milk powder market size was valued at $29.6 billion in 2021, and is estimated to reach $50.7 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.

Milk powder is a dried dairy product, prepared by evaporating milk to eliminate the majority of the moisture content and then spraying the remaining liquid through a nozzle to generate a vapor that dries and forms minute particles. The milk powder can be reconstituted with water to produce liquid milk or used as a component in a variety of culinary preparations. Milk powder comes in a variety of forms, including whole milk powder, skim milk powder, buttermilk powder, and others. Milk powder can also be fortified with mineral and vitamin supplements to enhance its nutritional value.

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According to the United Nations Food and Agriculture Organization (FAO), around 150 million families worldwide produce milk. While most developing countries produce their food on small family farms, developed nations have rapidly shifted to large-scale industrial enterprises. In 2022, all of these firms generated around 930 million tons of milk. The cows account for more than 80% of overall production across all species. This rate accounted for almost 100% of production in developed countries. The dairy industry involves the production of milk, its processing for sale, and the manufacture of dairy products.

Dairy product consumption is increasing at a decent pace, particularly in developing countries, because of the rising nutritional value of milk and milk products. Due to the growing worldwide population and changing customer demands, the dairy business has been developing for many years. Milk powder is one of several dairy products made possible by the rapid growth of dairy processing equipment and technology. Demand for milk powder is driven by the benefits of a longer product shelf life, improved product diversity, convenience, simpler warehousing, and less expensive transportation.

During the pandemic and countrywide lockdowns, many consumers began cooking and baking at home. This aspect increased demand for its retail packaging in developing as well as developed nations. Premium grade has gained popularity among clients in developed countries in recent years. The market for quality milk powder is expected to grow as consumer discretionary income levels rise. Milk powder is an essential component in dining establishments, cafés, and catering enterprises across the world. Its use in various cuisines served fresh in cafés and restaurants has grown due to shifting customer demands. In the upcoming years, milk powder market growth is predicted to be driven by the newly popular habit of eating out and buying ready meals.

The milk powder market is segmented into type, application, and region. By type, the market is classified into whole milk powder, skimmed milk powder, dairy whitener, buttermilk powder, fat filled milk powder, and others. By application, the market is divided into nutritional food, infant formula, confectionery, baked sweets, savories, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Spain, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Players operating in the global milk powder market have adopted various developmental strategies to expand their milk powder market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Arla Foods amba, Fonterra Co-operative Group Limited, Nestle S.A., Saputo Inc., Schreiber Foods Inc., The Kraft Heinz Company, Groupe Lactalis, Dairy Farmers of America, Inc., Danone S.A, and Royal FrieslandCampina N.V