Milk Powder Market Forecasts from 2023 to 2028

The global milk powder industry is estimated to grow at a CAGR of 3.62%, reaching US$38.737 billion in 2028 from US$30.192 billion in 2021.

Worldwide consumption of milk powder is a result of various nutrients, including vitamin B12, thiamin, and significant protein content. Additionally, milk powder has a longer shelf life than ordinary milk, which increases demand for it over milk. Skim milk powder is also a healthy and abundant source of protein. In addition to being a good source of calcium, it is also a rich source of selenium, phosphorus, magnesium, potassium, and zinc, among other important minerals. It is also low in cholesterol and promotes weight loss, making it the perfect product for those who have obesity and heart disease.

Growing import of milk products

Countries all around the world have been importing milk powder to satisfy the rising demand for the product which is therefore fueling the global milk powder industry. According to the US Department of Agriculture, in 2021, China's milk output increased by an average rate of 4% because of greater productivity. Consumer demand in the nation drives the import of milk powder. In the fiscal year 2021, India exported roughly 17, 000 metric tonnes of milk powder, according to the Department of Animal Husbandry and Dairying. There was an increase compared to 2021. By the end of the fiscal year 2022, it was estimated that 37 thousand MT of milk powder had been shipped.

Increasing product launches by major players

Companies are focusing their marketing efforts on new product launches with natural or organic labels. To boost sales of their products, the participants concentrate on their unique selling propositions. The businesses are also launching fortified milk powders, which provide customers with more nutrients. The global milk powder market participants are also investing in scaling up the production of milk powder, achieving economies of scale, and boosting their profitability.

Rising shift to vegan products

The substantial increase in the percentage of vegans over the age of 17 in the USA, from 0.50% in 2016 to 6% in 2022, indicates a notable shift in dietary preferences. This shift aligns with the growth of the global milk powder market, as milk powder's versatility and extended shelf life make it an attractive option for manufacturers aiming to cater to diverse dietary needs and incorporate dairy-based ingredients into a range of vegan and non-vegan processed food products.

In North America, it is projected that the milk powder market will grow steadily.

The North American region was estimated to constitute a significant market share attributed to factors such as increasing demand for convenient and shelf-stable dairy products, rising consumption of dairy-based ingredients in various food products, and expanding applications in the food and beverage industry. The Asia Pacific region is estimated to be the second largest growing milk powder market fueled by changing dietary preferences, urbanization, increasing disposable income, and a growing population driving the demand for dairy products, whereas the global milk powder market in the Middle East and Africa is expected to rise during the forecast period due to rising awareness of the nutritional benefits of dairy products, increasing consumer spending on processed foods, and a growing food processing industry.

The United States is anticipated to be the largest growing market during the forecast period

Milk powder is a versatile ingredient that can be used in a variety of bakery and confectionery products, such as cakes, cookies, pastries, ice cream, and yogurt. The increasing demand for these products is expected to drive the milk powder market growth in the US. Moreover, as reported by the Good Food Institute, there are an estimated 65 million lactose-intolerant people and 5 million dairy-allergic people in the United States. These consumers are looking for plant-based milk powder as a lactose-free and dairy-free alternative to dairy milk. Also, milk powder is a good source of protein, calcium, and other essential nutrients. The growing popularity of milk powder as a nutritional supplement is expected to boost the milk powder market growth.

Milk Powder Offered by Leading Players

• Nestle, Nido Fortified Full Cream Milk Powder, Nido Lactose-Free Milk Powder, Nido Instant Skimmed Milk Powder, Nido Ready to Drink Milk
• Danone, Nutrilon Royal ProExpert, Nutrilon Gold, Nutrilon AllergyCare, Nutrilon Soy
• Aria Foods Lactose-Free Milk Powder, Whole Milk Powder, Skimmed Milk Powder, Whey Protein Concentrate

Market Key Developments

• In April 2023, Danone launched a new line of plant-based milk powders. The powders are made from a blend of pea, oat, and rice milk. They are lactose-free, gluten-free, and vegan.
• In May 2023, Lactalis Ingredients launched a new organic whole milk powder. The powder is made from milk that comes exclusively from French dairy farms that comply with the specifications for organic farming. It is free from neutralizing agents, antibiotics, preservatives, and other additives.
• In January 2022, according to Z Natural Foods, the company is planning to release its brand-new organic oat milk powder in 2022. Oat milk powder is offered in 1-lb, 5-lb, and 50-lb bags and is packaged in air-locked, freezer-tight, reusable stand-up foil pouches.

Segmentation:

By Type

• Non-fat dry Milk/Skim Milk Powder
• Whole Milk Powder
• Buttermilk Powder

By End-User

• Household
• Commercial
• Industrial

By Distribution Channel

• Online
• Supermarkets/Hypermarkets
• Convenience Stores
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others