Ireland: Enriched milk powder market to grow by nearly 80%
Cow Milk
Ireland
Published Jul 20, 2022
Tridge summary
The rising adoption of fortified milk powder for food manufacturing along with increasing consumer awareness are key factors behind the industry’s growth, according to research.
Original content
Manufacturers of fortified milk powder will be looking to capitalize on a host of lucrative opportunities as the industry is predicted to expand by almost 80% in the next decade. Market research firm Fact.MR forecasts that the global market, currently valued at US$8.63bn, will grow by 5.9% annually, totalling US$15.38bn by the end of 2032. The market expansion will be driven by consumer awareness of fortified milk powder’s health and nutritional benefits and its increasing use in food manufacture to add crucial nutrients to various products including ice creams, yogurt and infant milk formula. Fact.MR predicts that 26.8% of all enriched milk powder sales will remain focused in North America, where the current market is valued at US$ 2.31bn. Europe’s market share stands at 23.3% or just over US$2bn, while China holds a share of 7.3% or around US$630m. “Growth in North American enriched milk powder market is driven by rising prevalence of lifestyle diseases, growing focus towards ...
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