Introduction
Nonfat dry milk is produced by evaporation of liquid milk followed by removal of fats. Nonfat dry milk and powdered milk are same items and the terms are used interchangeably. There are several advantages of nonfat dry milk which has contributed to the growth of the global nonfat dry milk market. Nonfat dry milk has a longer shelf life as compared to liquid milk.
It provides thickness to the food product it is added in. Nonfat dry milk can be used to prepare cakes, soups, meat products, puddings and other confectionaries. Other pluses of nonfat dry milk are they are economical source of nonfat dairy solids, they can be easily transported without much precautions, they are a good source of functional dairy solids and they are also considered as temporary replacement for whey proteins.
However, there are few drawbacks of nonfat dry milk, which have a negative impact on the growth of the global nonfat dry milk market. The taste might alter and might lose its original richness. Moreover, the prices of nonfat dry milk are increasing considerably. These aspects hinder the growth of the global nonfat dry milk market.
Nonfat dry milk is manufactured by evaporating liquid milk and removing fats. Nonfat dry milk is available in noninstant and in instant forms. It is used in several items such as soups, cakes, puddings, and few other food related items. It helps in retaining the thickness of the food item along with its rich texture. Water can also be added to use in milk beverages and cereals. More importantly, nonfat dry milk has a longer shelf life as compared to liquid milk.
According to Future Market Insights’s research report on the Global nonfat dry milk market, the market is anticipated to reach a value of about US$ 7.9 Bn by the end of 2022 and is poised to grow at a steady CAGR during the forecast period of 2017-2022.
APEJ to Remain at the Lead Position During the Forecast Period
The global nonfat dry milk market finds Asia-Pacific excluding Japan (APEJ) region to be more lucrative in terms of growth. The Asia-Pacific excluding Japan (APEJ) region shows high market attractiveness for this market. This region is expected to dominate the global market and is poised to grow at a comparatively high CAGR of 3.8% as compared to other regions. Following APEJ, North America shows good potential for growth of the global nonfat dry milk market.
High-Heat goes High in Every Aspect
By product, the high-heat segment is anticipated to dominate the global nonfat dry milk market with respect to market share. In 2017, this segment reflected the highest market share and this trend is expected to continue over the forecasted period as this segment also shows the highest growth rate during the forecast period. The high-heat segment is anticipated to register a high CAGR of 4.5% during the period 2017-2022 and also expected to gain a high BPS by the end of 2022.
Online Channel Outpaces Other Segments in the Long Run
The online channel segment by sales channel is expected to reflect a high growth rate during the forecast period to register a CAGR of 3.9%. It is also expected to gain high BPS by the end of 2022. However, this segment holds small market share as of 2017. The modern trade segment by sales channel dominates the global market in terms of market share growing at a steady growth rate.
Other Retail Formats also Show Good Potential
Other retail formats segment shows high potential with respect to growth rate and market share. As compared to modern trade segment, this segment shows a comparatively high growth rate. The market share of this segment is not much below than that of modern trade segment. This segment is poised to gain the highest BPS by the end of 2022 and is growing at a CAGR of 3.6%.
Home Reconstitutions Lead in the Global Market
Home reconstitutions segment by applications reflect a higher market share of 21.6% as of 2017. This trend is expected to continue over the period of 2017-2022 with a steady growth rate. Following this segment, the bakery and confectionery segment is expected to show higher potential as well as market share and also poised to gain a higher BPS by the end of 2022.
Nutritional Supplements Outruns all Other Segments
By application, nutritional supplements segment is poised to reflect highest growth rate to register a CAGR of 4.4% during the forecast period. This segment also expected to reflect a small gain in the BPS by the end of 2022, however, it experienced a low market share with respect to revenue in 2017. This trend is anticipated to continue during the period 2017-2022.
Competition Tracking
The research report has profiled companies which are expected to remain active in the expansion of global nonfat dry milk market throughout 2022. Companies such as Blue Diamond Growers, Inc., OATLY A.B, Danone, Earth’s Own Food Company Inc., Eden Foods Inc., Organic Valley Cropp Cooperative, SunOpta, Inc., and The Hain Celestial Group, Inc., are profiled.
Global Nonfat Dry Milk Market Taxonomy
The global nonfat dry milk market is segmented by product type, sales channel, application and region and further categorized as shown below.
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Product Type
- Low-Heat
- Medium-Heat
- High-Heat
Sales Channel
- Modern Trade
- Traditional Grocery Store
- Convenience Stores
- Online Channels
- Other Retail Formats
- Direct Sales
Application
- Home Reconstitutions
- Dairy Whiteners
- Bakery and Confectionery
- Desserts
- Ice-cream
- Dairy Blends
- Snacks
- Nutritional Supplements
- Others
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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