Global Dry Whole Milk Powder Market: Snapshot
The extended shelf life of dry milk powder that addresses perishability concerns of fresh dairy products is a key factor driving sales of powdered milk. Milk powder can be stored up to one year without substantial loss of quality. Milk powder is particularly desirable for areas that are subject to temperature extremities and for areas that do not have reliable cold chains for transport of perishable dairy products.
The low volume and low weight advantages of milk powder over milk that are easy to transport are also acting in favor of the growth of dry whole milk powder market. In addition, changing lifestyle in emerging nations of Asia Pacific driving sales of bakery and confectionery products is also exhibiting a demand for dry whole milk powder for preparation of these items.
According to a report by Transparency Market Research, the global dry whole milk powder market is expected to expand at a CAGR of 4.6% vis-à-vis revenue between 2017 and 2023. At this pace, the market will attain a valuation of US$12,761.1 mn by the end of 2023 from US$10, 2015.3 mn in 2017.
Instant Dry Milk Powder Likely to Remain Attractive Product Segment
The report studies the global dry whole milk powder market based on product type, sales channel, application, and geography. In terms of product type, the report divides the dry whole milk powder market into regular, instant, UHT, caramelized, and organic.
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Amongst all, the segment of instant holds dominance with the segment expected to represent 30.8% of the market by the end of 2017. The instant dry whole milk powder segment is expected to expand at an attractive 4.7% CAGR between 2017 and 2025, for the segment to become worth US$3,958.1 mn by the end of 2023.
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The segments of the global dry whole milk powder market depending upon sales channel are modern trade, traditional grocery, convenience stores, online channels, other retail formats, and direct sales.
On the basis of application, the segments into which the global dry whole milk powder market is divided in this report are home reconstitutions, dairy whiteners, bakery and confectionery, desserts, ice-cream, dairy blends, snacks, nutritional supplements, and others.
Rising Purchasing Power Makes Asia Pacific Dominant Region
From a geographical standpoint, the report studies the global dry whole milk powder market across North America, Latin America, Asia Pacific except Japan, Europe, Japan, and the Middle East and Africa. Of them, Asia Pacific except Japan is currently the most attractive market for dry whole milk powder and is poised to hold dominance in the overall market between 2017 and 2023. The rising purchasing power in the emerging economies of Asia Pacific is immensely favoring of the growth of this regional market. The Asia Pacific dry whole milk powder market is likely to expand at a leading 5.2% CAGR between 2017 and 2023 to attain a valuation of US$8,654.4 mn by the end of 2023.
North America is expected to continue to remain a significant market for dry whole milk powder. This is mainly because of busy lifestyles and an established packaged food industry that displays a substantial demand for powdered milk. The region is likely to exhibit a 3.1% CAGR between 2017 and 2023 to reach a valuation of US$376 mn by the end of 2023.
Europe, on the other hand, is expected to lose 86 basis point vis-à-vis market share between 2017 and 2023. The region is likely to hold 11.4% revenue share in the global market by 2017 end. Likewise, Japan is expected to lose 10 basis point in terms of market share between 2017 and 2023.
Key players in the global dry whole milk powder market profiled in this report are Nestle, Lactalis Group, Fonterra, FrieslandCampina, Danone, Belgomilk, Dana Dairy, Saputo Ingredients, Alimra, and Amul.