The global whole milk powder market is expected to witness high volume by 2023, according to a report available on Million Insights. It is estimated to witness a healthy CAGR over the forecast period (2018 to 2023). Increasing use of whole milk powder in bakery products owing to its nutrition value and cost-effectiveness is anticipated to propel market growth. Bakers prefer powdered milk to produce pastries, ice-creams, chocolate, biscuits, and cereals. Rising consumption of bakery products across the globe attributed to expanding population base and urbanization is expected to impel market growth. In addition, rising demand for economical and convenient raw material among manufacturing companies to produce dairy products is augmenting the market. It helps manufacturers in reducing their storage and transportation expenses. Moreover, growing number of health conscious people focusing on nutritious diet will drive the market over the forecast period.
Whole milk powder contains 26-42 percent milkfat and moisture level of less than 4.5 percent. Low moisture level allows it to offer a shelf life of 6 to 12 months. Being high in nutrition level, it is considered as a good source of dairy solids. Thereby, it is mostly used in production of bakery products, confectioneries, soups, and sauces.
Major product variants include instant, regular, ultra-high temperature (UHT), organic, and caramelized. Instant segment is expected to hold highest market share over the forecast period. This is attributed to its ability to mix quickly in preferred liquids as compared to other forms. Changing consumer preference for convenient food products is driving segment’s growth.
To cater to rising demand for convenient options in food, manufacturing companies are investing in R&D to produce quality products. For instance, in January 2019, Keytone Dairy Corporation launched two premium products called Diabetic Powder and Junior Formula. The former product is aimed to address diabetic patients. People who are suffer from type 2 diabetes shall consume this powder for better health. In addition, Junior Formula is designed for children aged three to seven years. The formula will help them in brain development, immune system development, red blood cell production, and better bone density. It is also a good source of Vitamin A, B, C, and D along with iron, calcium, and protein.
Some of key players in the whole milk powder market are Arla Foods; Fonterra Co-Operative Group Ltd.; Dairy Farmers of America Inc.; Nestle S.A.; and Cargill Corporation. Most companies are adopting business strategies such as acquisition and merger to expand their product portfolio and to gain competitive edge over others.