Skimmed Milk Market Forecast 2023 - 2031
Report ID : CBI_1292 |
| Published Date:
| Format :
| Base Year: | 2022 |
|---|---|
| CAGR: | 6.5% |
| Forecast Year: | 2023 - 2031 |
| Revenue 2022: | $15,913.14 Mn |
| Revenue 2023: | $16,772.11 Mn |
| Revenue 2031: | $27,686.12 Mn |
Skimmed Milk Market Forecast 2023 - 2031
Market Overview :
Consegic Business Intelligence analyzes that the skimmed milk market is growing with a CAGR of 6.5% during the forecast period (2023-2031), and the market is projected to be valued at USD 27,686.12 Million by 2031 and USD 16,772.11 Million in 2023 from USD 15,913.14 Million in 2022.
Market Definition :
Skimmed milk is a dairy product that contains a low-fat percentage. In some countries, it is known as "fat-free" milk, as many labeling laws permit foods with negligible fat content to be labeled as "fat-free". It is mostly available in grocery stores and dairies. Skimmed milk is one of the best options for people who are concerned about the amount of fat in their diets. It is loaded with protein, vitamin D, calcium, phosphorous, and vitamin A. Skimmed milk has a slightly watery taste compared to whole milk. It is also less creamy and has a shorter shelf life.
Market Dynamics :
Drivers :
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Increasing awareness about health benefits related to skimmed milk drives the market growth.
Skimmed milk is a type of milk that has had most of the fat removed. It is a good source of protein and calcium, and it is low in calories and saturated fat. Skimmed milk has several health benefits, including weight loss, and bone health among others. Changing lifestyles and growing health concerns, increasing preference for low-fat content milk as well as milk products is a major factor that drives the market growth. Several health benefits of skimmed milk supersede its previous form. For example, 200 ml of whole milk protein intake is close to 7 grams whereas from skimmed milk it is around 7.4 grams. Thus, consumer prefer skimmed milk over whole milk and its demand is high which help to market growth.
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Skimmed milk is widely used in various application in the food industry that drives market growth.
Skimmed milk is widely used in the food industry. It is a good source of protein and calcium, and it is low in fat and calories. Skimmed milk is a popular beverage, especially for people who are concerned about their weight or cholesterol levels. Skimmed milk is used to stabilize the foam structure of confectionery products. Skimmed milk is used to make a variety of dairy products, such as yogurt, cheese, and ice cream. The fat is removed from the milk during the production process, but the other nutrients remain intact. Thus, all the above mentioned factors lead to a high demand for skimmed milk in various food applications and drive the market growth.
Restraint :
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The increasing population of lactose intolerants along with substantial growth of plant-based milk has hamper the market growth.
Skimmed milk contains lactose, so it is not suitable for people with lactose intolerance. Lactose intolerance is a condition in which the body does not produce enough of the enzyme lactase, which is needed to break down lactose. The prevalence of lactose intolerance is increasing worldwide. As the global population is increasing the number of lactose intolerant people is also growing all over the world. As recent data reveals, 68% of the global population is lactose intolerant. For this reason, the increasing population of lactose intolerants along with the substantial growth of plant-based milk has hampered the market growth.
Opportunities :
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The development and launch of new skimmed milk flavors will provide ample opportunity for market growth over the forecast period.
Skimmed milk is a type of milk that has had most of the fat removed, resulting in a fat content of less than 0.5%. It is a good source of protein and calcium, and it is low in calories and saturated fat. Skimmed milk can be used in many of the same ways as whole milk, including in cooking, baking, and making beverages. The demand for skimmed milk is increasing and production is also increasing in several developing countries. The launching of new skimmed milk flavors will provide ample opportunity for market growth. Moreover, with the growing competition from the private sector, different national and global brands have entered the market as well as expanded their product portfolio. Thus, the development and launch of a new product will act as an opportunity for the market over the forecast period.
Skimmed Milk Market Report Coverage :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 27,686.12 Million |
| CAGR (2023-2031) | 6.5% |
| By Type | Powder and Liquid |
| By Application | Bakery, Confectionery, Dairy, Prepared Mix, and Others |
| By Distribution Channel | Offline (Hypermarkets and Supermarkets, Dairy, and Others), Online (E-commerce Platform and Company Website) |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Alpen Food Group B.V., Fonterra Co-operative Group Limited, Lactalis Ingredients, California Dairies, Inc., Nestle, Schreiber Foods Inc., Amul, Saputo Inc., Arla Foods Inc., and Miraka. |
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Download Sample ReportMarket Segmentation :
By Type :
The type segment is categorized into powder and liquid. In 2022, the liquid segment accounted for the highest market share in the skimmed milk market. This is due to the presence of large household demand. Skimmed milk in liquid form is consumed by adults-infants-and millennials. As per the U.S. CDC, the geriatric population should consume a minimum of 700 grams of calcium in a day to keep orthopedic ailments away. Liquid skimmed milk is a healthy and versatile food that can be enjoyed by people of all ages which helps to boost the demand of the segment.
However, the powder segment is likely to grow at the fastest CAGR over the forecast period. This is because of its chemical properties which extend its shelf life. Moreover, no water is present which substantially results in a more shelf-stable life.
By Application :
The application segment is categorized into bakery, confectionery, dairy, prepared mix, and others. In 2022, the confectionery segment accounted for the highest market share in the overall skimmed milk market. Skim milk is mostly used to stabilize the foam structure of confectionery products. It gives a desirable light dairy flavor as well as binds water to produce the firm, chewy texture of confectionery products. The addition of skim milk also permits the confectionaries to endure high temperatures and enrobing process conditions. Owing to its distinct flavor and smooth milky texture features skim milk is used to produce milk chocolate and it is also used in caramel confections, soft sweets, and different confection coatings frequently.
However, the dairy products segment is expected to be the fastest-growing segment over the forecast period. Rising consumption of dairy products with high content of protein, vitamins A & D, as well as calcium regularly is the key factor for segment growth. Additionally, dairy's calcium proves to be promising in protecting the individual from colon cancer as well as helping to normalize blood pressure and plays a key role in blood clotting, and muscle contraction. Therefore, the segment will grow at the fastest CAGR over the forecast period.
By Distribution Channel :
The distribution channel segment is categorized into offline and online. In 2022, the offline segment accounted for the highest market share of 94.50% in the overall skimmed milk market. The availability of personal store assistants plays a key role in influencing customers to try out new products. These factors make hypermarkets and supermarkets a prime channel for companies to launch their products. New brands choose offline channels to start promoting to increase the customer base, moreover also offer for tasting the new product. Thus all the above mentioned factors drive the segment growth.
However, the online segment is expected to be the fastest-growing segment over the forecast period. The popularity of e-commerce sites and a growing number of manufacturers creating their websites are driving the development of this segment. In addition, developing urbanization trends force consumers to tend the online platforms due to ease and convenience. Apart from that online retailers are in-cashing volume sales advantages by including discounts and cash-back offers. All these above mentioned factors will help the segment to grow at the fastest CAGR over the forecast period.
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Download Sample ReportBy Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportIn 2022, Asia Pacific accounted for the highest market share at 34.21% valued at USD 5,443.89 million in 2022 and USD 5,704.19 million in 2023, and it is expected to reach USD 9,382.82 million in 2031. In Asia Pacific, India accounted for the highest market share of 28.30% during the base year of 2022. Asia Pacific is the biggest producer as well as consumer of skimmed milk all over the world. Consumption of dairy products is rising in Southeast Asia owing to higher incomes as well as increased health awareness. A large population of the region leads to a high expenditure on skimmed milk. Thus, the demand for skimmed milk is high in the region and dominate the market in 2022.
Furthermore, North America is expected to witness significant growth over the forecast period, growing at a CAGR of 7.1% during 2023-2031. Skimmed milk is a popular dairy beverage in North America. Thus, the region is likely to grow at the fastest CAGR over the forecast period.
Details Countries Growth Insights
Download Sample ReportSkimmed Milk Market Competitive Landscape:
The skimmed milk market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong product capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- Alpen Food Group B.V.
- Fonterra Co-operative Group Limited
- California Dairies, Inc.
- Lactalis Ingredients
- Nestle
- Schreiber Foods Inc.
- Amul
- Saputo Inc.
- Arla Foods Inc.
- Miraka
Recent Developments :
- In August 2022, California Dairies, Inc. (CDI) acquired DairyAmerica. This investment in DairyAmerica provides the opportunity for CDI to unlock significant synergies and represents another step towards improving efficiencies in providing world markets with high quality dairy ingredients.
Frequently Asked Question
What was the market size of the skimmed milk industry in 2022?+
In 2022, the market size of skimmed milk was USD 15,913.14 million.
What will be the potential market valuation for the skimmed milk industry by 2031?+
In 2031, the market size of skimmed milk will be expected to reach USD 27,686.12 million.
What are the key factors driving the growth of the skimmed milk market?+
Increasing awareness about health benefits related to skimmed milk drives the market growth.
What is the dominating segment in the skimmed milk market by the distribution channel?+
In 2022, offline accounted for the highest market share of 94.50% in the overall skimmed milk market.
Based on current market trends and future predictions, which geographical region is the dominating region in the skimmed milk market?+
Asia Pacific accounted for the highest market share in the overall skimmed milk market.
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