According to the latest report by IMARC Group, titled “Milk Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global milk powder market reached the volume of 9.8 Million Tons, growing at a CAGR of around 5% during 2009-2016. Milk is a crucial component in many diets around the world. Due to its perishable nature, fluid milk is processed into milk powder by removing water from it through evaporation and spray drying processes. Powdered milk and fresh milk share several major nutritional similarities. They are excellent sources of essential minerals and vitamins such as magnesium, calcium, zinc, potassium as well as vitamins A, D, E and K. Unlike fluid milk, milk powder is non-perishable, does not require refrigeration and is less expensive.
Highlights of the global milk powder market:
- The demand for milk powder is driven by its numerous applications in the food and beverage industry.
- Whole milk powder is the most popular product type, accounting for more than a half of the total production.
- The European Union and China represent the largest producer and consumer of milk powder, respectively.
The global milk powder market is growing on account of the numerous applications of milk powder in the food and beverage industry. Due to its cost-effectiveness, it is extensively used in food preparations such as cakes, smoothies, sweets, etc. without changing their taste. Moreover, the people in the emerging markets, such as Asia-Pacific, are shifting towards dairy-rich diets on account of strong economic growth and inflating disposable incomes, thereby leading to a strong demand for milk powder. Increased shelf life, easy storage, and low transportation and distribution costs are some of the factors that are proactive in maintaining a consistent demand for milk powder across the globe. Owing to the aforementioned factors, the market is expected to reach a volume of around 12.2 Million Tons by 2022.
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On the basis of product type, the market for milk powder is segmented as whole milk powder and skimmed milk powder. Currently, whole milk powder accounts for more than a half of the total market share. Region-wise, the European Union represents the largest market for milk powder, accounting for more than a fifth of the total global milk powder production. At the consumption level, China accounts for nearly one-third of the total global shares. Some of the other major markets for milk powder include New Zealand, the United States and Brazil. On examining the competitive landscape, it has been found that Nestle, Danone, Lactalis, Fonterra, and FrieslandCampina, represent the major players operative in the market.
The report by IMARC Group has examined the global milk powder market on the basis of:
- Whole Milk Powder
- Skimmed Milk Powder
- European Union
- New Zealand
- United States
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