Global Skimmed Milk Market Overview:
The global skimmed milk market was valued at $9,894 million in 2017 and is projected to reach $16,498 million by 2024, registering a CAGR of 7.3% from 2018 to 2024. Skim milk is also called as non-fat milk or fat-free milk, it is obtained after skimming, which involves removing cream from the milk. It contains 00.5% of fat contents. Skim milk is loaded with protein, calcium, phosphorous, vitamin D and vitamin A, making it a source of high-quality complete protein. It helps to build strong bones, teeth, and muscles, and also aids in healthy weight management. Moreover, it contains same nutrients in same relative proportions as the fresh milk, hence it is used in many food items such as bakery and confectionery foods and desserts to add nutritive value. Factors such as growth in awareness about health benefits associated with skimmed milk and its wide applications in food industry, further fuels the market.
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The skimmed milk market is segmented based on application, distribution channel, and region. Based on application, the skimmed milk market is classified into bakery, confectionery, dairy, prepared mix, and others. While the distribution channel segment comprises of supermarket, hypermarket, convenience store, online store, and wholesaler. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players analyzed in this report are Alpen Dairies, Amul, Arla Foods, Dairy Farmers of America Inc., Danone S.A., Fonterra Co-operative Group Limited, LACTALIS Ingredients, Nestle S.A, Saputo Inc., and Schreiber Foods Inc.
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In 2017, Asia-Pacific accounted for the largest market share in the global skimmed milk market and is anticipated to maintain its dominance during the forecast period. The key driving factors of the market include changes in consumer food patterns and growth in food industry particularly in India and China. Moreover, growth in population, increase in disposable income, and changes in lifestyles have raised demand for healthy and improved dairy, confectionery, bakery, and other food products supplementing the growth of the market in this region. Moreover, an increased focus on innovations and expansion of food industries will further boost the skimmed milk market in APAC.
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In 2017, the confectionery accounted for the largest market share and is anticipated to grow at the highest CAGR of 8.1% from 2018 to 2024. Skim milk is used to stabilize foam structure of confectionary products. It lends a desirable light dairy flavor and binds water to produce the firm, chewy texture of confectionary products. Addition of skim milk also allows the confectionaries to withstand high temperatures and enrobing process conditions. Owing to its distinct flavor and smooth milky texture characteristics skim milk is used to produce milk chocolate and it is also used in soft sweets, caramel confections, and various confection coatings frequently.
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The distribution channel of skimmed milk market comprises of supermarket, hypermarket, convenience store, online, and wholesalers. Wholesaler accounted for the largest distribution channel segment in the global skimmed milk market. Large and small scale manufacturers operating in sectors such as dairy, prepared foods, bakery, and confectionery preferred to buy milk from wholesalers as they are able to supply milk at a discounted rate and also ensure quick delivery.
Change in lifestyle and increase in affluence in various emerging economies such as India & China have led to high number of hypermarkets. High visibility of skimmed milk in the hypermarket is expected to boost the sales of the market. Moreover, pleasant shopping experience, organized assortment, clean environment, and friendly service these are factors that attract customer to shop at hypermarkets, which further propels the market growth.
Key Benefits
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global skimmed milk market for the period of 20172024 to identify the prevailing market opportunities.
- The key countries in all the majors regions have been mapped based on their market share.
- Porters Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplierbuyer network.
- In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region have been mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes the analysis of the regional as well as global market, key players, market segments, and application areas, and growth strategies…
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