Organic Milk Powder Market to Expand with a CAGR of 5.8% by 2024 Owing to Rising Health Concerns
According to a recent report published by Fast.MR, titled, Organic Milk Powder Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2014-2024, “the global organic milk powder market accounted for USD XX Million in 2018 and is estimated to reach USD 2,982.09 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 5.8% during the forecast period i.e. 2019-2024.
The global organic milk powder market has been segmented based on the type, and by distribution channel. Based on the type, this market has been segmented into skimmed milk, whole milk and others. Whole organic milk powder segment is anticipated to witness significant growth during the forecast period. Further, factors such as launch of new products and growing awareness among buyers is anticipated to positively impact the growth of the market.
Based on distribution channel, the market is further sub-segmented into direct sales and indirect sales segments. In this segment, global organic milk powder indirect sales market captured significant share of overall market in 2018. Addition to that, global organic milk powder market by application has been further segmented into food, beverages, dietary supplements and cosmetic & personal care.
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Rising Concerns Regarding Health
Various consumers across globe are preferring organic labelled products over non-organic products. This can be attributed to increasing healthcare awareness among consumers. Owing to high awareness rate and income, developed countries consume more than 10 times of organic milk as compared to some developing countries. Moreover, increasing standard of living of people in developing nations is offering significant growth opportunity for global organic milk powder market.
Increasing Number of Organic Certified Dairy Cows
Rise in the number of organic certified diary cows is positively impacting the growth of global organic milk powder market. In addition to this, continuous growth in number of organic milk cows in various developed nations signals promising growth of organic milk powder market.
In terms of geography, the organic milk powder market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe accounted for the major share of the global organic milk powder market. Moreover, Asia Pacific organic milk powder market is expected to showcase lucrative growth in the upcoming years. USA, China and Germany are largest organic milk producing countries across the globe.
The report also covers detailed competitive analysis of major market players of the global organic milk powder market, such as Nestlé SA, HiPP GmbH & Co. Vertrieb KG, Arla Foods amba, OMSCo, SunOpta, Inc., Holle babyfood GmbH, Bellamy’s Organic, Ingredia SA, Hoogwegt and other key & niche players. The organic milk powder market is witnessing a wide range of industry activities such as product launch, acquisition, mergers, and expansion across the globe.
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