Enriched Milk Powder Market Assessment & Growth Forecast Examined During 2018-2028
While milk powder is utilized by consumers as a substitute for fresh milk or as ingredients in the processed food, enriched milk powder are products that are made nutritionally rich to meet demands of consumers at various stages of life.
[UKPRwire, Thu Apr 18 2019] Rising in the disposable income of the population, increase in urbanization, expanding per capita milk consumption, and growing demand for nutritional products will drive the growth of enriched milk powder market during the forecast period. Additionally, increasing prevalence of gout attacks owing to limit diet of dairy products will also be a driving factor for the revenue growth of Enriched Milk Powder Market.
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While milk powder is utilized by consumers as a substitute for fresh milk or as ingredients in the processed food, enriched milk powder are products that are made nutritionally rich to meet demands of consumers at various stages of life. Enriched milk powders are usually fortified with various nutrients such as calcium, iron and folate. Further, some manufacturers have incorporated important vitamins such as vitamin A & D in enriched milk powder formulation. Enriched milk powder produced from bovine milk are categorized among high esteem food due to their higher nutritional value, especially protein. In formulated food products that include these proteins of enriched milk powder, these proteins bind and emulsify fat and carry out other physiochemical properties to deliver textural and rheological properties to the formulated foods.
Rising importance of fortified blended food, particularly in malnourished and vulnerable population, has propelled the consumption of enriched milk powder worldwide. Moreover, with the rising consumer preference for health and fitness, demand for enriched milk powder is likely to grow in near future. Moreover, advances in packaging design and preservation technology have assisted in extending the already higher shelf life of the enriched milk powder. Factors as such are expected to bode well for the future growth of the enriched milk powder market in coming years.
Global dairy industry is currently going through a period of several changes owing to slowing demand from China, removal of European Union milk quotas, and Russia’s trade restriction. Despite this, an upsurge in the growth of dairy sector remains positive in the near future owing to rise in global population, changing lifestyle, and altering demand for healthy products are expanding the need for dairy products. Milk is one of the most produced and valuable agricultural commodities globally. Mainly, nowadays, enriched milk powder and whole milk powder are the most traded agricultural commodities. Enriched milk powder has a long shelf life compared to liquid milk and does not require to be refrigerated due to the low moisture content in the powdered milk. The primary purpose of drying milk is to preserve it for a long time. The powder form is made from milk blended with vegetable oil and lecithin. Thus, to add more nutrients such vitamins and minerals in the milk companies are introducing enriched milk powder products to meet changing consumers need for health nutritional supplements. Unopened enriched milk powder in tins can last for many years while liquid milk with cans in optimal conditions could last for few months. Drinking enriched milk powder daily may help to prevent gout flare-ups. According to an independent study, it has been shown that consumers who drank enriched milk powder had fewer gout attacks and less painful symptoms.
As adding dairy products to diets will reduce gout attacks which is a form of arthritis and related symptoms. However, availability of alternative products may limit the growth of the enriched milk powder wheat market during the forecast the period. The enriched milk powder market in Europe is expected to be the leading markets in the global enriched milk powder market followed by North America owing to the high consumption of powder milk in the region.
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Some of the key players operating in the global enriched milk powder market are Glanbia PLC, Nuztri Best Health Products Ltd., Arla Foods amba, Fasska - Par S.A., Fonterra Co-operative Group Limited, Muntons Malted Ingredients Inc., Aurivo Co-operative Society Ltd., Synlait Milk Ltd., Lactalis American Group, Inc., Gujarat Cooperative Milk Marketing Federation, Milligans Food Group Ltd., Corlasa S.A., Tesco PLC, and others.
Companies are focusing on introducing novel enriched milk powder with unique flavors to expand their customer base. Health and wellness trend is also gaining popularity among people that will be a key consideration for manufacturers while developing an innovative and new product development in enriched milk powder market. Moreover, the e-Commerce trend continues to grow at a rapid pace as retail and consumers are indeed evolving. Thus, retailers must make better use of technology to adapt changing consumption patterns and shifting in the retail industry. With increasing in the consumption of milk powder among consumers the enriched milk powder market is witness robust growth during the forecast period. MEA is expected to witness the significant growth rate in the global enriched milk powder market due to rising per capita spending on dairy along with expanding trading of milk products in the regions.
According to an independent study conducted by the researchers at the University of Auckland in New Zealand among 102 people suffering from gout attacks, it has been observing that people who drank enriched milk powder had a noticeably more significant reduction in the gout attacks. Thus, increasing the prevalence of chronic diseases among people and changing consumer preferences, some of the researchers and companies are investing in the research and development activities and patent application related to milk products to improve market share along with presence by introducing a novel product in the market. Moreover, companies are focused on receiving various certifications such as Halal certification, GMO-free, and others to meet growing industrial standards are the factors which are creating opportunities for enriched milk powder manufacturers in the market. Enriched milk powder offer various benefits such as it provide excellent nutritional profile, stable shelf-life, functional, and cost effective benefit which will accelerate the growth of enriched milk powder market. Asia-Pacific is projected to have the substantial growth in the global enriched milk powder market over the forecast period due to rise in demand for nutritional products, increasing consumption of dairy products, and growing consumer awareness about the benefit of enriched milk powder products.
Brief Approach to Research
A modelling-based approach and triangulation methodology will be followed to estimate data covered in this report. A detailed market understanding and assessment of the type, application, and distribution channel of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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