WORLD – Fat filled milk powder market is set to grow at 5.8% CAGR during 2018-2028 with dairy applications remaining the top growth factors in the forecast period, according to Future Market Insights’ (FMI) new intelligence report.
Apart from dairy, fat filled milk powder is increasingly getting prominent in multiple sectors of the food and beverages industry.
The report suggests that economic price point compared to whole milk powder and butterfat is a key determinant factor driving growing popularity of fat filled milk powder.
Also, increasing consumer preference for value-added food ingredients and becoming favourable market conditions contributes to progressing sales of the product.
Europe, which is the largest manufacturer and exporter of fat filled milk powder, will retain the top-ranking consumer market position, said the report.
The region, together with North America, will collectively account for over 44% share in the total market value.
South Asia is expected to register significant growth due to growing demand, supported by sustained popularity of dairy products and a growing trend of consuming dairy beverages with vegetable protein and fat content.
Categories such as cheese, yogurt, and fresh fermented products are likely to present untapped opportunities in South Asian market, where companies are focusing on expansion of their culture manufacturing capacities.
The market is anticipated to record a 5.4% volume CAGR during the period.
Boost from bakery, confectionary, and ice cream segments
Future Market Insights anticipates a prominent boost to demand growth from bakery, confectionery, and ice cream segments.
Apart from dairy products, which account for more than 30% of the total volume of fat filled milk powder consumed in 2018, ice cream accounts for a significant share of total sales.
Also, bakery and confectionary are emerging as high-potential segments in the years to come, representing a sizeable collective share in the fat filled milk powder market.
“The report forecasts a dominant share for fat filled milk powder 28%, followed by fat filled milk powder 26%.
Attributed to the highest vegetable fat and protein profile, the former will continue to reign supreme over others in fat filled milk powder market.
Variants of instant fat filled milk powder are the relatively low shareholders in fat filled milk powder market.
However, instant fat filled milk powder 26% and 28% will gradually gather traction in the years to come – reflecting healthy annual growth rates in 2019,” read FMI statement.
The report has identified supermarkets and hypermarkets as key sales channels for fat filled milk powder, accounting for almost 40% of sales.
While convenience stores have seen a rising trend in the number sales, FMI foresees promising opportunities residing in the thriving Ecommerce sector.
The market is anticipated to benefit from the improving penetration into organized retail sector, rather than within independent retail outlets.