The latest report by IMARC Group, titled “Milk Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global milk powder market size reached US$ 32.3 Billion in 2022. Powdered milk refers to pasteurized milk that is dried through evaporation. This procedure increases the shelf life of milk without the use of a refrigerator. It is used as an ingredient in infant formula, chocolates, and baking recipes. Nowadays, various kinds of milk powders are available in the market, including whole milk powder, skimmed milk powder, dairy whitener, and others. In recent years, milk powder has gained traction as it contains numerous essential nutrients, including vitamins, proteins, calcium, iron, sodium, cholesterol, potassium, fat, and carbohydrates.
Global Milk Powder Market Trends:
One of the primary factors driving the market is the escalating demand for convenient food products among the masses. Additionally, it can be easily transported without the need for cold chain infrastructure, which is accelerating the product adoption rate. Along with this, the busy lifestyle in the urban areas makes it difficult to access fresh milk every day, thus catalyzing the market growth. Apart from this, the extensive adoption of this product in the food and beverage industry (F&B) as ingredients in numerous food products is increasing product sales. Furthermore, the constant developments in the e-commerce infrastructure, improvements in the supply chain, and the invention of online delivery models are strengthening the market growth. Along with this, there has been continual technological advancements and extensive investments by market players in promotional campaigns, marketing strategies, celebrity endorsements, and innovative packaging solutions. Other major growth-inducing factors include the rising health consciousness among individuals, rapid urbanization, and changing dietary patterns of the masses. Looking forward, IMARC Group expects the market value to reach US$ 47.4 Billion by 2028, expanding at a CAGR of 6.4% during the forecast period (2023-2028).
- Based on the product type, the market has been divided into whole and skimmed milk powder.
- On the basis of the function, the market has been segmented into emulsification, foaming, flavoring, and thickening.
- Based on the application, the market has been classified into infant formula, confectionary, sports and nutrition foods, bakery products, dry mixes, fermented milk products, meat products, and others.
- Region-wise, the market has been categorized into European Union, New Zealand, China, the United States, Brazil, and others.
- The competitive landscape of the market has also been analyzed, with some of the key players being, Nestlé S.A., Danone S.A., Lactalis Group, Fonterra Co-operative Group Limited, Royal FrieslandCampina N.V., Dean Foods, Arla Foods, Dairy Farmers of America Inc., Kraft Heinz Company, Saputo, Inc., Parmalat S.p.A.
|Base Year of the Analysis
||Million Tons, US$ Billion
||Product Type, Function, Application, Region
|| European Union, New Zealand, China, United States, Brazil, Others
||Nestlé S.A., Danone S.A., Lactalis Group, Fonterra Co-operative Group Limited, Royal FrieslandCampina N.V., Dean Foods, Arla Foods, Dairy Farmers of America Inc., Kraft Heinz Company, Saputo, Inc. and Parmalat S.p.A
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