Global Skim Milk Powder Market Report and Forecast 2023-2028

Global Skim Milk Powder Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global skim milk powder market reached a value of approximately USD 8.96 billion in 2022. Aided by the increasing demand for low-fat dairy products and the growing demand for ready-to-eat (RTE) food products, the market is projected to further grow at a CAGR of 6.24% between 2023 and 2028 to reach a value of USD 10.15 billion by 2028.

Skim milk powder, derived from fresh skim milk, is predominantly used in the food and beverage industry, finding applications in numerous products such as chocolates, baked goods, confectionery, infant formula, and protein supplements, thus propelling the skim milk powder market growth. Due to its high nutritional profile, including essential minerals, vitamins, and protein, it is instrumental in maintaining overall health and wellness. Apart from its dietary benefits, skim milk powder also has excellent emulsifying, foaming, and thickening properties, making it an invaluable ingredient in a multitude of industrial applications, such as cosmetics and pharmaceuticals.

The global skim milk powder market growth is predominantly driven by the rising consumer preference for low-fat dairy products. With growing awareness of the health implications of high-fat consumption, there has been a significant consumer shift towards low-fat diets, resulting in a surge in demand for skim milk powder-based products. Additionally, the booming fitness and wellness trend further underlines the increasing popularity of skim milk powder, as it is a preferred ingredient in protein supplements often consumed by athletes and fitness enthusiasts.

The escalating applications of skim milk powder in various industries also significantly contribute to the skim milk powder market expansion. In the pharmaceutical industry, skim milk powder is used as an excipient and filler in the production of tablets and capsules. The cosmetic industry employs skim milk powder for its hydrating and skin-brightening properties, crucial for various skincare product formulations. Furthermore, the properties of skim milk powder make it a fundamental ingredient in the production of bakery and confectionery items.

Further, the rising demand for dairy-based ingredients in the food and beverage industry has amplified focus on skim milk powder as a core ingredient. This focus coincides with the rise of flexitarian diets and an overall increase in protein-rich food consumption, causing skim milk powder to emerge as a crucial component in numerous food and beverage formulations, thereby influencing the skim milk powder market demand.

Market Segmentation

The market can be divided based on type, application, distribution channel, and region.

Market Breakup by Type

• Flavoured and Non-Fat
• Whole Milk
• Butter Milk

Market Breakup by Application

• Bakery and Confectionery
• Food and Beverages
• Infant Formulas
• Others

Market Breakup by Distribution Channel

• Retail
• Food Service

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global skim milk powder companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Arla Foods amba
• Dairy Farmers of America Inc.
• Danone S.A.
• Fonterra Co-operative Group Limited
• Lactalis Group
• Nestlé S.A.
• Westland Co-operative Dairy Co. Ltd.
• Gujarat Co-operative Milk Marketing Federation Ltd.
• Vreugdenhil Groep BV
• Alpen Food Group B.V.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.