The goat milk powder market was valued at USD 3.5 billion in 2021 and is expected to reach USD 5.7 billion by 2027, growing at a CAGR of 8.45%.
Increasing demand for goat milk powder in infant formula due to its resemblance to breast milk is one of the major factors driving the growth of the global goat milk powder market. Goat milk contains A2 casein, which is found in human breast milk and is easily digestible by newborns. Goat milk has fat globules that are smaller in diameter, allowing faster absorption of up to 94 % in babies. The demand for goat milk products is increasing worldwide due to the additional nutritional advantages of goat milk over cow milk and other dairy alternatives.
Due to the improved transportation efficiency of powdered goat milk and longer shelf life than liquid milk, the demand for goat milk powder is increasing. Powdered milk has a much longer shelf life than liquid milk and, due to its low moisture content, does not need to be refrigerated.
MARKET TRENDS AND OPPORTUNITIES
The high prevalence of lactose intolerance population boosts the demand.
Lactose malabsorption affected around 68 % of the world's population in 2017. The East Asian people have the most remarkable rate of lactose intolerance, with 9 out of 10 people classed as lactose intolerant. Lactose malabsorption affects 64 % of people in Asia, 47 % in Eastern Europe, Russia, and the Soviet Republic, and 38 % in Latin America. With such a higher frequency, goat milk can be a natural alternative to cow milk for those allergic to cow milk or have lactose intolerance.
Growing demand for goat cheese drives the global goat milk powder market growth.
Goat cheese has emerged as the most promising market. Unlike bovine cheese, which is difficult to digest and high in cholesterol and fat, goat cheese is easy to digest and low in calories. Goat cheese is also higher in vitamins, including vitamin A, B1, B2, B3, and calcium and phosphorus.
Influence of Digital Consumerism to promote Online sales
With the growth of the internet, several websites are providing easy options to buy products online. E-retailing various products, including goat milk products, is becoming more popular as a time-saving and cost-effective method of purchasing goods. Many people now prefer to shop online because of the convenience and substantial online shopping discounts. Vendors who use e-commerce as a business platform have a lot of opportunities to boost their profits.
GOAT MILK POWDER MARKET SEGMENTS
Skimmed Milk Powder is the most popular variety of goat milk powder. The skimmed milk powder market generates the highest revenue during the forecast period. Obesity and high cholesterol levels have become more prevalent worldwide because of changing eating patterns. As a result, customers are becoming more health-conscious and embracing goods with better nutritional advantages and lower fat content, which has resulted in an increase in demand for skimmed goat milk powder in recent years. The full cream goat milk powder market is likely to witness the fastest growth due to its increased usage in infant formula and easy shipping and warehousing costs. However, the demand for whole cream goat milk powder is expected to witness the highest CAGR during the forecast period due to the widespread use of newborn nutritional formula.
Adults are expected to witness the highest market share, with teenagers having the highest CAGR during the forecasted period. Goat milk is especially suggested for newborns, seniors, and those recovering from illness due to its possible health advantages.
In terms of End products, the Infant & Follow on Formula accounted for the highest share in the market in 2021. The rising awareness of goat milk's nutritional benefits and higher digestibility is driving its adoption among consumers of various age groups worldwide. This, in turn, is fuelling the demand for goat milk dietary supplements as well. Lactose intolerance is one of the most significant benefits of goat cheese consumption. The United States is the fastest-growing market for goat cheese, and new product launches with creative flavors and tastes are inevitable.
Hypermarkets and supermarkets witnessed the largest market share in 2021, with the highest CAGR during the forecasted period. The online mode of selling the products is expected to have the second-highest growth rate. With a high rate of digitization and technology adoption across regions, leading goat milk product suppliers are using this opportunity to advertise and sell their goods through the online distribution channel.
With a 51.48% share in 2021, APAC topped the global goat milk powder market, followed by Europe's 21.96% share. By 2027, APAC is still expected to exceed others in goat milk powder income, making it the world's largest goat milk market. The market in APAC is estimated to grow with a CAGR of 9.96% during the forecast period. China will contribute more than half of the APAC market revenue in 2021. It is also expected to increase fast throughout the forecast period, owing to the country's rising demand for goat milk newborn formula. Western Europe is an established market with a strong demand for goat milk products, particularly goat cheese.
The key drivers of goat milk consumption in North America include fast-changing consumer tastes for healthier alternatives, federal education campaigns, a rising number of lactose-intolerant people, and a well-developed retail environment that encourages new product introductions.
The global goat milk powder market is highly fragmented, with vendors competing on product quality, new product development, and competitive pricing. As a result, customer preferences and choices vary by location and change over time in response to regional, demographic, social trends, economic conditions, and competition marketing activities. Because of the highly competitive and volatile environment, future market growth is mainly dependent on the ability to anticipate, gauge, and adapt to constantly changing market trends and the timely introduction of new or improved products.
Despite a variety of foreign vendors and a few regional vendors in the market, regional sellers would find it more challenging to compete with multinational competitors, particularly quality and technology. Several players are extending their presence globally, particularly in the fast-developing nations of the APAC region, to capture a more significant market share.