Enriched Milk Powder Market to Top US$ 15.38 Billion Amid Growing Consumption of Nutrition Enriched Food Products
Over 1/4th of All Enriched Milk Powder Sales to Remain Concentrated in North America
Fact.MR's latest report provides a detailed enriched milk powder market forecast for a period of 10 years (2022-2032). It examines the sales prospects of enriched milk powder and illustrates how changing end user preferences and advancement in technology are influencing them. The report uses both primary and secondary research methodologies to identify new opportunities emerging across various segments including flavor, application, distribution channel, and region.
NEW YORK, July 18, 2022 /PRNewswire/ -- The global enriched milk powder market size reached a valuation of US$ 8.63 billion in 2022. With rising application of enriched milk powder in products such as yogurt, bakery, confectionery, dietary supplements etc., the overall sales of enriched milk powder are slated to rise at a CAGR of 5.9% between 2022 and 2032, totaling US$ 15.38 billion by the end of 2032.
Enriched milk powder is a type of milk powder or dried milk that contains extra vitamins and minerals that are naturally not found in milk in significant amounts. It is being increasingly used for manufacturing a wide range of processed food products.
Rising adoption of enriched milk powder for manufacturing food products such as bakeries, confectioneries, infant formula, ice creams, and dietary supplements along with the increasing consumption of these food products worldwide is a key factor spurring growth in the global enriched milk powder market.
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Similarly, growing consumer awareness about the health and nutritional benefits of enriched milk powder is expected to create lucrative opportunities for leading enriched milk powder manufacturers during the forecast period. As enriched milk powder contains additional nutrients, it can help consumers in preventing and fighting various lifestyle disorders.
Besides this, enriched milk powder has a longer shelf life than other dairy products, which is expected to further elevate the demand for enriched milk products during the coming years.
Leading players are continuously investing in research and development for introducing novel products with clean ecofriendly packaging to woo more and more customers.
Regionally, with a current market valuation of US$ 2.31 billion, North America will continue to dominate the global enriched milk powder market, accounting for over 1/4th of revenue share in 2022.
Growth in North American enriched milk powder market is driven by rising prevalence of lifestyle diseases, growing focus towards health and nutrition, and increasing availability of enriched milk products across countries like the U.S. and Canada.
Key Takeaways:
- By flavor, chocolate and vanilla are expected to remain highly preferred enriched milk powder flavors among consumers.
- Based on application, the nutrition segment is likely to grow at a steady pace during the forecast period.
- With rising usage of enriched milk powder in bakery, confectionery, nutritional supplements, and infant formula, North America is set to account for over 26.8% share of the global enriched milk powder market in 2022.
- The enriched milk powder market in Europe reached US$ 2.01 billion in 2022.
- China holds a share of 7.3% in the global enriched milk powder market.
Growth Drivers:
- Growing demand for fortified foods and nutritional supplements is a key factor driving the growth in enriched milk powder market.
- Rising consumer awareness about the health benefits of enriched milk powder is likely to push the demand for enriched milk powder during the forecast period.
- Introduction of novel products with innovative packaging and advancement in preservation technologies will further create prospects within the global enriched milk powder market during the forecast period.
Restraints:
- Availability of various alternative products is limiting the growth of enriched milk powder market.
- Increasing prevalence of lactose intolerance is also hampering the sales of enriched milk powder.
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Competitive Landscape:
Leading enriched milk powder manufacturers are continuously focusing on expanding their product portfolios by introducing new innovative products. Beside this, they have adopted various strategies such as investments in research and development, partnerships, collaborations, acquisitions, price reduction, adoption of novel manufacturing technologies, and strengthening of distribution channels to gain an upper hand in the global enriched milk powder market.
For instance,
- In June 2020, Jatenergy developed two new lactoferrin-enriched milk powder products including an a2 milk powder under the brand Abbeyard and a lactoferrin-enriched camel milk sold under brand Auveno.
- In May 2021, Lactalis Ingredients expanded its milk powder range by launching a new organic whole milk powder
Key Companies Profiled by Fact.MR
- Arla Foods amba
- Fonterra Co-operative Group Limited
- Fasska - Par S.A.
- Nuztri Best Health Products Ltd.
- Tesco PLC
- Muntons Malted Ingredients Inc.
- Glanbia PLC
- Synlait Milk Ltd.
- Aurivo Co-operative Society Ltd.
- Gujarat Cooperative Milk Marketing Federation
- Lactalis American Group Inc.
- Milligans Food Group Ltd.
- Corlasa S.A.
More Valuable Insights on Enriched Milk Powder Market
In the latest study, Fact.MR offers a 360-degree view of the global enriched milk powder market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the enriched milk powder market through detailed segmentation as follows:
Flavor:
- Regular
- Chocolate
- Vanilla
- Caramel
- Others
Application:
- Yogurt
- Bakery
- Ice Cream
- Confectionery
- Nutrition
- Infant Formula
- Processed Cheese
- Others
Distribution Channel:
- Direct Sales
- Indirect Sales
- Store-based Retail
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Independent Stores
- Others
- Online Retail
Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Enriched Milk Powder Market Report
- What will be the demand outlook of the enriched milk powder market in 2022?
- What is the projected growth rate of the global enriched milk powder market during 2022-2032?
- Which are the key drivers bolstering growth in the enriched milk powder market?
- Which factors are hindering the growth in the enriched milk powder market?
- Which region is expected to exhibit the fastest growth in the global enriched milk powder market during 2022-2032?
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