- Changes in preferences with a fast-paced lifestyle, its high nutritional value, and rise of retail network in developing economies drive the growth of the global milk powder market.
PORTLAND, Ore., Sept. 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Milk Powder Market by Type (Whole Milk Powder, Skimmed Milk Powder, Dairy Whitener, Buttermilk Powder, Fat-Filled Milk Powder, and Other Milk Powder) and Application (Nutritional Food, Infant Formulas, Confectionaries, Baked Sweets, Savories, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025." According to the report, the global milk powder industry generated $27.78 billion in 2017, and is expected to reach $38.08 billion by 2025, registering a CAGR of 4.4% from 2018 to 2025.
Prime determinants of growth
Changes in preferences with fast-paced lifestyle, its high nutritional value, and rise of retail networks in developing economies drive the growth of the global milk powder market. However, dieting trends and availability of additives hinder the market growth. On the other hand, usage of organic ingredients and development of new flavors present new opportunities in the coming years.
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COVID-19 Scenario
- Owing to lockdown imposed by governments during the COVID-19 pandemic, restaurants and hotels have been closed down. So, the demand from these end users has been reduced considerably, which in turn, affected the overall revenue.
- Moreover, reluctance of consumers to consume cold products such as yogurt, flavored milk, and ice-cream during the crisis affected the sales of milk powder. Logistical challenges also impacted sales.
- The import and export activities have been banned by some countries, and this led to the piling up of inventories in storage facilities of milk powder producers. Moreover, funds have been getting stuck in this process, so they are not able to make new investments.
The whole milk powder segment to maintain its highest contribution during the forecast period
Based on type, the whole milk powder segment contributed to the highest market share in 2017, accounting for more than half of the global milk powder market, and is expected to maintain its highest contribution during the forecast period. This is attributed to high number of calories and major ingredients in food that require thick consistency. However, the skimmed milk powder segment is estimated to register the fastest CAGR of 5.3% from 2018 to 2025, owing to popularity of health-conscious consumers for its low-calorie content.
The confectionaries segment maintain its lead position in terms of revenue by 2025
Based on application, the confectionaries segment accounted for nearly two-fifths of the global milk powder market in 2017, and will maintain its lead position in terms of revenue by 2025. This is due to product innovations in terms of processing, formulations, and packaging. However, the infant formulas segment is projected to portray the highest CAGR of 5.7% from 2018 to 2025, owing to viable alternatives for working mothers to feed their babies.
LAMEA, followed by North America, to the fastest
Based on region, LAMEA, followed by North America, is estimated to register the fastest CAGR of 5.5% during the forecast period. This is attributed to surge in dependency on packaged items and increase in consumption of infant formula. However, Asia-Pacific held the largest market share in 2017, contributing to more than two-fifths of the total share of the global milk powder market, and will maintain its dominance during the forecast period. This is due to changes in lifestyle and penetration of internet and social media leading to ease in availability of processed and packaged food.
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Leading market players
- Arla Foods amba
- Dairy Farmers of America Inc.
- Danone
- Dean Foods Company
- Fonterra Co-operative Group
- Kraft Foods Inc.
- Lactalis Group
- Nestle S.A.
- Saputo Inc.
- Schreiber Foods Inc.
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