Milk Powder Market Outlook:
According to a new report by Expert Market Research, the global milk powder market expanded at a CAGR of around 3.9% in the historical period of 2018-2022. The milk powder market has witnessed significant growth in recent years, owing to the increasing demand for milk powder in various applications, including infant formula, confectionery, and bakery products.
Milk powder, also known as dried milk, is a dairy product that is obtained by evaporating milk until it becomes dry. It is commonly used as a food ingredient and a nutritional supplement. Milk powder is used as a substitute for fresh milk, as it has a longer shelf life and can be stored without refrigeration.
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Market Drivers:
The global milk powder market is driven by several factors, including the increasing demand for milk powder in infant formula, the rising demand for dairy products in emerging economies, and the growing demand for convenience foods. In addition, the growing trend of veganism and the increasing demand for plant-based milk powders are expected to drive the growth of the milk powder market during the forecast period.
Market Segmentation:
The milk powder market can be segmented based on type, application, and region. By type, the milk powder market can be segmented into skimmed milk powder, whole milk powder, and others. By application, the milk powder market can be segmented into infant formula, bakery and confectionery, dairy products, and others. Geographically, the milk powder market can be segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
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Regional Analysis:
The Asia-Pacific region dominates the milk powder market, owing to the increasing demand for milk powder in countries such as China and India. The high population density and the growing demand for dairy products in these countries are driving the growth of the milk powder market in the region. In addition, the increasing disposable income of consumers in the region is also contributing to the growth of the milk powder market.
Key Players:
Some of the key players operating in the milk powder market include Nestle SA, Danone SA, Fonterra Co-operative Group Ltd., Arla Foods, Dean Foods, Lactalis Group, Dairy Farmers of America, Kraft Foods Group Inc., and Saputo Inc.
Conclusion:
The global milk powder market is expected to witness significant growth during the forecast period, owing to the increasing demand for milk powder in various applications. The Asia-Pacific region is expected to dominate the milk powder market, owing to the increasing demand for dairy products in countries such as China and India. The key players operating in the milk powder market are focusing on expanding their product portfolios and increasing their market share through strategic partnerships and collaborations.
FAQs:
Q: What are the major factors driving the growth of the milk powder market in the forecast period of 2023-2028?
A: The major factors driving the growth of the milk powder market in the forecast period of 2023-2028 are increasing population, rising disposable incomes, and changing dietary habits.
Q: Which type of milk powder is expected to have the highest growth rate during the forecast period?
A: Skimmed milk powder is expected to have the highest growth rate during the forecast period due to its low-fat content and high nutritional value.
Q: Which region is expected to have the highest growth rate in the milk powder market during the forecast period?
A: The Asia Pacific region is expected to have the highest growth rate in the milk powder market during the forecast period due to the increasing population and rising disposable incomes.
Q: What are some of the challenges faced by the milk powder market in the forecast period of 2023-2028?
A: Some of the challenges faced by the milk powder market in the forecast period of 2023-2028 are fluctuating prices of raw materials and strict regulations related to milk production.
Q: What are some of the key players operating in the milk powder market?
A: Some of the key players operating in the milk powder market are Nestle, Danone, Fonterra Co-operative Group, Arla Foods, and Lactalis Group.
Q: What is the expected growth rate of the organic milk powder segment during the forecast period?
A: The organic milk powder segment is expected to have a high growth rate during the forecast period due to increasing demand for organic products.
Q: What is the expected market share of the infant formula segment in the milk powder market in 2028?
A: The infant formula segment is expected to hold the highest market share in the milk powder market in 2028 due to the high demand for milk powder for infant consumption.
Q: What are some of the trends in the milk powder market in the forecast period of 2023-2028?
A: Some of the trends in the milk powder market in the forecast period of 2023-2028 are the increasing demand for organic milk powder, rising popularity of plant-based milk alternatives, and growing e-commerce channels.
Q: What is the expected impact of COVID-19 on the milk powder market during the forecast period?
A: The COVID-19 pandemic has had a positive impact on the milk powder market as consumers have shifted towards packaged and processed food products, including milk powder. However, disruptions in the supply chain and transportation may pose challenges in the short term.
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