Whole Milk Powder Market Size Worth USD 23,131.9 Million in 2020: Size, Share, Trend, Comprehensive Research Study, Global Analysis, Business Opportunity by Forecast to 2026

Market Highlights

Global Whole Milk Powder Market is Projected to Be Valued at USD 23,131.9 Million by 2026, Exhibiting a CAGR of 3.6% During the Forecast Period. Market growth can be attributed to the broad application scope of whole milk powder and the increasing consumption of chocolate. Market players are expected to gain lucrative growth opportunities in the global market due to the rising demand for organic food products. The players are focused on investing in research & development and adopting strategic growth initiatives such as expansions, agreements, and acquisitions to strengthen their market positions and gain higher market shares.

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Asia-Pacific accounted for a dominant share of the whole milk powder market in 2019 owing to the increasing demand from food processors in China, India, Australia, and New Zealand. However, Europe is expected to register the highest CAGR during the forecast period. The growing demand for high-protein dairy products in Europe has resulted in the incorporation of whole milk powder in various dairy-based products such as yogurt, cheese, and ice cream. Germany, France, and Italy are the major country-level markets driving the growth of Europe’s whole milk powder market.

Key Players

Market Research Future recognizes Fonterra Co-operative Group Limited (New Zealand), Arla Foods amba (Denmark), Glanbia plc (Ireland), Agropur (Canada), Lactalis Group (France), Westland Milk Products (New Zealand), Dairy Farmers of America, Inc. (US), Carbery Group Ltd. (Ireland), California Dairies, Inc. (US), and Maple Island, Inc. (US) as the key players in the global whole milk powder market.

Segmental Analysis

Global Whole Milk Powder Market has been segmented based on the Drying Method, Category, Application, and Region.

By drying method, the market has been segmented into spray drying, freeze drying, and others. The spray-drying segment accounted for the largest market share in 2019 and is also expected to register a significant growth rate during the upcoming years. Spray drying is a method of producing a dry powder from a liquid by rapidly drying with a hot gas. Spray-drying hot steam is used to evaporate the fluid. It is one of the most convenient techniques for producing whole milk powder and for stabilizing milk constituents. With this method, concentrated milk is sprayed into a spray tower as a fine mist counter-current to a flow of hot air.

By category, the market has been segregated into organic and conventional. The conventional segment held the larger market share in 2019, while the organic segment is expected to exhibit a higher CAGR during the review period. Organic whole milk powder is the dried powder obtained by removing water from pasteurized organic whole milk. Organic whole milk refers to milk from livestock raised according to organic farming methods.

Based on application, the market is categorized into bakery & confectionery, dairy & frozen desserts, sweet & savory snacks, infant nutrition, RTE & RTC meals, beverages, and others. The bakery & confectionery segment is further divided into chocolates & candies, baked products, and others. The bakery & confectionery segment garnered the largest revenue share of the global whole milk powder market in 2019. Bakery products encompass pastries, cakes, breads, cookies, and doughnuts, while other confectionery products include gums and jellies. Whole milk powder, when added to bakery & confectionery, increases the shelf life, and adds volume to the products.

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Regional Analysis

Geographically, the global whole milk powder market has been categorized as North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share in 2019. The rest of the world is expected to register the highest CAGR of 4.2% during the forecast period.

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This release was published on openPR.