Nonfat Milk Powder Market Size – USD 6.83 Billion in 2018, Nonfat Milk Powder Market Growth – CAGR of 7.2%
NEW YORK CITY, NEW YORK, UNITED STATES, March 24, 2020 /EINPresswire.com/ — The Global Nonfat Milk Powder Market is forecast to reach USD 12.88 Billion by 2027, according to a new report by Reports and Data. Nonfat milk powder or nonfat dry milk (NDM) is quite similar to skimmed milk powder (SMP) that contains a lower calorie and extremely lower fat (approximately 1.5% or less by weight). The only difference between the nonfat milk powder and the skimmed milk powder is that the SMP contains at least 34% of protein content, adjusting through the process of Milk retentate or milk permeate, whereas the NDM doesn’t have any standardization on the basis of protein level. Apart from the protein level, the nonfat milk powder contains vitamin B12, thiamine, and riboflavin content. The content of moisture (5% or less by weight) and milk-fat level in nonfat dry milk is defined by the U.S. Food and Drug Administration. The continuous expansion of the healthy confectioneries and bakery items & many dairy-based products and high demand for low-fat or low-caloric powder milks are expected to drive the growth of the nonfat milk market.
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The market in North America had a significant market in 2018 owing to higher consumer preference for consuming low-fat and low-caloric high dietary protein substances. The United States and Switzerland have the highest number of market players, while China has the highest market share worldwide.
Further key findings from the report suggest
• Dairy & beverages application sub-segment is expected to be the fastest-growing segment during the forecast period 2019-2026 with a CAGR of 6.9% due to an increase in the consumption of dairy-based products and Nonfat Milk Powder mixed beverages, especially in emerging nations. This sub-segment also had the highest market share in 2018.
• Growing penetration of the online retailing businesses for food items, especially in the emerging nations in the Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, due to the non-involvement of distributors in the supply chain model, the profit margin is way more than that of the offline store retailing. The online retailing is expected to grow at the highest CAGR of 11.8% throughout the forecast period.
• One of the significant investments made in the food and beverage sector in the Indian subcontinent is made by Amul lately. Amul plans on investing USD 753 million in order to set up ten new milk processing plants and to scale up the production by 32 million liters per day by 2020.
• Europe is growing at a CAGR of 6.7% in the forecast period and is expected to retain a significant position in the market by 2027. Switzerland has some of the valuable players in this region.
• North America is forecasted to witness significant growth in the overall market, growing with a CAGR of 7.5% during the forecast period.
• Key participants include Nestle S.A., Bob's Red Mill, Hochdorf Holding AG, Amul, Mayfield Dairy Farms, Inc., Unilever, DairyAmerica, Inc., All American Foods, Inc., The St. Albans Cooperative Creamery, Inc., Dairy Farmers of America Inc., among others.
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For the purpose of this report, Reports and Data have segmented the global nonfat milk powder market on the basis of the applications, form factor, processing treatment, distribution channel, and region:
Applications Outlook (Revenue: USD Billion; 2016-2027)
• Confectionery & Bakery
• Nutritional Foods
• Prepared Foods
• Dairy Products
Form Factor Outlook (Revenue: USD Billion; 2016-2027)
Processing Treatment Outlook (Revenue: USD Billion; 2016-2027)
Distribution Channel Outlook (Revenue: USD Billion; 2016-2027)
• Retail Stores
Regional Outlook (Revenue: USD Billion; 2016-2027)
• North America
• Asia Pacific
• Latin America
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Source: EIN Presswire