Milk powder or dried milk is a dairy product which is manufactured by evaporating milk until it becomes dry. During the process, the milk is pasteurised under controlled temperatures to eliminate any bacterial growth. Milk powder is a rich source of essential vitamins and minerals such as calcium, zinc, magnesium, and vitamins A, E, K and D. In addition to this, it also provides other nutritional elements such as antioxidants and amino acids which play a vital role in cellular growth, aiding in blood clotting and enhancing the body’s immune system. A new research report by IMARC Group, titled “Milk Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market reached a volume of 10.4 Million Tons in 2018. The report further anticipates the market to reach a volume of 13.2 Million Tons by 2024, at a projected CAGR of 4.1% over the forecast period.
Global Milk Powder Market Drivers/Constraints:
- Milk powder offers an extended shelf life so that it can be stored for a longer period of time without any significant loss of quality of the milk. This is one of the major factors which is driving the growth of the global milk powder market.
- Consumers across emerging markets have become aware about the usage and benefits offered by milk powder. This, in turn, is proliferating the demand for milk powder across the globe.
- Apart from this, the growth of the market is also being influenced by mass urbanisation, improving living standards, a stable growth across end-use industries along with easy transportability and low distribution costs of milk powder.
- However, adulteration, addition of preservatives and implementation of stringent regulations by governments across various nations are some of the factors which act as major obstacles for the market growth.
Product Type Insights:
On the basis of product type, the market has been segmented into whole milk powder and skimmed milk powder. Among these, whole milk powder currently dominates the market as it does not contain any flavours, additives or preservatives.
On a geographical front, the European Union dominates the global milk powder market as a result of a shift towards the consumption of dairy-rich palate as well as low storage and transportation costs of milk powder. Some of the other major markets include New Zealand, China, the United States and Brazil.
The highly fragmented milk powder market is surrounded by 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:
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