Skimmed Milk Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).
Skimmed milk is a dairy product with an extremely low percentage of fat. In some countries, skimmed milk is labeled as fat-free as, many regulations allow it to label fat-free with negligible fat percentage. For people who are concerned about the amount of fat in their diets, skimmed milk is an excellent alternative to whole milk, although some individuals do not enjoy the flavor.
In addition, skimmed milk is low in cholesterol, fat, and calories and high in protein & calcium. In addition, skimmed milk has various health benefits such as helping in bone mineral density and weight loss. Along with this, it maintains heart health, muscle functions, and blood sugar levels.
Thus, owing to these benefits, skimmed milk is more in demand by consumers globally. Furthermore, the increased number of health-conscious people is creating numerous opportunities for the market.
Market Dynamics: Rise in demand for fat-free and low-calorie food is driving the growth of the markets
The changing diet preferences and the fundamental shift of consumers towards healthy diet patterns and the strong demand for healthy and natural & low-calorie food products due to the increased number of health-conscious consumers is driving the growth of the global skimmed milk market during the forecast period.
The demand for low-calorie food is growing due to an increase in the acceptance of healthy activities such as yoga, going to the gym, and eating healthy food. Low-calorie foods are also becoming more popular as obesity becomes more prevalent. For instance-in May 2022, according to the CDC (Centers for disease control and prevention) the prevalence of obesity in California is 30.3%.
Furthermore, changing consumer dietary preferences and inclination toward low calorie &low-fat food is increasing the demand for skimmed milk globally. Skimmed milk is used in various food &beverage applications such as desserts, bakery, confectionery and milk-based beverages. For instance, in 2022, according to the International food information council foundation, 43% of the U.S. population looks for healthy food alternatives to maintain their diets.
Thus, the increased awareness about the health benefits and nutritional value of skimmed milk ultimately has increased the demand for products made with skimmed milk such as ice-creams various desserts, bakery & confectionary items which have led to an increased number of product launches, mergers & acquisitions and other collaborations between the companies to fulfill consumer demands.
However, high prices of skimmed milk and certain allergies associated with skimmed milk such as acne skin allergies, and others are expected to restrain the market growth. These side effects may enable consumers to switch to other plant-based or healthy milk options in order to save money and avoid allergies which may impact the skimmed milk market negatively.
Market Segmentation: Dairy segment accounted for the highest share in the global skimmed milk market
In 2021, the dairy segment had the highest revenue share of YY percent. Consumers opt for healthy dairy products such as ice-creams, dairy-based beverages, smoothies, and others. Thus, the increase in demand for dairy products helps the segment to grow in the coming years. For instance, according to new England dairy, the retail sales for dairy in 2020 have increased by 2% that 2019 due to the increased demand. Furthermore, the growth in the dairy industry is attributed to the rising demand for skimmed milk powder in manufacturing various dairy products such as cheese, butter, ice cream, and yogurt. Moreover, increasing consumption of flavored milk due to changing consumer preferences is expected to drive product demand over the coming years.
In 2021, the supermarkets segment had the highest revenue share of YY percent. The easy availability, organized structure, and various discount offers, enabled by supermarkets are driving the growth of the segment. Furthermore, consumers find it easy to visit supermarkets and buy the desired product such as skimmed milk. Consumers tend to avoid the inconvenience and prefer the easy way to purchase the product with discount offers which helps the supermarket segment to grow in coming years.
Geographical Penetration: North America is the dominating region during the forecast period
In 2021, North America had the highest revenue share of YY percent. The region has well-developed dairy, bakery, confectionery, and other sectors where the demand for healthier, low-calorie, low-fat food is increasing. Consumers in the U.S. prefer to consume nutrition-rich food, primarily diet food which will help them manage their weight and health. In addition, in various food industries and applications the region such as dairy, bakery, and others in which skimmed milk is used primarily as a healthier alternative.
Furthermore, the high consumption of dairy products, especially among children and adolescents. For instance- In 2020, in U.S., according to International Dairy Foods Association, the ice-cream consumption grew by 4%, yogurt 3% and butter by 3%. In addition, rising demand for low-fat dairy products will also drive growth in this region. Moreover, the increasing trend of staying fit and have low calorie diet in U.S., Canada and other countries is also adding to the growth of the market.
The global skimmed milk market is competitive and comprises players such as Alpenrose Dairy, Inc., Amul Industries Pvt. Ltd., Arla Foods amba, Dairy Farmers of America Inc., Danone S.A., Fonterra Co-operative Group Limited, LACTALIS Ingredients, Nestle S.A, Saputo Inc. and Schreiber Foods Inc. among others. The skimmed milk market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for health-conscious consumer’s preference for natural forms of products are also expected to propel market growth.
COVID-19 Impact: Negative impact on the global skimmed milk market
The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages are among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.
In addition, the shutdowns of the companies and factories production facilities in various countries have disrupted the whole supply chain. It has negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products.
Furthermore, the import-export restrictions imposed by governments in North America, Asia, and Europe are hindering geographical expansion, business collaboration, and partnership opportunities. Thus, these factors are hindering the growth of the skimmed milk market in the food and beverage industry.
However, there has been a shift towards weight loss and weight management products during & after covid-19 pandemic which has increased the demand for skimmed milk products globally.
The global skimmed milk market report would provide an access to approximately 61 market data tables, 40 figures, and 170 pages