Dry Whole Milk Powder Market - Forecast(2023 - 2028)

Key Takeaways

• Geographically, the Asia-Pacific Dry Whole Milk Powder Market accounted for the highest revenue share in 2021. The growth is owing to changing lifestyles of people, rising working population, swift urbanization, rising disposable income levels, bettering retail infrastructure, and high dairy consumption compared to other parts of the world.
• Expanding cuisine culture with rapid globalization, soaring confectionery and bakery market, broadening health attentiveness among people, and escalating demand for infant formula is said to be pre-eminent drivers driving the growth of the Dry Whole Milk Powder Market. The enlarging veganism trend, surging inflation rates, and unemployment post-covid-19 are the factors said to reduce the market growth.
• Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Dry Whole Milk Powder Market report.

The Dry Whole Milk Powder Market based on the distribution channel can be further segmented into offline and online. The offline segment held the largest share in 2021. The growth is owing to convenience and leaning of people towards modern lifestyle, Increase in Supermarket/Hypermarkets outlets all over the works, especially in developing countries, Convenient and comfortable shopping which save the time of consumers, sweeping increase in urbanization, migration of people from rural to urban areas for a better lifestyle, extended demand due to increase in population. However, the online segment is estimated to be the fastest-growing with a CAGR of 3.7% over the forecast period 2022-2027. This growth is owing to proliferating dominance of online shopping platforms as they offer a variety of advantages such as tranquil and economic shopping. In addition, growing smartphone users, a rise in the tech-friendly population, the spiraling trend of work-from-home jobs, and internet penetration in impoverished areas are additional factors aiding the demand.

Dry Whole Milk Powder Market Segment Analysis-By Source

The Dry Whole Milk Powder Market based on the source can be further segmented into Buffalo, Cow, Sheep, and Camel. The cow milk segment held the largest share in 2021. The growth is owing to its cost-effective and nutrient-rich nature. Cow milk is deemed to possess iodine, vitamin B12, whey and casein, and magnesium; as a result, cow milk consumption helps in inhibiting bacterial growth, reducing high blood pressure, and augmenting bone development. Cow milk has become a primary ingredient for confectionery manufacturers globally. For instance, it plays a vital role in the making of Gulab Jamun and Chum Chum (the most famous Indian desserts or sweets). It is also used in several nut butter recipes with an aim to absorb the oil, nevertheless, the cow and camel milk segment is estimated to be the fastest-growing segment with a CAGR of 4.0% over the forecast period 2022-2027. This growth is owing to rising incidences of growth stunting because of malnutrition. Camel milk owing to its calcium, iron, and potassium-rich nature plays a significant role in promoting body growth.

Dry Whole Milk Powder Market Segment Analysis-By Geography

The Dry Whole Milk Powder Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The Asia-Pacific held the largest share with 35% of the overall market in 2021. The growth in this segment is owing to the factors such as high consumption of dairy and associated products. China, Indonesia, and New Zealand are known for their sizable dry whole milk powder consumption. In 2020, China’s consumption was recorded at 2,185 thousand metric tons. Nevertheless, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to a high working population, colossal base of middle-class consumers, rapid urbanization, eventful lifestyles of people, and soaring disposable incomes of consumers in developing nations like India, China, and Indonesia. Nevertheless, visionary steps undertaken by the governments to promote domestic industries have further aided the market in the said segment.

Dry Whole Milk Powder Market Drivers

Following the spike in breast cancer incidences and broadening participation of women in sharing household responsibilities, the overall demand for baby or infant formula has increased. According to a report published by LA Leche League International in 2021, globally about 41% of all babies are breastfed exclusively for six months and only 45% continue to breastfeed for up to two years. However, there are also large differences in breastfeeding rates across regions. This shows the hampered rate of breastfeeding globally generating demand for baby or infant formulas. Additionally, according to WHO, nearly 2.3 million women across the globe were afflicted with breast cancer in 2020; where, 685,000 lost their lives. In addition to that, malnutrition among children and nutrient deficiency has propelled the demand for dietary supplements. According to a report, nearly 35 percent of children (<5 years of age) in India were found to be stunted. Nevertheless, the same problem exists in the African continent. Moreover, dry whole milk has become an inextricable part of food aid supplies distributed by the United Nations in war-torn or impoverished areas.

Unlike villages, the lives of people in urban areas are quite dynamic and eventful. Consequently, dry whole milk owing to its long shelf life has become an inextricable part of consumers' lives. As of now, approximately 59 percent of the global population (4.46 billion) is residing in urban centers across the globe, but before long the figure is projected to reach 68 percent (6.68 billion). In addition to that, surging demand for tea in both developing and developed countries has aided the market. According to the Tea Association of the USA, in 2021, tea consumption in the US reached 3.9 billion gallons. On another hand, Turkey’s annual per capita tea consumption in 2021 was 3.16 kg. Also, the soaring disposable incomes of consumers not only in developed but in developing countries also have triggered the growth of the aforementioned market.

Dry Whole Milk Powder Market Challenges

As animal welfare organizations are ramping up their efforts to spread awareness about animal cruelty, the size of the vegan population is broadening slowly. According to statistics published by a charity firm, the Vegan Society, in 2021 alone, it registered 16,439 products with The Vegan Trademark. Further, the Vegan Trademark is present in 87 countries around the world, with over 50% of products registered coming from companies based outside of the UK. Also, the non-operationality of foodservice providers due COVID-19 has posed a severe challenge to the steady growth of the above-said market. Nevertheless, soaring inflation rates after the Ukraine-Russia conflict are likely to impact the dry whole powder milk market negatively.

Dry Whole Milk Powder Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Dry Whole Milk Powder Market top 10 companies include:

1. Agri-Dairy Products Inc.
2. Chicago Dairy Corporation
3. Gerber California Inc
4. AgMotion Dairy
5. Bluegrass Dairy & Food
6. DJL Management LLC.
7. Dairy Farmers of America Inc.
8. Glanbia Plc.
9. California Dairies Inc.
10. Fonterra Co-operative Group Ltd.

Recent Developments

• On November 10, 2021, Glanbia Co-op took complete ownership of Glanbia Ireland by buying Glanbia plc’s 40% stake and delivering a €168 million spin-out of plc shares to Members. Glanbia Co-op inked a non-binding agreement with Glanbia plc to take complete ownership of Glanbia Ireland (GI). At present, Glanbia Ireland operates as a strategic joint venture, where 60% is owned by Glanbia Co-op and 40% is owned by Glanbia plc.\
• On May 4, 2020, Kansas, United States-based milk cooperative “Dairy farmers of America” announced the successful acquisition of 44 properties of Dallas, Texas-based food and beverage firm “Dean Foods.” The total value of the transaction stands at around $433 million.
• On May 21, 2019, California Dairies Inc, a US-based farmer-owned cooperative company known for its dairy products, announced the successful acquisition of Turlock, California-based milk facility from Hilmar Cheese (a company known for its whey products and cheese manufacturing). The acquisition has strengthened the powder milk production portfolio of CDI.

Relevant Links:

Powdered Milk Market – Forecast (2022 - 2027)

Report Code: FBR 0335

North America Dairy Products Market – Forecast (2022 - 2027)

Report Code: CPR 0066

Infant & Mother Nutrition Market – Forecast (2022 - 2027)

Report Code: FBR 0079 

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