According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of dry whole milk powder is poised for significant growth, with a projected increase from US$ 12.1 billion in 2023 to over US$ 17.23 billion by 2033. This growth is attributed to factors such as extended shelf life, rising urbanization, and increasing disposable incomes driving demand for convenient and nutritious food products.
The use of milk powder is especially helpful when temperatures are extreme, and cold chains aren’t reliable enough for delivering perishable dairy products. Due to its low volume and weight for transportation, dry whole milk powder is also growing in popularity.
Consumer demand for dry whole milk powder is driven by its extended shelf life and versatility as an ingredient in various food products. The market is witnessing growing demand from regions with unreliable cold chains and extreme temperatures, where powdered milk offers a reliable alternative to perishable dairy products.
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Growing Factors:
- Rising Disposable Income and Urbanization: Increasing urbanization and rising disposable incomes, particularly in developing countries, are driving the demand for dry whole milk powder. Urban consumers with dynamic lifestyles value the convenience and longer shelf life of powdered milk, contributing to market growth.
- Nutritional Awareness: Growing health consciousness among consumers is fueling demand for nutritious food products, including dry whole milk powder. The market benefits from the rising demand for infant formula, dietary supplements, and fortified food products, especially in regions with high incidences of malnutrition and nutrient deficiencies.
- Globalization of Cuisine: The rapid globalization of cuisine and the expanding confectionery and bakery markets are creating opportunities for dry whole milk powder. As consumers seek diverse and authentic culinary experiences, the demand for powdered milk as a key ingredient in various food products is expected to rise.
In 2023, Asia-Pacific dry whole milk powder is expected to account for the largest share of all dry whole milk powder markets. A changing lifestyle, an expanding working population, rapid urbanization, higher disposable incomes, better retail infrastructure, and a high dairy consumption rate are among the factors driving the market.
“Dry milk powder doesn’t suffer from significant quality loss over the course of a year, which alleviates concerns about fresh dairy products’ perishability. The longer shelf life of powdered milk influences the sales of dry whole milk powder.” says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The market for dry whole milk powder is expected to grow at a CAGR of 3.5% over the forecast period.
- According to estimates, the dry whole milk powder market in the Asia Pacific will remain strong throughout the length of the forecast period.
- In the market, cow and camel milk is expected to grow at the fastest rate with a CAGR of 4.2%.
- The instant segment holds dominance with the segment expected to represent 29.4% of the market.
- It is expected that the market in China will demonstrate a high level of growth by the year 2033.
- The offline segment held the largest share due to convenience and modern lifestyles. Also, the online segment is expected to grow at the fastest rate with a CAGR of 3.5%
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Competitive Landscape:
In the market, there are numerous international and regional players competing, making it highly competitive. Globally, the dry whole milk powder market is growing steadily. Players are focusing on launching quality products and acquiring existing companies to capitalize on existing opportunities.
Several prominent companies dominate this market, including American Dairy Products Institute., AgMotion, Inc., Agri-Dairy Products Inc., Alamfoods Inc, Global DairyTrade Holdings Limited, The LittleOak Company, Bluegrass Ingredients, Inc., Breen Dairy Trading, Inc., Cayuga Milk Ingredients, Chicago Dairy Corporation, Clofine Dairy, All American Foods, Dairy Trade USA LLC., Nestle, Lactalis Group, Fonterra Co-operative Group Limited, DANA DAIRY GROUP, Saputo Inc., and Amul Dairy Anand.
Recent Developments:
- Upon acquiring Glanbia plc’s 40% stake in Glanbia Ireland on November 10, 2021, Glanbia Co-op delivered a spinout of €168 million to its members. It is expected that Glanbia Co-op will acquire 100% ownership of Glanbia Ireland (GI) with the signing of a non-binding agreement. Glanbia Plc owns 40% of Glanbia Ireland, while Glanbia Co-op owns 60%.
- Dairy Farmers of America, a Kansas-based cooperative, acquired 44 properties from Dean Food Company, a Dallas-based company, on May 4, 2020. The transaction is valued at approximately US$433 Mn.
- Introducing whole milk powder in 2019 was an expansion of Lactalis Ingredients’ existing range of milk powders.
- As reported by California Dairies Inc., a farmer-owned cooperative that specializes in dairy products, Hilmar Cheese (a company renowned for its cheese manufacturing and whey products) has purchased a dairy facility in Turlock, California. Now, CDI has a strong portfolio of powder milk production products.
Key Takeaway for Investors:
- Steady Growth Potential: The dry whole milk powder market offers steady growth potential, with a projected CAGR of 3.5% from 2023 to 2033. Investors can capitalize on this growth by strategically investing in companies involved in the production, distribution, and marketing of dry whole milk powder.
- Regional Opportunities: Regions like the Asia-Pacific, particularly China, present significant growth opportunities for the dry whole milk powder market. Rising consumption of dairy products, government initiatives to promote domestic industries, and increasing disposable incomes are driving market growth in these regions.
- Product Innovation: Companies that focus on product innovation and differentiation, such as instant dry whole milk powder variants, are poised to capture market share and gain a competitive edge. Investing in companies that prioritize research and development to meet evolving consumer preferences can yield favorable returns.
- Online Distribution: The online segment of the dry whole milk powder market is expected to grow at a faster rate, driven by the proliferation of online shopping platforms and increasing smartphone usage. Investors should consider opportunities in e-commerce channels to leverage the growing trend of online shopping for food products.
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Dry Whole Milk Powder Market Segmentation by Category
By Source:
- Buffalo
- Cow
- Sheep
- Camel
By Category
- Conventional
- Organic
By Drying Technique
- Drum Drying
- Freeze Drying
- Spray Drying
- Others
By Application
- Dairy Products
- Confectionary
- Bakery Items
- Ready to Eat
- Nutritional Foods
- Infant Nutrition
- Protein Supplements
- Others
By Distribution Channel
- Offline
- Online
By Packaging
- Plastic Containers
- Stand-up Pouches
By End User
- Households
- Food Service Providers
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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