The milk powder market has been experiencing steady growth, driven by the increasing demand for convenient, long-shelf-life dairy products. Milk powder is a versatile ingredient used in a wide range of applications, from infant formula and bakery products to ready-to-eat meals and beverages. It offers several advantages, including extended shelf life, ease of storage, and transportation, making it an essential product for both consumers and manufacturers. With rising disposable incomes, growing populations, and the increasing demand for dairy products in emerging economies, the global milk powder market is expected to grow significantly in the coming years. Valued at USD 40.15 billion in 2024, the market is forecasted to grow at a CAGR of 6.30% during the period from 2025 to 2034, reaching a value of USD 73.96 billion by 2034.
Milk Powder Market Size
The milk powder market size is significant, with a valuation of USD 40.15 billion in 2024. This value reflects the growing demand for milk powder across various industries, including food and beverages, pharmaceuticals, and animal feed. The increasing adoption of milk powder in emerging markets, along with its role in the production of various dairy products, continues to contribute to market growth. With rising global populations and improving living standards, particularly in developing economies, the consumption of milk powder is expected to increase. By 2034, the market is projected to attain a value of USD 73.96 billion, demonstrating substantial growth during the forecast period.
Milk Powder Market Trends
Several trends are shaping the milk powder market:
-
Convenience and Shelf Life: The demand for long-shelf-life dairy products, such as milk powder, is increasing as consumers seek more convenient food options. Milk powder offers the advantage of a longer shelf life compared to liquid milk, making it a popular choice for households, especially in regions with limited refrigeration infrastructure.
-
Rising Demand for Dairy-Based Products: As global populations grow and disposable incomes rise, particularly in emerging markets, the demand for dairy-based products, including milk powder, is on the rise. Products like infant formula, bakery items, and nutritional supplements, which often contain milk powder, are witnessing increased demand.
-
Health and Nutritional Benefits: Consumers are becoming more health-conscious, driving the demand for milk powder with added nutritional benefits, such as higher protein content, vitamins, and minerals. Products such as high-protein milk powders, which support muscle recovery and overall health, are gaining popularity.
-
Innovations in Milk Powder Production: Advances in milk powder production techniques, such as spray drying and the use of ultra-high-temperature (UHT) processing, have improved the quality, taste, and nutritional value of milk powder. These innovations have expanded the applications of milk powder, especially in specialized products like infant formula and functional foods.
-
Sustainability Concerns: With increasing consumer awareness about sustainability, there is a rising demand for eco-friendly packaging and sustainable production methods in the dairy industry. Many milk powder producers are now focusing on reducing their carbon footprint and improving the sustainability of their products.
Milk Powder Market Growth
The growth of the milk powder market can be attributed to several key factors:
-
Increasing Demand for Convenient Products: As lifestyles become busier and time constraints increase, consumers are seeking convenient, easy-to-use products. Milk powder, with its long shelf life and ease of preparation, has become a go-to solution for busy families and individuals.
-
Rising Disposable Incomes and Changing Lifestyles: The increasing disposable incomes in emerging economies, along with rising standards of living, have led to an increase in the consumption of dairy products, including milk powder. Middle-class expansion in countries like China, India, and Brazil has driven significant growth in the milk powder market.
-
Growing Population in Emerging Economies: The rapid population growth in emerging markets is contributing to a higher demand for milk powder. As these regions continue to develop, the consumption of dairy products, particularly milk powder, will continue to rise.
-
Adoption in Infant Formula: Milk powder plays a critical role in the production of infant formula, which is in high demand across the globe. The increasing number of working mothers, combined with the rising awareness of the nutritional benefits of infant formula, is driving the demand for milk powder in this segment.
-
Technological Advancements in Dairy Processing: Advancements in dairy processing technologies, including improved drying techniques, have increased the efficiency and quality of milk powder production. These innovations have contributed to market growth by making milk powder products more appealing to consumers and manufacturers.
Milk Powder Market Forecast (2025–2034)
The milk powder market forecast for the period 2025–2034 is optimistic, with an expected CAGR of 6.30%. This growth will be driven by factors such as the increasing demand for convenient dairy products, rising incomes in emerging markets, and the expanding applications of milk powder in infant formula and food products. By 2034, the global milk powder market is expected to reach a value of USD 73.96 billion. The forecasted growth reflects the ongoing transformation of the dairy industry, as more consumers and industries opt for milk powder products due to their convenience, extended shelf life, and versatility.
Competitive Landscape
The milk powder market is highly competitive, with several leading players driving innovation and market share. Some of the major companies in the milk powder market include:
-
Danone S.A. – Danone is a global leader in the dairy industry, offering a range of milk powder products. The company has a strong presence in the infant formula market and is committed to sustainability and providing nutritious dairy solutions.
-
Fonterra Co-operative Group Limited – Fonterra is one of the largest dairy exporters globally, producing a wide range of milk powder products. The company’s milk powders are used in a variety of applications, including infant formula, dairy-based beverages, and food products.
-
Royal FrieslandCampina N.V. – FrieslandCampina is another major player in the dairy industry, offering milk powder products across multiple categories. The company focuses on providing high-quality dairy ingredients to food manufacturers and consumers worldwide.
-
Saputo Inc. – Saputo is a global dairy company that produces a variety of milk powders, catering to different segments such as infant nutrition, food, and beverage industries. The company’s strong distribution network and focus on innovation make it a key competitor in the market.
-
Others – Other notable players in the milk powder market include Arla Foods, Nestlé S.A., and Abbott Laboratories, each of which offers a variety of milk powder products to meet the growing demand in both emerging and developed markets.
