The sales of dry whole milk powder are poised for substantial growth, with a projected net worth of US$ 17.23 billion by 2033, showcasing a steady CAGR of 3.5% from 2023 to 2033. Dry whole milk powder addresses concerns surrounding perishability, offering an extended shelf life compared to fresh dairy products. As a result, it has become a staple ingredient in numerous food products, ranging from dairy items to confectionery, infant formula, and nutrient supplements.
Industry Growth Drivers:
- Rising Demand for Nutritional Food Products: Increasing awareness of health and nutrition is driving the demand for dietary supplements, including dry whole milk powder. Factors such as breast cancer incidences, malnutrition among children, and nutrient deficiencies contribute to the surge in demand for nutritious food products.
- Urbanization and Disposable Income Levels: Urbanization, coupled with growing tea consumption and soaring disposable income levels, is fueling market demand. As more people migrate to urban areas and adopt modern lifestyles, the convenience and long shelf life of dry whole milk powder make it a preferred choice.
- Reduction in Storage and Transportation Costs: Dry whole milk powder offers cost savings in storage and transportation compared to liquid milk. Its solid form and longer shelf life make it an economical and convenient option for consumers and manufacturers alike.
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Veganism and Changing Consumer Preferences: The rise of veganism and changing consumer preferences pose challenges to the market. Increasing awareness of animal welfare and clean eating has led to a growing demand for plant-based alternatives, impacting the sales of dairy products.
In 2023, Asia-Pacific dry whole milk powder is expected to account for the largest share of all dry whole milk powder markets. A changing lifestyle, an expanding working population, rapid urbanization, higher disposable incomes, better retail infrastructure, and a high dairy consumption rate are among the factors driving the market.
“Dry milk powder doesn’t suffer from significant quality loss over the course of a year, which alleviates concerns about fresh dairy products’ perishability. The longer shelf life of powdered milk influences the sales of dry whole milk powder.” says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The market for dry whole milk powder is expected to grow at a CAGR of 3.5% over the forecast period.
- According to estimates, the dry whole milk powder market in the Asia Pacific will remain strong throughout the length of the forecast period.
- In the market, cow and camel milk is expected to grow at the fastest rate with a CAGR of 4.2%.
- The instant segment holds dominance with the segment expected to represent 29.4% of the market.
- It is expected that the market in China will demonstrate a high level of growth by the year 2033.
- The offline segment held the largest share due to convenience and modern lifestyles. Also, the online segment is expected to grow at the fastest rate with a CAGR of 3.5%
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Competitive Landscape:
In the market, there are numerous international and regional players competing, making it highly competitive. Globally, the dry whole milk powder market is growing steadily. Players are focusing on launching quality products and acquiring existing companies to capitalize on existing opportunities.
Several prominent companies dominate this market, including American Dairy Products Institute., AgMotion, Inc., Agri-Dairy Products Inc., Alamfoods Inc, Global DairyTrade Holdings Limited, The LittleOak Company, Bluegrass Ingredients, Inc., Breen Dairy Trading, Inc., Cayuga Milk Ingredients, Chicago Dairy Corporation, Clofine Dairy, All American Foods, Dairy Trade USA LLC., Nestle, Lactalis Group, Fonterra Co-operative Group Limited, DANA DAIRY GROUP, Saputo Inc., and Amul Dairy Anand.
Recent Developments:
- Upon acquiring Glanbia plc’s 40% stake in Glanbia Ireland on November 10, 2021, Glanbia Co-op delivered a spinout of €168 million to its members. It is expected that Glanbia Co-op will acquire 100% ownership of Glanbia Ireland (GI) with the signing of a non-binding agreement. Glanbia Plc owns 40% of Glanbia Ireland, while Glanbia Co-op owns 60%.
- Dairy Farmers of America, a Kansas-based cooperative, acquired 44 properties from Dean Food Company, a Dallas-based company, on May 4, 2020. The transaction is valued at approximately US$433 Mn.
- Introducing whole milk powder in 2019 was an expansion of Lactalis Ingredients’ existing range of milk powders.
- As reported by California Dairies Inc., a farmer-owned cooperative that specializes in dairy products, Hilmar Cheese (a company renowned for its cheese manufacturing and whey products) has purchased a dairy facility in Turlock, California. Now, CDI has a strong portfolio of powder milk production products.
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Dry Whole Milk Powder Market Segmentation by Category
By Source:
- Buffalo
- Cow
- Sheep
- Camel
By Category
- Conventional
- Organic
By Drying Technique
- Drum Drying
- Freeze Drying
- Spray Drying
- Others
By Application
- Dairy Products
- Confectionary
- Bakery Items
- Ready to Eat
- Nutritional Foods
- Infant Nutrition
- Protein Supplements
- Others
By Distribution Channel
- Offline
- Online
By Packaging
- Plastic Containers
- Stand-up Pouches
By End User
- Households
- Food Service Providers
