Skim Milk Powder Market is predicted to reach USD 236.2 billion at a CAGR of 10.80% during the forecast period.
Research Reports
Sep 05, 2023
Skim Milk Powder Market Highlights:
Global Skim Milk Powder Market is accounted to register a CAGR of 10.80% during the forecast period and is estimated to reach USD 236.2 Billion by 2030.
Drivers:
Skim milk powder, also known as non-fat dry milk powder, is a dairy product made by removing the fat content from milk through a process of evaporation and spray-drying. This results in a powdered form of milk that contains minimal to no fat. Skim milk powder retains the majority of milk’s nutritional components, including protein, vitamins, and minerals, making it a valuable ingredient in various food applications. It is often used as a convenient and long-lasting alternative to liquid milk, particularly in baking, cooking, and the production of dairy products, such as yogurt, cheese, and ice cream.
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Segment Analysis:
The Global Skim Milk Powder Market has been segmented based on Type, Packaging, Form, and Distribution Channel.
Based on the Type, the market is segmented into Black Skim Milk Powder, White Skim Milk Powder, Green Skim Milk Powder, and Oolong Skim Milk Powder. The dominance of the White Skim Milk Powder category in the Skim Milk Powder market is attributed to its versatility, wide range of applications, and consumer preference for a neutral, dairy-like taste in various culinary and food manufacturing uses.
Based on Packaging, the market is segmented into Loose Skim Milk Powder, Skim Milk Powder Bag, Instant Skim Milk Powder, and Bottled & Canned Skim Milk Powder. The dominance of the Functional Food category in the Skim Milk Powder market is attributed to the increasing demand for fortified and nutritionally enhanced products, aligning with consumer focus on health and wellness benefits in their dietary choices.
Based on Form, the market is segmented into Powder and Leaf. The dominance of the Powder category in the Skim Milk Powder market is attributed to its extended shelf life, ease of storage, and convenience in various culinary and food production applications.
Based on Distribution Channel, the market is segmented into Food Retail and Food Service. The dominance of the Food Retail category in the Skim Milk Powder market is attributed to its widespread availability through supermarkets and grocery stores, providing consumers with convenient access to this pantry staple.
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Regional Analysis:
The Global Skim Milk Powder Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Skim Milk Powder Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Skim Milk Powder Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World’s Global Skim Milk Powder Market comprises of Middle East, Africa, and Latin America.
In 2022, the North American skim milk powder market reached a value of USD 52.8 billion, capturing a significant share of approximately 45.80%, and is projected to demonstrate substantial CAGR growth during the study period. This growth can be attributed to changing lifestyles. Furthermore, the region’s skim milk powder market expansion will be bolstered by urbanization, an expanding working population, and increased penetration of social media and the internet.
Within Europe, the skim milk powder market claims the second-largest market share. The main drivers for this growth are evolving consumer food preferences and the expansion of the food sector. Increased demand for healthier and enhanced dairy, confectionery, bakery, and other food products is also fueled by population growth, rising disposable income, and lifestyle changes, contributing to industry expansion.
Anticipated to exhibit the swiftest CAGR growth from 2022 to 2030, the Asia Pacific skim milk powder market maintains its supremacy throughout the forecast period. The demand surge originates from developing nations like China and India, driven by rising populations and increased consumer incomes, resulting in heightened demand for dairy products.
Key Findings of the Study:
- The Global Skim Milk Powder Market is expected to reach USD 236.2 Billion by 2030, at a CAGR of 10.80% during the forecast period.
- The North American skim milk powder market achieved a value of USD 52.8 billion, capturing a share of approximately 45.80%, and is projected to experience substantial CAGR growth during the study period, primarily driven by changing lifestyles. Additionally, factors like urbanization, an expanding working population, and the growing influence of social media and the internet are anticipated to further facilitate the expansion of the skim milk powder market in the region.
- Based on the Type, the Market has been segmented into White Skim Milk Powder holding the largest market in 2023.
- Nestle S.A., DairyAmerica Inc, Alpen Dairies, Fonterra, Miraka, Lactoland, Nova Dairy products, and Synlait milk Ltd.
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