauces, dairy beverages, yogurts, puddings and baked goods.
Breakup by Application:
Sports and Nutrition Foods
Fermented Milk Products
Based on application, confectionery dominates the global milk powder market, wherein milk powder is used in the production of malted milk, nougat centers, caramel confections, milk chocolates, soft sweets and various confection coatings. Other major application segments include infant formula, sports and nutrition foods, bakery products, dry mixes, fermented milk products, meat products and others.
On a geographical front, the European Union is the largest producer of milk powder worldwide and accounts for more than a fifth of the total global market. Other major regions are New Zealand, China, the United States and Brazil.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
Fonterra Co-operative Group Limited
Royal FrieslandCampina N.V.
Dairy Farmers of America Inc.
Kraft Heinz Company
This report provides a deep insight into the global milk powder market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a milk powder manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the milk powder industry in any manner.
Key Questions Answered in This Report
1. What was the size of the global milk powder market in 2021?
2. What is the expected growth rate of the global milk powder market during 2022-2027?
3. What are the key factors driving the global milk powder market?
4. What has been the impact of COVID-19 on the global milk powder market?
5. What is the breakup of the global milk powder market based on the product type?
6. What is the breakup of the global milk powder market based on the function?
7. What is the breakup of the global milk powder market based on the application?
8. What are the key regions in the global milk powder market?
9. Who are the key players/companies in the global milk powder market?