According to Future Market Insights, the milk powder market is poised for significant growth, with its size expected to increase from US$ 35.26 billion in 2024 to US$ 51.89 billion by 2034. Over the next decade, a moderate 3.90% CAGR in the demand for Milk Powders is projected to drive the expansion, which had seen a CAGR of 3.66% between 2019 and 2023.
More people nowadays are looking for sustainable food options, and milk powder fits the bill. Milk powder stays fresh longer, which is great for both consumers and stores, helping the market grow. Since milk powder can be used in many foods and industries, its market keeps expanding.
Skim milk powder demand continues to be prompted by increased health consciousness and growing consumption of low-fat dairy products. Conversely, the market for fat-filled milk powder is growing as the demand for fortified and functional food products is escalating.
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The milk powder market is undergoing a radical transition characterized by
- plant-based substitutes
- clean label goods, technological innovations,
- sustainable practices
- a rise in eCommerce
“In shaping the milk powder market’s future, the use of advanced drying technologies, such as spray drying and freeze-drying, is key. These methods effectively preserve the nutritional goodness of milk powder, ensuring it lasts longer on the shelf. As more manufacturers embrace these technologies, the market is set to evolve. It is likely to meet the increasing demand for convenient and long-lasting dairy products while maintaining their essential nutrients.” according to the chief analyst at FMI.
Key Takeaways
- The United States is set to showcase strong growth in the milk powder industry with a projected 5.9% CAGR from 2024 to 2034, driven by increased consumer demand for dairy products and the growing awareness of their nutritional benefits.
- China’s milk powder industry is projected to exhibit substantial growth, with an estimated 4.0% CAGR through 2034, attributed to the growing awareness of the importance of nutrition among consumers.
- The milk powder market in Japan is likely to show a 4.0% CAGR between 2024 and 2034, influenced by changing dietary preferences, an aging population, and a growing focus on convenience.
- India’s milk powder industry is projected to develop at a 4.3% CAGR through 2034, propelled by the country’s focus on value-added dairy products and fortified formulations.
- The Germany milk powder industry is likely to exhibit a 4.2% CAGR from 2024 to 2034, impacted by increasing health consciousness and the rise of plant-based alternatives.
Key Players’ Strategies for Success in the Milk Powder Market
Here are some key strategies that players in the milk powder industry employ for success:
- Make heavy Investment in research and development to improve product quality
- Magnify distribution channels to reach an extensive consumer base
- Form strategic partnerships and collaborations within the industry
- Implement sustainable practices in the production and sourcing of raw materials
- Stay updated on market trends and adapt strategies accordingly
- Ensure compliance with food safety regulations and standards
- Offer diverse product options to satisfy different consumer preferences and dietary needs
Recent Developments
- In May 2021, Lactalis Ingredients started selling organic whole milk powder. The company added it to its milk powder collection because more people care about being healthy and having good food.
- In October 2020, Society Tea introduced Society skimmed milk powder. It has the goodness of milk and is very fresh. This spray-dried milk has only 1% fat and is a good choice instead of regular milk. Also, it does not have any extra chemicals.
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Key Milk Powder Market Players
- Nestlé
- Danone
- Groupe Lactalis
- Fonterra
- Royal FrieslandCampina N.V.
- Dean Foods
- Arla Foods
- Dairy Farmers of America
- Kraft Foods
- Saputo
- Parmalat
- The Kraft Heinz Company
Key Segments Profiled in the Milk Powder Market Survey
By Type:
- Skimmed Milk powder
- Whole Milk Powder
- Fat Filled Milk Powder
- Dairy Whitener
- Other Milk Powder
By Application:
- Bakery & Confectionary
- Nutritional Food
- Infant Formulas
- Others
By Distribution Channel:
- B2B
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Retail Stores
- Online Retail
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact FMI:
Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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