Milk Powder Market Size, Share, Growth, and Industry Analysis, By Type (Skim Milk Powder & Whole Milk Powder), By Application (Infant Formula Milk Powder, Adult Formula Milk Powder & Confectionery) and Regional Forecast to 2032

Updated On: 10 September 2024

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MILK POWDER MARKET REPORT OVERVIEW

The global Milk Powder Market Size was USD 17.85 billion in 2023 and the market is projected to touch USD 21.15 billion in 2032, exhibiting a CAGR of 1.7% during the forecast period.

Market for milk powder is a very active category in the global dairy market because it relates to the increasing trends in the consumption of shelf-stable dairy products. Milk powder is produced from fresh milk by removing water through a process of heat treatment and evaporation. Milk powder is a versatile product that finds application in a wide range of industries, such as the production of infant formulas, confectioneries, bakery products, and nutritional supplements, among others. Because it has a long period of stability, transportation, and storage, those regions that cannot access fresh milk have embraced it. Some of the factors that affect the market include shifts in customer trends, new technologies, and the volatility of raw milk prices, among others. The milk powder market will further boom as people have now become more conscious regarding the required nutritional value of food products and have shown a hike in demand for fortified food products.

COVID-19 Impact: Market Growth During Pandemic Due to Shelf Stability

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has been beneficial for the development of the milk powder market since the overall demand for shelf-stable foods increase during the lockdown. Fresh milk supply chains were disrupted, and the demand for high-durability outdoor food products rose, thus making it economically wiser for households and food producers to engage in the use of milk powder. This is consequent to a sentimental increase in the market in terms of retail and industrial use. The population’s pursuit of a healthy lifestyle and the habit of stockpiling continued the market's growth even during the pandemic.

LATEST TRENDS

"Market growth is driven by rising demand for organic and specialized powders"

The new emerging tendencies of the milk powder market are associated with the upswing of the usage of certified organic and other specialized milk powders, like lactose-free and high-protein milk powders. With consumers developing consciousness about what they consume and the availability of differentiated products, the manufacturer is developing new products. This situation is most expressed in feeding babies, where most people are willing to pay more to get a quality and organic product. The shift towards sustainability and clean-label products is also putting immense pressure on offering environmentally friendly packaging on the market.

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SEGMENTATION

By Type

Based on type the market can be categorized into Skim Milk Powder & Whole Milk Powder

Skim milk powder: produced from whole milk with most of the fat content eliminated; as a result, it is low in calories but contains a lot of protein and magnesium. It is used in baking, confectionery, and in products that are made from dairy, where low levels of fat are preferred. The increasing trend of low-fat and healthy foods, especially in the processed and edible segments, is extending the market for skim milk powder.

Whole Milk Powder: Whole milk powder does not froth as much as skim milk powder, but it contains all the fat content of whole liquid milk, so it is creamy. It is widely used in chocolate, confectionery, desserts, and baby foods where dairy products with a full-fat content are preferred. The whole milk powder market is therefore stimulated by factors such as its use in areas where freshly sourced milk is scarce and where high energy is needed.

By Application

Based on application the market can be categorized into Infant Formula Milk Powder, Adult Formula Milk Powder & Confectionery

Infant Formula Milk Powder: Its consumption is high due to more parents finding it convenient to feed their babies formula milk and the general requirement for safe feeds. Other factors that help the market grow are constant new developments and the presence of regulatory standards.

Adult Formula Milk Powder: In particular those who want boosted protein, vitamins, and minerals. Its consumption is increasing because of the increased awareness of health issues, and the elderly require nutrient supplements. It is widely used for general health and a number of particular dietary needs.

Confectionery: A popular bakery, confectionery, and snack item that is mainly produced from milk powder includes chocolate products, candies, and baked recipes. The consumption of milk powder in confectionery is a result of consumer palates that prefer products with dairy notes and the expansion of the confectionery sector. New product development, regarding formulation and added flavors, are other features that spread its application across this segment.

DRIVING FACTORS

"Market growth is driven by demand for convenience foods"

They have shaped the stage that has been set for the next two months, filled the air we breathe with their slogans, songs, and personalities, and created the anticipation that will dominate the remaining duration of these Olympics. One of the key trends boosting demand for milk powder is the tendency towards the consumption of convenience foods because of the existence of bust lives resulting Global Milk Powder Market Growth. Milk powder is easier to store than fresh milk, and it has a longer shelf life; it is widely used in bakery products, confectioneries, or ready meals.

"Market growth is fueled by increasing awareness of nutrition"

Here is another set of words that, in one way or another, no matter how small a measure, includes the idea of being completely above, beyond, or out of reach. People are slowly developing a consciousness about the nutritive value of milk powder as a source of protein and calcium, among others. This has in turn increased demand, especially among people with diet concerns and areas where a fresh milk supply is a problem.

RESTRAINING FACTOR

"Market growth is hindered by volatile raw milk prices affecting production"

With regards to the milk powder market, our restraining factor is the raw material cost [price of raw milk], as it is directly related to the production cost. Seasonal fluctuations in production triggered by changes in feed prices and the general economy of dairy farms mean that prices can be volatile, which makes it difficult for manufacturers to offer consistent prices and make good profits.

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MILK POWDER MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America dominates market share due to strong dairy capabilities and exports"

North America relatively holds largest milk powder market share due to its well-established and highly developed dairy processing capabilities and production. Farmers in the region produce milk and other dairy products of large quality, and there is an efficient and reliable supply chain in the region. Further, the need for easy-to-use and easy-to-store dairy products, along with the increasing health consciousness among consumers, have further boosted the North American position. It’s also the result of strategic exports to countries with high demand for milk powder.

KEY INDUSTRY PLAYERS

"Market growth is driven by players introducing new, sustainable milk powders"

Major market players are interested in market development by introducing new milk powders to the market, including organic and fortified milk powders as well as other specialized products. They are investing in partnerships and acquisitions, establishing effective supply chain management, and, most importantly, emphasizing issues to do with sustainability, which, in a real sense, gives them an upper hand in the market and consequently enables market growth.

List of Market Players Profiled

• Danone (France)
• Nestle (India)
• FrieslandCampina (Netherlands)
• Arla (Denmark)
• Vreugdenhil Dairy (Netherlands)

INDUSTRIAL DEVELOPMENT

June 2024, Nestlé launched a new product for sale in its portfolio in the form of organic infant formula milk powder under the brand name Nestlé Organic. This speaks volumes for the company’s restless effort towards a cause of change and a new product that typifies a landmark in industrial growth in an attempt to feed the growing demand of consumers for organic and sustainably sourced dairy products. Originally, the formula was intended to deliver a higher level of nutrient content but also closely followed the rules of organic certifications.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Milk Powder Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.