The milk powder market is estimated to stand at USD 35.26 billion in 2024. The market is forecasted to exceed a valuation of USD 51.89 billion by 2034. The market is projected to experience steady growth through 2034, recording a CAGR of 3.90%. Since milk powder has a longer shelf life than typical regular milk, it is more in demand.
| Attributes | Details |
|---|---|
| Estimated Milk Powder Market Size (2024) | USD 35.26 billion |
| Forecasted Market Size (2034) | USD 51.89 billion |
| Projected Value CAGR (2024 to 2034) | 3.90% |
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Government laws and rules about milk powder in each country might slow down market growth. For example, in India, the Ministry of Health and Family Welfare has specific regulations. They say the fat and protein levels in the powder can be adjusted, but the whey protein to casein ratio should stay the same.
The color of powder should be uniform, the taste should be good, and not have any unwanted flavor or foreign substance therein. These strict rules can limit further development of the dairy powder market.
From 2019 to 2023, the milk powder market witnessed sluggish growth, with a 3.66% CAGR. Many challenges disrupted the market growth like broken supply chains, fluctuating prices of raw materials, changing consumer tastes and preferences, and ever-stiffening competition from alternative dairy products.
Despite this, the market continued to expand at the back of continuous efforts of participants in the industry through product innovation, increasing production efficiency, and ever-increasing awareness of the nutrition and health benefits coming from organic milk powder.
| Attributes | Quantitative Outlook |
|---|---|
| Milk Powder Market Size (2023) | USD 31.45 billion |
| Historical CAGR (2019 to 2023) | 3.66% |
Short-term Milk Powder Market Analysis
The milk powder market global forecast suggests considerable growth owing to a growing inclination toward consuming naturally sourced and clean-label ingredients. The demand for food and beverages that are grown organically continues to rise at a relentless pace.
Manufacturers are trying to capitalize on this trend, which is likely to potentially lead to market expansion. For example, Valio unveiled Valio Mineval, a brand-new clean-label milk powder designed for baking purposes. With the use of this beneficial milk powder, bakers can produce products with clear labels.
Long-Term Milk Powder Market Analysis
Global trends in the milk powder industry point toward a very dynamic landscape. One of the major trends is the rising consumer preference toward plant-based milk powder. With rising cases of veganism and lactose intolerance, demand for plant-based milk alternatives is on the rise, and this is expected to reflect very positively on global demand for milk powder in the long term.
In addition, milk allergy is comparatively widespread in children; the prevalence of allergy goes up to 10% for children below one year of age. Parents therefore resort to plant-based milk powder for infants. This is fueling the infant milk powder market.
Companies can come up with myriad plant-based milk powders because they have several options available to them, such as almonds, oats, and soy. Plant-based milk powder would not be a new idea anymore. In September 2020, BMS Organics introduced a new line of plant-based milk powders.
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| Opportunities Available for | Plant-based Milk Powder Producer |
|---|---|
| Opportunity Available in | India, the United States, the United Kingdom, and Germany |
| Opportunities Available for | Skimmed Milk Powder Manufacturers |
|---|---|
| Opportunity Available in | The United States, Germany, France, Italy, and China |
| Opportunities Available for | Fat-filled Milk Powder Makers |
|---|---|
| Opportunity Available in | Germany, The United States, Japan, and India |
| Opportunities Available for | Organic Milk Powder Distributors |
|---|---|
| Opportunity Available in | Prominently in the United States but also the United Kingdom Japan, India, China |
The information suggests that putting money into promotions and marketing can help overcome boundaries. There are plenty of opportunities to focus on milk powder because people are interested in specialized types, like skimmed milk powder and fat-filled milk powder.
Also, millennials and Gen Z are into plant-based food, so producing organic and plant-based milk powder is likely to become a significant source of income in the future.
The North America milk powder industry is expected to grow well. Advances in processing and transportation technologies are predicted to drive considerable growth here. Europe is witnessing continuous and steady growth in demand for milk powders.
The market here is anticipated to advance due to reduced transportation expenses and the deployment of export incentives. The Asia Pacific milk powder industry is likely to make big progress. Here, market development is influenced by shifting lifestyles triggered by globalization and an increase in the working-age population.
| Countries | Forecasted CAGR (2024 to 2034) |
|---|---|
| United States | 5.9% |
| Germany | 4.2% |
| Japan | 4.0% |
| China | 4.0% |
| India | 4.3% |
Demand for milk powder in the United States is set to rise with an anticipated CAGR of 5.9% through 2034. Key factors influencing the milk powder market include:
The market in Germany is likely to exhibit a CAGR of 4.2% through 2034. Reasons supporting the growth of the milk powder market in the country include:
The Japan milk powder market is expected to surge at a CAGR of 4.0% through 2034. The topmost dynamic forces supporting the milk powder adoption in the country include:
It is estimated that milk powder adoption in China is expected to rise at a CAGR of 4% through 2034. People in China are becoming aware of the fact that standard milk is infiltrated with excessive use of fertilizers, pesticides, and bovine growth hormones. This factor is increasing demand for organic milk powder. Many customers are rapidly shifting towards organic and healthier dairy products due to this reason.
Many companies would like to sell organic milk powder in China. New types of milk powder are therefore invented by firms to distinguish themselves from others. In December 2022, Junlebao, based in China and a well-known dairy company, launched "Le Gai" milk powder.
Sales of milk powder in India are estimated to record a CAGR of 4.3% through 2034. The primary factors bolstering the enriched milk powder market size are:
As far as the type of milk powder is concerned, the skimmed milk powder segment is likely to generate significant profit in 2024, holding 46.1% milk powder market share. Similarly, the bakery & confectionary segment is expected to perform better in terms of application, possessing a 44.7% revenue share of milk powder industry in 2024.
| Segment | Estimated Market Share in 2024 |
|---|---|
| Skimmed Milk Powder | 46.1% |
| Bakery & Confectionary | 44.7% |
The skimmed milk powder segment is poised to become the primary revenue generator within the market. The growing health consciousness among customers and the increasing preference for milk products with reduced fat content indicate a noteworthy rise of at least 4%, surpassing that of the whole milk business.
Since it contains less saturated fat, both heart patients and diabetics can safely embrace it. In various cooking applications, skim milk powder can be employed as an emulsifier, thickening, color enhancer, and foaming agent.
The chief position in the market is held by the bakery & confectionary segment. Products with protein and vitamins are in high demand in the baking and confectionery industries. Milk powder is a common component in this business since it gives the appropriate nutritional content while preserving the final product's quality and texture.
Spending on inventive and nutritious bakery, cereal, confectionary, and ice creams is on the rise as customers get more mindful of their diets. As producers concentrate on creating high-protein nutritious goods that appeal to a broad customer base, this trend is driving the demand for milk powder.
Several companies are coming up with inventive plant-based substitutes to satisfy vegans and anyone lactose intolerant. Others take advantage of the growing demand for fast food and the appeal of fattening milk powder.
Some businesses emphasize joint ventures with prominent food service providers, such as pizza chains, to increase their market share. Many use price tactics in competition to draw in cost-conscious consumers.
Recent Developments
The market size for milk powder is forecasted to be worth USD 35.26 billion in 2024.
The milk powder market value is projected to surpass USD 51.89 billion by 2034.
The CAGR of the milk powder industry is estimated to be around 3.90% through 2034.
Increased demand for organic plant-based milk powder is the key market trend.
The United States is the key consumers of milk powder as of 2024.
Nestlé and Danone are milk powder industry leaders.
| Industry Size in 2023 | USD 64.92 million |
|---|---|
| Expected Industry Size by 2033 | USD 117.90 million |
| Forecasted CAGR (2023 to 2033) | 6.1% |
| Market Size Value in 2022 | USD 2.3 Billion |
|---|---|
| Market Forecast Value in 2032 | USD 3.9 Billion |
| Global CAGR (2022 to 2032) | 5.4% |
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