The global goat milk powder market size will reach USD 5 billion by 2024, exhibiting a growth rate of 9% during the forecast period. The increasing awareness about the benefits, high nutrient content, and easier digestibility of the products is fueling the growth of the global goat milk powder market. Goat milk
products are sources of the high amount of vitamin and protein and other minerals such as calcium, magnesium, and phosphorus. The increasing number of consumers with lactose malabsorption and cow milk allergies will fuel the adoption of these products in the global market. As per estimates by the research analysts at Arizton
, approximately 65% of the worldwide population has a lower ability for lactose digestion after the infant age. The high amount of calcium and protein, which is essential for growth and maintaining robust health, will drive the use of goat milk powder to produce infant and follow-on formulas in the market. The use of this dairy to produce other products such as milk powder, yogurt, and butter will add to the growing revenues in the global market. India, Bangladesh, Sudan, Pakistan, and Mali and are the top five milk-producing countries in the world. The increasing preference for healthier and more sustainable food products with higher nutritional content will create lucrative opportunities for leading vendors operating in the global market. The adoption of fresh and natural products that promote good health and wellness
will transform the market over the next few years. The APAC region and Africa account for more than 80% of production in the global goat milk powder market.
The emergence of European countries such as Germany, the UK, France, the Netherlands, and Spain as the major importers and exporters of goat cheese will positively impact the global market. The rise of new trade benefits that aid the availability of dairy products with the help of chillers and cold chain logistics for categories like yogurt and fresh milk will propel the growth of the market. The global goat milk powder market is expected to reach revenues of around $5 billion by 2024, growing at a CAGR of approximately 9% during 2018-2024. The market research report also offers market share analysis in terms of volumes (tons) during the forecast period.
GOAT MILK POWDER MARKET TRENDS
The growing demand from emerging countries will create lucrative opportunities for leading vendors operating in the global goat milk powder market. The emerging economies of the APAC region are expected to witness the fastest growing in the worldwide market. China is among the largest revenue generators in the APAC region, with a surge in demand for infant formulas and goat cheese. The rising disposable income and growing demand for imported food products are the major factors attributing to the growth of the market in China and other emerging countries. Southeast Asian countries are poised to grow at a tremendous rate because of the higher spending power of buyers in several countries. The advancements in lifestyle, coupled with rising consumer expenditure, are likely to increase the penetration of these products across the APAC countries in the global goat milk powder market.
GOAT MILK POWDER MARKET – BY PRODUCT TYPE
The rising number of health-conscious consumers fuel the demand for skimmed products in the global goat milk powder market.
The global goat milk powder market by product type is classified into skimmed and full cream milk powder. The skimmed milk powder segment dominated more than half of the total market share in 2018, growing at a CAGR of more than 9% during the forecast period. The rapidly changing food habits and health issues such as obesity and high level of cholesterol are fueling the growth of this segment in the global market. The rising number of health-conscious consumers are increasingly adopting products that provide higher nutritional benefits and lower fat content in the worldwide market. Skimmed milk powder is produced by heating or spray drying skimmed milk and is obtained by removing the fat content from full cream milk. The vendors offer various skimmed milk products such as yogurt, ice cream, chocolates, infant and baby formula, dietary supplements, and others to gain a broader global goat milk powder market. Meyenberg, AVH, Goat partners international, CBM, Hewitt’s Dairy, and others offer skimmed milk products in the market.
Full fat milk is used for various foods such as ice-cream and cheese and in goat milk cosmetics products such as soaps in the global market. The rising demand for infant formula is driving the need for full cream milk powder in the market. FIT, CBM, AVH Dairy, and Red Star offer full-fat products in the global goat milk powder market.
GOAT MILK POWDER MARKET – BY END-PRODUCTS
Demand for infant and follow-on formulas across Asian Pacific countries contributes to the revenues in the global goat milk powder market.
The end-products segment in the global goat milk powder market is divided into infant & follow-on formula, cheese, dietary supplements, yogurt, chocolate, etc. Infant & follow-on formula is the fastest-growing segment in the global market, at a CAGR of more than 9% during the forecast period. The increasing number of babies suffering from milk allergies and indigestion drives the demand for these products in the global market. The nutritional content of goat dairy is very high, and it is the closest alternative to human breast milk in the worldwide market. The changing lifestyles and declining rates of breastfeeding globally will propel the demand for goat dairy infant & follow-on formula in the market. As per a recent report published by UNICEF, the high-income countries have the lowest rates of breastfeeding. About 20% of the babies have never been breastfed. APAC is the most extensive consumer and fastest-growing region for infant & follow-on formula in the global goat milk powder market.
With the rising popularity of goat cheese globally, new varieties of goat cheese are being introduced globally. The easier digestibility of these products makes it a highly suitable alternative for individuals with cow milk allergies and lactose malabsorption in the market. Artisan du Chocolate, Mast Brothers, Manao Chocolates, Billy Goat Stuff, and Jordi Chocolates are some of the most popular chocolate brands in the global goat milk powder market.
GOAT MILK POWDER MARKET – BY DISTRIBUTION CHANNELS
Extra discounts and product-bundling offers in hypermarkets & supermarkets are driving the global goat milk powder market.
The global goat milk powder market by distribution channels is segmented into hypermarkets & supermarkets, convivence stores, specialty stores, medical & pharmacy stores, etc. Hypermarkets & supermarkets occupied approximately half of the total market share in 2018. The presence of all types of grocery products under one roof boosts the retail sales of hypermarkets & supermarkets in the global market. These stores serve as a one-stop destination for many other related foods and dairy goods in the worldwide market. Hypermarkets and supermarkets offer extra discounts, and product-bundling attracts the maximum number of consumers in the market. Walmart, Whole Foods Market, Costco, and Kroger are major retailers in North America, and Auchan, Tesco, Carrefour, and Argos are leading players in Europe. The diverse product range and value-added offers will augment the development of this segment in the global goat milk powder market.
The pharmacy and specialty stores are leading in the sales of infant formula in the global market. The internet helps consumers gather essential information about milk products, the pros and cons of each type, and the nutritional benefits to every kind of product in the market. The online channels are the fastest-growing segment in the global goat milk powder market.
GOAT MILK POWDER MARKET – BY GEOGRAPHY
Infant formula and social media promotions attract consumers across the APAC region in the global goat milk powder market.
The geographical segment in the global goat milk powder market is categorized into APAC, Europe, North America, Latin America, and MEA. APAC is the fastest-growing region in the worldwide market, at a CAGR of around 11% during the forecast period. The growing disposable income, westernization, rising demand for infant formula from Chinese mothers, and the increasing impact of social media are some of the major factors attributing to the growth of the APAC region in the global market. The APAC hosts a massive food and beverage industry that constitutes about 55% of the worldwide industry in terms of market size. The evolution in agricultural practices, cheap production factors, investments, and development in supply chains, and progressive government policies enable APAC to emerge as the significant production and export hub in the global market. APAC is the largest export of agriculture commodities, including dairy, cotton, sugarcane, coconut, paddy, and maize. Southeast Asia has the largest number of goat farmers and contributes to the growing revenues in the global goat milk powder market.
The increasing demand for organic and natural food across Europe will fuel the growth of this region in the global market. The rising demand for goat cheese and the number of lactose-intolerant people drive the demand across the North American market. The increasing income, growing urbanization, and the burgeoning health-conscious population across MEA will positively impact the global goat milk powder market.
KEY VENDOR ANALYSIS
The global goat milk powder market is fragmented due to the presence of several vendors. The top players compete based on product quality, new products, and competitive pricing in the market. The key companies are introducing new or improved products to match the growing requirements of the dynamic consumer preferences in the market. The vendors invest in technological advancements, packaging designs, and product innovations to sustain the competition in the global goat milk powder market.
The goat milk powder market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Skimmed Milk Powder
- Full Cream Milk Powder
- Infant & Follow-On Formula
- Dietary Supplements
- Hypermarkets & Supermarkets
- Convivence Stores
- Specialty Stores
- Medical & Pharmacy Stores
- North America
- South Korea
- Australia & New Zealand
- Latin America
- Middle East & Africa