According to the research report titled ‘Global Milk Powder Market Size study with COVID-19 Impact, by Type (Whole Milk Powder, Skimmed Milk Powder, Dairy Whitener, Buttermilk Powder, Fat Filled Milk Powder and Other Milk Powder), by Application (Nutritional Food, Infant Formulas, Confectionaries, Baked Sweets, Savories and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global milk powder market accounted for USD 30.2 billion in the year 2019 and is expected to showcase a y-o-y growth rate of 4.4% during 2020-2026.
 

Notably, milk powder is developed by dehydrating milk and storing it without compromising on the quality. It has low water content that inhibits the growth of microbes over long periods of time. It is obtained by using spray drying and roller drying processes. Milk powder is primarily used as an ingredient in various applications such as nutritional foods, bakeries, infant formulas and confectionaries.
 

Evolving eating habits and rising adoption of hectic lifestyle are prime factors driving the growth of global milk powder market. The product can be stored at ambient temperature and can also be transported to remote areas without proper cold chain storage infrastructure.
 

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Rapid expansion of retail network along with high nutritional content of milk powder are further aiding the market expansion. Increasing consumption of milk powder among infants owing to presence of various nutrients such as protein, thiamin, vitamin B12 and vitamin C is also stimulating the industry outlook.
 

Innovative product launches and strategic collaborations among market majors are facilitating the business scenario. In February 2020, for instance, Danone introduced a new sachet packaging for Aptamil and Cow & Gate milk powder in the United Kingdom which comprises of 14 ready-to mix sachets as well as single-serve sachets for all three stages of infant food.
 

The COVID-19 pandemic has adversely impacted the consumption of dairy products owing to enforcement of temporary shutdown of roadside tea stalls, restaurants, hotels and other food outlets, which in turn plummet the remuneration of global milk powder market. Additionally, presence of additives may also act as a restraining factor to the market growth.
 

Regionally, North America milk powder industry is estimated to generate lucrative revenues in the ensuing years. The report also states that Asia-Pacific market is poised to record significant growth during the estimated timespan.
 

The prominent companies operating in global milk powder market are Schreiber Foods Inc., Saputo Inc., Nestle SA, Lactalis Group, Kraft Foods Inc., Fonterra Co-operative Group, Dean Foods Co., Danone SA, Dairy Farmers of America Inc., and Arla Foods amba among others.