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Non Fat Dry Milk Market Insights, Forecast, Growth, Trends: 2024-2033
Non Fat Dry Milk Market Insights
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According to The Business Research Company's, The non fat dry milk market size has grown strongly in recent years. It will grow from $7.92 billion in 2023 to $8.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased dairy products consumption, consumer preferences, dairy industry competition, economic factors, ingredient in food products.
The non fat dry milk market size is expected to see strong growth in the next few years. It will grow to $10.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to supply chain management, health and wellness trends, dietary preferences, dairy alternatives, rising population and urbanization. Major trends in the forecast period include product innovations, functional foods integration, sustainable product introduction, plant-based alternatives.
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Market Drivers and Trends:
The rising consumption of bakery products is expected to boost the growth of the non-fat dry milk market going forward. Bakery products refer to bread, rolls, cookies, pies, pastries, and muffins, which are often made with flour or meals made from grains. The increased consumption of bakery products drives the growth of the non-fat dry milk market as the demand for this essential ingredient rises, given its functional and nutritional benefits in formulating a diverse range of bakery items. For instance, in May 2021, according to a report published by the American Bakers Association, a US-based bakery-specific national and state trade association, fresh Bakery experienced mixed first-quarter dollar sales in 2021. Notably, categories such as cakes showed a positive growth of 10.3%, while croissants witnessed a significant increase of 16.3%. Therefore, the rising consumption of bakery products is driving the growth of the non-fat dry milk market.
Major companies operating in the non-fat dry milk market are developing innovative products such as organic whole milk powders to meet larger customer bases, more sales, and increase revenue. Organic whole milk powder refers to a dairy product made from fresh, whole milk that comes from organically raised cows. For instance, in May 2021, Lactalis Ingredients, a France-based whey and milk ingredients company, launched organic whole milk powder. The powder is appropriate for diverse functional food applications, extending from chocolate to bakery items. Lactali's newest whole milk powder is crafted to meet the requirements of manufacturers aiming to produce organic food items. Additionally, consumers perceive these products to possess greater nutritional value compared to conventional foods.
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Major Key Players of the Market:
Blue Diamond Growers Co., All American Foods Inc., Alpen Food Group, American Dairy Products Institute, Anand Milk Union Limited, Arla Foods AMBA, Bluegrass Ingredients Inc., Bob's Red Mill Natural Foods Inc., Cayuga Milk Ingredients LLC, Chicago Dairy Corporation, Clofine Dairy & Food Products, DairyAmerica Inc., DANA Dairy Group Ltd., Danone SA, Earth's Own Food Company, Eden Foods Inc., Glanbia Ingredients Ireland Limited, Hain Celestial Group, Hilmar Cheese Company, Hochdorf Holding AG, Holland Dairy Foods LLC, Nestlé SA, NOW Foods Pvt. Ltd., Oatly AB, Organic Valley Cropp Cooperative, Revala Ltd., St Albans Cooperative Creamery, SunOpta Inc., Vreugdenhil Groep B.V., Agropur Cooperative, Ample Harvest.org, Associated Milk Producers Inc., Aurora Dairy Corporation, California Dairies, Inc., Continental Dairy Facilities LLC
Non Fat Dry Milk Market 2024 Key Insights:
• The non fat dry milk market size is expected to see strong growth in the next few years. It will grow to $10.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rising Health Consciousness Drives Growth In The Non-Fat Dry Milk Market
• Innovative Trends In The Non-Fat Dry Milk Market
• North America was the largest region in the non fat dry milk market in 2023
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