South Korea Skim Milk Powder Market Current Trends, SWOT Analysis, Strategies, Industry Challenges, Business Overview And Forecast Research Study
Skim Milk Powder Market Overview:
Milk is one of the key nutrients for the human body. From birth, milk plays an important part in a food diet. The latest research report predicts that the market for skim milk powder will see a good growing number from 2023 to 2030.
In South Korea Skim Milk Powder Market is growing as the nation embraces Western dietary trends and convenience foods. Skim milk powder serves as a versatile dairy ingredient in a variety of food products, including baked goods, beverages, and instant mixes. The market's growth is fueled by factors such as increasing consumer awareness of the health benefits of low-fat dairy products, the convenience and long shelf life of skim milk powder, and its affordability compared to fresh milk. Moreover, the rising demand for protein-rich foods and the use of skim milk powder in infant nutrition contribute to its popularity in South Korea. As manufacturers adapt their product offerings to meet local tastes and preferences, the South Korean market for skim milk powder presents promising opportunities for growth and innovation in the dairy industry.
Skim Milk Powder Market Size was valued at USD 115.2 billion in 2022. The skim milk powder market industry is projected to grow from USD 127.6 Billion in 2023 to USD 236.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.80% during the forecast period (2023 - 2030).
Skim milk is more preferred than normal milk. It has less fat and more important nutrients. It also consists of fewer calories but the same amount of calcium. The process of taking out the fat and extra calories from the milk is often referred to as skimming.
The main driving strategy for the growth of the skim milk powder growth is the health awareness among people. Many dairy companies have launched various skim milk products including various skim milk powders. Though the price of the skim milk powder is higher than the normal milk.
During the period of COVID-19, the skim milk powder market was greatly hampered. The first trimester of the lockdown period slowed down the numbers of the sale in this market. The consumption rate was lower than ever. Although the increasing price of dairy products gives a steady indication. Also, the first quarter of 2018 gave a glimpse of the future.
Market Segmentation:
The main segment of market dynamics is based on a few elements. 1. The product quality, 2. Packaging, 3. Form, 4. Distribution channel, 5. Regional area. These segments play a huge role, which will lead to the growing numbers in the upcoming years.
Even another two important segments also help the growth of the business. The application is one of the key segments also. It defines the variation like whether it is canned or bottled skim milk, lose or powder bag skim milk. Furthermore, the market is also divided into the end-user like shop variations, hypermarkets, supermarkets and more.
Even the types of skim powder in the market also set the price. Black skim milk powder, white skim milk powder, Oolong skims milk powder, green skim milk powder and many more.
Key Players:
The Key Skim Milk Powder Industry Companies such as Nestle S.A. (Switzerland), DairyAmerica Inc. (US), Alpen Dairies (The Netherland), Fonterra (New Zealand), Miraka (New Zealand), Lactoland (Germany), Nova Dairy products (India) and Synlait milk ltd (New Zealand).
Industry Review:
Although the market for skim milk powder is a very thriving community. Even though the market has great potential to grow in the future, it also has some negative points.
In recent developments, the longer shelf life of skim milk products has a high risk of getting sick. Sometimes the Preservatives can lead to a particular allergic reaction to lactose.
● The trend of hypermarkets is becoming very popular in developing countries like India, China and others.
● Supermarkets are giving more importance to the dairy section because of the high demand.
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