Milk Powder market, Future Estimations and Key Industry Segments Poised for Strong Growth in Future 2027

[mayur gunjal]

Market Overview
According to MRFR’s analysis, the Global Milk Powder market 2020 is predicted to mature at a considerable CAGR of 3.6% and secure a value of USD 23.13 billion by 2026.
Market Highlights
The global market for whole milk powder is expected to grow at a significant rate over the forecast period. Wide application scope of whole milk powder and increased chocolate consumption are the key drivers for boosting the growth of the entire global milk powder market. Rising lactose intolerance and fluctuating prices of raw materials, however, are expected to limit market growth. New revenue pockets in emerging economies and rising demand for organic foodstuffs are expected to create profitable growth opportunities for whole milk powder producers over the forecast period. Whole milk powder discovers opportunities in diverse segments of the food & beverage industry, since it can be stored without loss of quality for about a year. Thus, the longer shelf-life of whole milk products helps to increase their application in different industries, as consumer demand for products with longer shelf-life increases.
In addition, the convenience of whole milk powder in transport, handling , processing, and product formulation also drives its application in various industries. Such a broad scope of whole milk powder drives the global Milk Powder market to grow. Moreover, in recent times, the demand for whole milk powder has risen manifold because its long shelf-life has made it a prioritized commodity during the global COVID 19 pandemic.
Key Players
The eminent players in the global Milk Powder market include Lactalis Group (France), Fonterra Co-operative Group Limited (New Zealand), Dairy Farmers of America, Inc. (US), Arla Foods amba (Denmark), Glanbia plc (Ireland), Agropur (Canada), Westland Milk Products (New Zealand), Carbery Group Ltd. (Ireland), California Dairies, Inc. (US), and Maple Island, Inc. (US).
Market Segmentation:
Based on the drying method, the global Milk Powder market has been segmented into freeze-drying, spray drying, and others. In 2019, the spray drying segment led the market.
Based on the category, the market has been divided into conventional and organic. The organic segment is projected to register a higher growth rate over the prognosis period.
Based on the application, the market has been segmented as sweet & savory snacks, bakery & confectionery, dairy & frozen desserts, RTE & RTC meals, infant nutrition, beverages, and others. The bakery & confectionery section is further divided into baked products, chocolates & candies, and others. The bakery & confectionery segment accounted for the major revenue share of the global Milk Powder market in 2019.
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Regional Analysis
The global demand for whole milk powder is divided by country into North America, Europe , Asia-Pacific and the rest of the world.
Asia-Pacific represented the largest market share in 2019 , representing a market share of 49.43 per cent. The easy accessibility of milk-based products and the increase in marketing campaigns of major food processors in emerging economies, including India and China, has resulted in a greater level of consumer awareness of the benefits of whole milk powder, which leads to market growth in the Asia-Pacific region.
However, during the forecast period Europe is expected to register the highest CAGR. The increasing demand in Europe for protein-rich dairy products has resulted in the incorporation of whole milk powder into various dairy products, such as yogurt , cheese and ice cream. Germany, France , and Italy are the major markets at country level that drive the growth of the entire European milk powder market.
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