Global Milk Powder Market: Market Outlook
Milk powder or dried milk is a manufactured dairy product made by dehydrating liquefied milk through numerous drying processes until it is a powder. One purpose of drying milk is to preserve it, milk powder has a far longer shelf life than liquid milk and does not need to be refrigerated. The milk powder is popular among consumers due to its long shelf life and ready to use characteristics. The milk powder is easy to carry while traveling and can be easily used by just mixing water with it. Also, with the help of science and technology milk powder can be made with all the natural properties of milk such as flavor, color, solubility, and nutritional value. Thus, the taste and nutritional value of milk powder driving the growth of the global milk powder market.
Global Milk Powder Market: Market Dynamics
By 2020, worlds more than half of the population living in urban areas, thus the demand for ready to use products is increasing in urban areas. It is difficult to get fresh milk every day in the urban area, and due to a busy lifestyle and excessive working consumers are unable to manage to have fresh food daily. Owing to that, the demand for a packaged food product is increasing across the globe which driving the growth of the global milk powder market. Besides, infant food manufacturers have a high demand for milk powder as they use a huge amount of milk powder in infant food products. Nutritional food and supplementary food products manufacturers have a high demand for whey powder as it contains a high amount of nutrition. Thus, the nutritional and supplementary food sector fueling the growth of the global milk powder market.
Global Milk Powder Market: Key Players
Several key players are engaged in the business of the global milk powder market are, Alpen Food Group BV, Arla Foods amba, Dean Foods Co., Gujarat Cooperative Milk Marketing Federation Ltd., Royal FrieslandCampina NV, Nestle SA, The Kraft Heinz Co., Fonterra Cooperative Group Ltd., China Mengniu Dairy Co. Ltd., Schreiber Foods Inc., Danone SA, Lactalis Group, Saputo Inc., and others.
Opportunities for the Key Players in the Global Milk Powder Market
North America and Europe are the leading consumers of milk powder products owing to high consumer preferences for packaged food products. Along with that, the high popularity of milk and milk-based products in Europe is further fueling the growth of the global milk powder market. Europe and North American consumers use milk powder in making different recipes for daily consumption which is a key factor behind the growth of the global milk powder market. The Asia Pacific is expected to be the next potential market for the global milk powder market owing to the fastest growing population and economies in these regions. Latin America and the Middle East and Africa are expected to register a healthy growth rate on the forecast period of the global milk powder market.
Impact of COVID-19 on the Global Milk Powder Market.
As the COVID-19 effect is rising on the food and beverage industry, the food and beverage companies across the world, from cafe and restaurant owners to big-name food manufacturers and retailers continue to feel the impact of COVID-19. Manufacturers are facing issues in the procurement of raw material and lack of manpower which resulted in low production of the products. Government across the world are requesting people to stay home to counter the spread of the COVID-19. Also, people across the world are focused on buying essential food products to survive long during the pandemic and to avoid going out to buy products frequently. Thus, milk powder has become a priority for the consumer as it has a longer shelf life and ready to use characteristics. Thus, the milk powder market is witnessing a substantial growth rate as the influence of this pandemic is increasing across the world, and this growth is anticipated to continue until the pandemic normalizes across the globe.
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