“Global Milk Powder Market to reach a market value of USD 43.8 Billion by 2030 growing at a CAGR of 4.7%”
The Global Milk Powder Market size is expected to reach $43.8 billion by 2030, rising at a market growth of 4.7% CAGR during the forecast period.
Buttermilk powder offers convenience and extended shelf life compared to liquid buttermilk. Therefore, the Buttermilk powdered segment captured 4.6% revenue share in 2022. It can be easily stored, transported, and reconstituted with water, making it a convenient option for food manufacturers, bakeries, and consumers. Hence, the longer shelf life is driving the growth of the segment.
Increasing birth rates and population growth, particularly in developing countries and emerging economies, drive infant formula powder demand. As more babies are born each year, the demand for safe and nutritionally balanced infant nutrition products, including formula continues to grow. Urbanization and changing lifestyles, characterized by increased female workforce participation and busier schedules, contribute to the growing demand for infant formula powder.
Additionally, Trade Administration (ITA), China is the largest e-commerce sector globally, generating almost 50 percent of the world's transactions. China's online retail transactions reached more than 710 million digital buyers and $2.29 trillion in 2020, with forecasts to reach $3.56 trillion by 2024. In 2021, China became the largest e-commerce sector, with sales of $1.5 trillion. Additionally, there were 2,484 department stores and 62,377 specialized stores throughout Mexico. More than 56 percent of the retail sector is covered by informal establishments (mobile street vendors and open public markets) that traditionally distribute local products. These numbers illustrate the growth of various distribution channels around the world.
However, Price fluctuations of raw materials, like dairy milk, affect the market's general demand and supply dynamics. When the prices of raw milk decrease, it can incentivize its manufacturers to increase production, leading to higher supply and potentially lower prices for its products. Raw milk is the primary raw material used to produce it. Variations in raw milk prices can directly impact its manufacturers' production costs. Hence, the volatility in prices of raw materials is impeding the market's growth.
Based on product type, the market is divided into whole milk powder, skimmed milk powder, dairy whitener, buttermilk powder, fat enriched powder, and others. The skimmed milk powder segment recorded 24.7% revenue share in the market in 2022. With increasing health and nutrition awareness, many consumers are seeking lower-fat alternatives to whole milk products. Skimmed milk powder contains minimal fat content and is perceived as a healthier option than whole product, making it attractive to health-conscious consumers.
On the basis of application, the market is segmented into nutrition food, infant formula, sweets & savories, bakery & confectionery, ice-creams, and others. The bakery and confectionery segment recorded 38.2% revenue share in the market in 2022. Milk powder helps improve the texture and moisture retention of baked goods. It contributes to a softer crumb, finer texture, and increased moisture content, resulting in bakery products with better mouthfeel and extended freshness.
Free Valuable Insights: Global Milk Powder Market size to reach USD 43.8 billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region generated 28.8% revenue share in the market. Milk powder offers convenience and extended shelf life compared to liquid milk. Consumers in North America, especially those with demanding schedules, value the convenience of transporting it, which can be stored without refrigeration and utilized as needed.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 30.5 Billion |
| Market size forecast in 2030 | USD 43.8 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.7% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 330 |
| Number of Tables | 630 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Application, Region |
| Country scope |
|
| Companies Included | Arla Foods, Inc., Dairy Farmers of America, Inc., Fonterra Co-operative Group Limited, Nestle S.A., Royal FrieslandCampina N.V., Saputo, Inc., Schreiber Foods, Inc., The Kraft Heinz Company., Danone S.A., DANA Dairy Group Ltd. |
By Product Type
By Application
By Geography
This Market size is expected to reach $43.8 billion by 2030.
Growing demand for infant formula are driving the Market in coming years, however, Impact of price volatility of raw materials restraints the growth of the Market.
Arla Foods, Inc., Dairy Farmers of America, Inc., Fonterra Co-operative Group Limited, Nestle S.A., Royal FrieslandCampina N.V., Saputo, Inc., Schreiber Foods, Inc., The Kraft Heinz Company., Danone S.A., DANA Dairy Group Ltd.
The expected CAGR of this Market is 4.7% from 2023 to 2030.
The Whole Milk Powder segment is leading the Market by Product Type in 2022; there by, achieving a market value of $19.7 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $15.8 billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 