Global milk powder market size estimate to reach US$ 65.3bn by 2030
By Felicia Nwosu
Spherical Insights, a research platform, in its projection for the future of global milk powder market size revealed that it is estimated to reach US$ 65.3 Billion by 2030, at a CAGR of 7.33 % during the forecast period 2021 to 2030. It also predicted that in the forecast period, that urban population will be a prominent determiner that will influence its growth and expansion.
According to the site, the disruptive impact of the pandemic accelerated the growth of the product at a significant rate. This increase is predicted to continue in all affected countries.
Meanwhile, the infant formulas segment is anticipated to expand quickly throughout the forecast period at a CAGR of xx%. The rise of the infant formula industry has been fueled by an increase in the number of women working outside the home as a result of increased female labour force participation.
The platform pointed out that the availability of numerous minerals, including vitamin C, vitamin B12, thiamin, and high amounts of protein, as well as the rising use of milk powder in infant diets, are key market drivers for milk powder worldwide. Additionally, as storage and delivery costs decline, the milk powder industry is expanding. On the other hand, the market expansion for milk powder is constrained by the presence of preservatives, adulteration, and strict infant food regulations. New economic opportunities have emerged as a result of the introduction of flavoured milk powder.
The analysis showed that the prevalent trend for health-conscious products by consumers was attributed as one of the reasons that have stimulated the growth in demand driven by an increase in fitness awareness. It added that the rate of taxation, tariff structures, subsidies, and export/import of milk powder and other stringent rules set forth by the governments of many nations are also classified to have a detrimental effect on the financial stability of milk powder producers and limit market growth.
The report indicated that the global milk powder market is operated by various countries in different regions. It indicated that the market for milk powder is dominated by Asia Pacific as a result of lifestyle changes. Additionally, throughout the projection period, the expansion of the milk powder market in the region will be further aided by globalisation, an increase in the working population, and a rise in the penetration of social media and the internet. The market for milk powder is expected to increase significantly in Europe due to advancements in shipping and processing technology. In the upcoming years, it is also projected that the region’s milk powder market will expand due to lower transportation costs and the usage of export subsidies.
Noting that the European Union dominates the global milk powder market and produces more than a fifth of all the milk powder used worldwide, it further added that New Zealand, China, the United States, and Brazil are further important geographic areas. While revealing that some of the Key Market Players include Nestlé S.A., Lactalis Group, Fonterra Co-operative Group Limited, Dean Foods, Dairy Farmers of America Inc. Arla Foods, Kraft Heinz Company, Saputo Inc., Parmalat S.p.A. and Danone S.A.
Also, in the local scene, a report by Leadership news reported that though milk production in Nigeria has witnessed a significant leap from 229,000 tonnes in 1972 to 531,587 tonnes in 2021, representing a growth rate of 1.89 percent, it noted that some industry experts have envisaged that that Nigeria’s milk market will grow by 6.56 percent in the next five years resulting in a market volume of $27 billion by 2028.
This also implied that the annual demand for fresh milk production in Nigeria hovering around 560,000 to 570,000 tonnes of milk, Nigeria’s demand for milk is estimated to be about 1.7 million tonnes per year, hence, the need for both local and foreign investment to bridge the demand gap.
Some key players in the Nigeria milk market include Arla Foods, maker of Dano Milk, FrieslandCampina, Chi Limited, Fan Milk, Nestle and others.
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