Dry whole milk powder exhibits longer shelf life than fresh milk. It is because of this reason, people across the globe are adopting dry milk powder as a subsequent alternative to cater their milk requirement. Owing to this paradigm shift of the preference, the global dry whole milk powder market is expected to witness a substantial growth in coming years says the latest report on by Transparency Market Research. Moreover, the growth of the market is also attributed to product innovation such as high proteins to the milk powder and low fat milk powder are further expected to boost the market growth.
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- Hefty Revenue Generation to be Showcased by Market
According to the report, the global dry whole milk powder market is expected to expand at the CAGR of 4.6%. This growth of the market is the result of rising demand of milk powder in food and beverage industry especially in bakery sector. Moreover, the strong hold of small players that contribute to large portion of market share also add to this rapid growth of the market.
Moreover, the market is expected to reach to the value of US$ 12, 761.1 mn by the end of 2022. Also, historical analysis of the market shows that market valued US$ US$10, 2015.3 mn in 2016. The revenue generation of the market is expected to ride upon the opportunities like rising demand of dry whole milk powder in various cuisines across the globe.
- Instant Dry Milk Powder Holds 30.8% of Total market Share
Milk fans prefer to carry sachets of milk powder while traveling. However, it is not possible for them carry regular dry milk powder with them as it does not taste that good in drinking purpose as they do in other applications. As a result users prefer to carry instant dry milk powder with them. It is because of this reason this segment holds a staggering 30.8% of overall share of global dry whole milk powder market. Moreover, factors such as higher nutritive values along with quick dissolving of milk powder in hot water are also some prominent reasons that are boosting the segment’s domination in global dry whole milk powder market.
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- Asia Pacific to Emerge as a Dominant Region
Owing to the rising economy and changing work schedule in countries like India, China, and South Korea, Asia Pacific is expected to emerge as a leading region in global dry whole milk powder market. Moreover, growing trend of having a cup of coffee or tea while traveling in India is also boosting growth of the region dry whole milk powder market. Future scope for the players in the regions is expected to be lucrative enough as the region is expected to witness 5.2% CAGR during the forecast period of 2017 to 2022.
Furthermore, the presence of prominent players in the region is also a major factor that is aiding the strong hold of the region in global dry whole milk powder market.
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- Small Players to Dominate the Market
The global dry whole milk powder market exhibits a fragmented landscape as there are various small and large players operating. However, the market is majorly dominated by small players who have created a niche for themselves and contribute a major portion of the changing dynamics such as price, quality, and grade of dry whole milk powder.
On the other hand, large players though comparatively less but plays a crucial role in the growth of global dry whole milk powder market. These players bring innovations and advanced techniques to produce dry whole milk powder at large scale in the market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Dry Whole Milk Powder Market (Product Type - Regular, Instant, UHT, Caramelized, and Organic; Sales Channel - Modern Trade, Traditional Grocery, Convenience Stores, Online Channels, and Direct Sales; Application - Home Reconstitutions, Dairy Whiteners, Bakery and Confectionery, Desserts, Ice-cream, Dairy Blends, Snacks, and Nutritional Supplements) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.”