Dry Whole Milk Market size was valued USD 21 billion in 2024 and is anticipated to reach USD 36.23 billion by 2032, at a CAGR of 7% during the forecast period.
REPORT ATTRIBUTE
DETAILS
Historical Period
2020-2023
Base Year
2024
Forecast Period
2025-2032
Dry Whole Milk Market Size 2024
USD 21 Billion
Dry Whole Milk Market, CAGR
7%
Dry Whole Milk Market Size 2032
USD 36.23 Billion
The dry whole milk market features strong competition from leading players such as Vrindavan Dairy Farm, The a2 Milk Company Limited, SIDS FARM PRIVATE LIMITED, Vinamilk, GCMMF, Lion Dairy & Drinks, Erden Creamery Private Limited, Happy Milk, Freedom Foods Group Limited, and KESARIYA FARM PRIVATE LIMITED. These companies focus on large-scale production, regional supply chains, fortified formulations, and sustainable practices to strengthen market presence. Asia-Pacific leads the global market with a 34% share, driven by rising population, expanding middle-class consumption, and strong demand for nutritional and processed food products, making it the most dominant region.
Market Insights
The Dry Whole Milk Market size was valued at USD 21 billion in 2024 and is projected to reach USD 36.23 billion by 2032, growing at a CAGR of 7% during the forecast period.
Rising demand from food processing, bakery, and infant nutrition industries acts as a key driver, with the powder segment holding a dominant 68% share due to its longer shelf life and cost efficiency.
Market trends highlight increasing adoption of fortified formulations, eco-friendly packaging, and expanding e-commerce channels that enhance product accessibility and brand visibility.
Competition remains intense, with leading players focusing on large-scale production, regional supply chains, and sustainable practices, while restraints include raw milk price volatility and growing preference for plant-based alternatives.
Asia-Pacific leads with a 34% share, supported by growing middle-class consumption and strong demand for processed foods, while Europe holds 28% share through its strong dairy exports and advanced production capabilities.
Access crucial information at unmatched prices!
Request your sample report today & start making informed decisions powered by Credence Research Inc.!
In the Dry Whole Milk Market, the powder segment holds 68% share, dominating due to its extended shelf life, ease of storage, and suitability for bulk distribution. Powdered dry milk is widely used in bakery, confectionery, and dairy processing, where reconstitution flexibility is valued. The liquid segment trails with limited adoption, primarily in regions with strong cold-chain infrastructure. Growth in the powdered form is driven by rising demand from food manufacturers, long-distance exports, and institutional buyers who favor convenient and cost-efficient formats that minimize waste and enhance usability.
For instance, AmulFed’s Gandhinagar plant processes 150 metric tonnes per day (TPD) of skimmed milk powder and 120 TPD of dairy whitener using advanced GEA drying technologies. Powdered dry milk is widely used in bakery, confectionery, and dairy processing, where reconstitution flexibility is valued.
By Packaging
The cartons segment accounts for 61% share, making it the leading packaging format in the market. Cartons offer superior barrier protection against moisture, light, and contamination, ensuring product stability for extended periods. Their cost efficiency, recyclability, and suitability for retail distribution further strengthen their dominance. Bottles remain relevant in smaller household purchases, but adoption is slower due to higher costs and bulkier logistics. Rising consumer preference for sustainable packaging and the increasing use of lightweight cartons in supermarkets and export channels drive the growth of this dominant sub-segment.
For instance, in the UK in September 2018, The a2 Milk Company began selling 1-litre cartons that are 100 % recyclable, using FSC-certified pulp and ISCC-certified materials.
By Distribution Channel
The hypermarkets and supermarkets segment leads with 54% share, dominating the distribution landscape for dry whole milk. Large-scale retail outlets provide broad product visibility, competitive pricing, and bulk purchase options, which attract both households and institutional buyers. Convenience stores maintain regional significance for immediate purchases, while online platforms are expanding rapidly with growing e-commerce penetration and consumer preference for doorstep delivery. The dominance of hypermarkets and supermarkets is reinforced by rising urbanization, promotional campaigns, and strong supply chain integration that ensures consistent product availability and brand variety.
Key Growth Drivers
Rising Demand from the Food and Beverage Industry
The food and beverage sector is a major growth driver for the dry whole milk market. Powdered milk is widely used in bakery, confectionery, infant nutrition, and dairy-based products due to its long shelf life and easy reconstitution. Food processors favor dry milk for consistent quality and cost-efficient bulk supply. Increasing consumption of ready-to-eat and convenience foods is expanding applications. This strong industrial demand, especially in emerging economies with growing processed food markets, continues to accelerate the adoption of dry whole milk.
For instance, Vinamilk operates a network of 13 modern factories across Vietnam that use advanced automation, aseptic production, and international quality standards (ISO, FSSC, Global G.A.P.). They manage 13 dairy farms supplying over 1,000,000 litres of raw milk per day to support fresh milk, powdered milk, condensed milk and yogurt product lines.
Expanding Global Trade and Export Opportunities
Global trade plays a significant role in boosting the dry whole milk market. Powdered milk’s lightweight and long-lasting nature make it suitable for international shipping without quality degradation. Export demand has grown from developing regions lacking dairy infrastructure but with rising consumer demand for dairy nutrition. Countries with surplus milk production, such as New Zealand and the European Union, dominate exports. Trade agreements and growing demand from Asia-Pacific and Africa further fuel growth, positioning powdered milk as a critical component of international dairy trade.
For instance, GCMMF consistently confirm that they handle procurement volumes exceeding 23 million litres per day. The peak procurement figure is even higher during the flush season, exceeding 30 million litres per day.
Rising Health and Nutrition Awareness
The increasing focus on nutrition and dietary supplementation is driving dry whole milk consumption. The product offers essential proteins, calcium, and vitamins that appeal to health-conscious consumers. Growing awareness of balanced diets and higher adoption of protein-rich foods among children and adults strengthen demand. In developing countries, powdered milk is seen as a cost-effective substitute for fresh milk, supporting nutritional needs in areas with limited refrigeration. The global push toward affordable and accessible nutrition continues to strengthen the growth trajectory of this segment.
Key Trends & Opportunities
Growth of Online Retail and Direct-to-Consumer Sales
E-commerce is reshaping the dry whole milk market by enabling wider reach and better accessibility. Online platforms allow manufacturers to bypass traditional retail, offering direct-to-consumer models that support brand visibility and loyalty. Subscription services and customized packaging for households and institutions are gaining traction. The pandemic accelerated digital adoption, and online sales now provide a high-growth opportunity for both global and regional players. This trend enhances convenience for buyers and creates new opportunities for targeted marketing and distribution strategies.
For instance, Bengaluru-based dairy startup Happy Milk was reported to have a home delivery subscription base of around 3,000 customers and was available in retail stores across the city.
Sustainable Packaging and Product Innovation
Sustainability is becoming a central trend in the dry whole milk market. Manufacturers are shifting toward eco-friendly cartons, biodegradable materials, and recyclable solutions to align with consumer expectations and regulatory requirements. Product innovation also focuses on fortification with added nutrients and flavor variants to target diverse consumer groups. Health-oriented product lines, such as lactose-free or fortified milk powders, are expanding opportunities for differentiation. These innovations not only drive consumer interest but also help brands build competitive advantage in crowded markets.
For instance, Kesariya Farm is located in Shahapur, and the company’s own Instagram and website confirm it is “just 65 km from Mumbai”.This pasture-based natural feeding support the firm’s commitment to organic and natural farming methods.
Key Challenges
Volatility in Raw Milk Prices
Fluctuations in raw milk supply and pricing remain a critical challenge for the dry whole milk market. Factors such as seasonal production, feed costs, climate conditions, and regional supply-demand imbalances directly impact manufacturing costs. Producers face margin pressures during price hikes, which also affect international competitiveness. Since raw milk is the core input, unstable supply chains and global trade restrictions can create disruptions. This volatility makes it difficult for manufacturers to maintain consistent pricing strategies and long-term profitability.
Competition from Milk Alternatives
The increasing popularity of plant-based milk alternatives poses a significant challenge. Soy, almond, oat, and other substitutes are gaining traction due to shifting consumer preferences toward vegan and lactose-free diets. Health-conscious and environmentally aware consumers are gradually moving to dairy-free options, especially in developed markets. This trend limits growth potential for traditional dairy-based products, particularly among younger demographics. To remain competitive, dry whole milk producers must innovate with value-added offerings while addressing sustainability and health concerns linked to dairy consumption.
Regional Analysis
North America
North America holds 24% share of the dry whole milk market, driven by strong demand from the food processing sector and large-scale retail distribution. The United States leads consumption, supported by the bakery and confectionery industries, while Canada maintains steady demand through nutritional products. Rising health awareness and the preference for fortified dairy powders boost regional growth. Hypermarkets, supermarkets, and online channels reinforce accessibility. However, the region faces rising competition from plant-based alternatives, creating pressure on traditional dairy consumption. Despite this, consistent innovation and high disposable incomes support continued demand for dry whole milk in North America.
Europe
Europe accounts for 28% share of the global dry whole milk market, positioning it as a key producer and exporter. Countries such as France, Germany, and the Netherlands lead supply, benefiting from well-established dairy farming and advanced processing technologies. The European Union’s strong presence in global exports supports market dominance, especially in Asia and Africa. Consumer preference for premium and fortified dairy powders also drives regional sales. Regulatory focus on sustainability and eco-friendly packaging creates opportunities for innovation. Europe’s robust logistics and trade agreements further strengthen its competitive advantage in global dry whole milk supply chains.
Asia-Pacific
Asia-Pacific dominates the market with 34% share, supported by large populations, rising incomes, and growing nutritional demand. China and India are major consumers due to increasing awareness of protein-rich diets and urbanization. Southeast Asia also contributes significantly, where powdered milk substitutes fresh milk in areas with limited cold-chain infrastructure. Expanding middle-class populations, growing infant nutrition demand, and rising bakery product consumption drive growth. Regional e-commerce expansion enhances accessibility, especially in rural areas. Asia-Pacific remains the fastest-growing region, supported by domestic consumption and import reliance, making it a strategic focus for both exporters and local manufacturers.
Latin America
Latin America represents 7% share of the dry whole milk market, with Brazil, Argentina, and Mexico leading consumption. Dairy is an integral part of diets, and powdered milk plays a critical role in regions with storage limitations. Brazil drives demand through government nutrition programs and strong household usage. The presence of local cooperatives and dairy processors ensures steady supply. However, economic fluctuations and volatile raw milk prices create challenges for stable growth. Increasing exports to neighboring countries and expanding retail networks, particularly supermarkets, are strengthening Latin America’s role as both a consumer and regional supplier.
Middle East & Africa
The Middle East and Africa account for 7% share, relying heavily on imports due to limited dairy production capabilities. Gulf countries such as Saudi Arabia and the UAE drive demand through strong consumption of bakery and confectionery products. Africa’s adoption is growing, particularly in Nigeria and South Africa, where powdered milk serves as a staple substitute for fresh milk. Government nutrition initiatives and rising urbanization support market expansion. However, dependency on imports exposes the region to global price fluctuations. Despite this, increasing population growth and rising household incomes continue to sustain demand for dry whole milk.
Market Segmentations:
By Product:
Powder
Liquid
By Packaging:
Cartons
Bottles
By Distribution Channel:
Hypermarkets & Supermarkets
Convenience Stores
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
France
Germany
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Australia
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East
GCC Countries
Israel
Turkey
Rest of Middle East
Africa
South Africa
Egypt
Rest of Africa
Competitive Landscape
The dry whole milk market include Vrindavan Dairy Farm, The a2 Milk Company Limited, SIDS FARM PRIVATE LIMITED, Vinamilk, GCMMF, Lion Dairy & Drinks, Erden Creamery Private Limited, Happy Milk, Freedom Foods Group Limited, and KESARIYA FARM PRIVATE LIMITED. The dry whole milk market is highly competitive, with a blend of global corporations, regional cooperatives, and emerging dairy brands. Larger players dominate through scale, export strength, and diversified product lines, while smaller producers focus on localized supply and specialized offerings such as organic or fortified powders. Competition is intensifying as companies invest in sustainable packaging, digital retail expansion, and nutritional product innovation to capture evolving consumer preferences. The rise of e-commerce and direct-to-consumer channels further increases rivalry, while pricing pressures from fluctuating raw milk costs continue to influence strategic positioning across the industry.
Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!
In May 2025, Lactalis expanded the rollout of its PRIDE Family Milk Powder in Malaysia, reinforcing its mission to support daily calcium and vitamin D intake. With 94% of boys and 97% of girls in Malaysia falling short of the recommended calcium intake, this launch targets nutritional deficiencies across age groups.
In February 2025, a2 Milk Company (a2MC) launched its a2 Genesis infant formula across mainland China around late FY25, due to increasing demand for more advanced baby nutrition.
In November 2024, Farmery launched A2 cow milk, fresh farm-to-table, and packaged A2 cow milk in a sustainable glass bottle. The 1-litre bottle costs INR 120; the product is available for customers in New Delhi.
In July 2024, Nestlé introduced a novel production method allowing whole milk powder to contain up to 60% less fat while retaining full cream taste and smooth texture. This innovation leverages protein aggregation technology to mimic the mouthfeel of full-fat milk, providing a healthier product option without sacrificing quality.
In January 2024, Mother Dairy launched buffalo A2 milk for consumers in the NCR region. Mother Dairy expanded its species-based milk portfolio after exceptional consumer patronage of cow milk with the introduction of buffalo milk.
Report Coverage
The research report offers an in-depth analysis based on Product,Packaging, Distribution Channel and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
The market will see steady growth driven by rising demand in food processing.
Powdered form will continue to dominate due to long shelf life and easy storage.
Exports will expand as developing regions increase reliance on imported dairy powders.
Fortified and value-added products will gain traction among health-conscious consumers.
Online retail will grow as direct-to-consumer models become more common.
Sustainable and recyclable packaging will emerge as a critical differentiator for brands.
Government nutrition programs will support wider adoption in emerging economies.
Competition from plant-based alternatives will shape innovation in product portfolios.
Strategic partnerships and brand expansions will strengthen global distribution networks.
Regional producers will gain importance by addressing local preferences and supply gaps.
1. Introduction
1.1. Report Description
1.2. Purpose of the Report
1.3. USP & Key Offerings
1.4. Key Benefits for Stakeholders
1.5. Target Audience
1.6. Report Scope
1.7. Regional Scope 2. Scope and Methodology
2.1. Objectives of the Study
2.2. Stakeholders
2.3. Data Sources
2.3.1. Primary Sources
2.3.2. Secondary Sources
2.4. Market Estimation
2.4.1. Bottom-Up Approach
2.4.2. Top-Down Approach
2.5. Forecasting Methodology 3. Executive Summary 4. Introduction
4.1. Overview
4.2. Key Industry Trends 5. Global Dry Whole Milk Market
5.1. Market Overview
5.2. Market Performance
5.3. Impact of COVID-19
5.4. Market Forecast 6. Market Breakup by Product
6.1. Powder
6.1.1. Market Trends
6.1.2. Market Forecast
6.1.3. Revenue Share
6.1.4. Revenue Growth Opportunity
6.2. Liquid
6.2.1. Market Trends
6.2.2. Market Forecast
6.2.3. Revenue Share
6.2.4. Revenue Growth Opportunity 7. Market Breakup by Packaging
7.1. Cartons
7.1.1. Market Trends
7.1.2. Market Forecast
7.1.3. Revenue Share
7.1.4. Revenue Growth Opportunity
7.2. Bottles
7.2.1. Market Trends
7.2.2. Market Forecast
7.2.3. Revenue Share
7.2.4. Revenue Growth Opportunity 8. Market Breakup by Distribution Channel
8.1. Hypermarkets & Supermarkets
8.1.1. Market Trends
8.1.2. Market Forecast
8.1.3. Revenue Share
8.1.4. Revenue Growth Opportunity
8.2. Convenience Stores
8.2.1. Market Trends
8.2.2. Market Forecast
8.2.3. Revenue Share
8.2.4. Revenue Growth Opportunity 9. Market Breakup by Region
9.1. North America
9.1.1. United States
9.1.1.1. Market Trends
9.1.1.2. Market Forecast
9.1.2. Canada
9.1.2.1. Market Trends
9.1.2.2. Market Forecast
9.2. Asia-Pacific
9.2.1. China
9.2.2. Japan
9.2.3. India
9.2.4. South Korea
9.2.5. Australia
9.2.6. Indonesia
9.2.7. Others
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. United Kingdom
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Others
9.4. Latin America
9.4.1. Brazil
9.4.2. Mexico
9.4.3. Others
9.5. Middle East and Africa
9.5.1. Market Trends
9.5.2. Market Breakup by Country
9.5.3. Market Forecast 10. SWOT Analysis
10.1. Overview
10.2. Strengths
10.3. Weaknesses
10.4. Opportunities
10.5. Threats
11. Value Chain Analysis
12. Porters Five Forces Analysis
12.1. Overview
12.2. Bargaining Power of Buyers
12.3. Bargaining Power of Suppliers
12.4. Degree of Competition
12.5. Threat of New Entrants
12.6. Threat of Substitutes 13. Price Analysis 14. Competitive Landscape
14.1. Market Structure
14.2. Key Players
14.3. Profiles of Key Players
14.3.1. Vrindavan Dairy Farm
14.3.1.1. Company Overview
14.3.1.2. Product Portfolio
14.3.1.3. Financials
14.3.1.4. SWOT Analysis
14.3.2. The a2 Milk Company Limited
14.3.2.1. Company Overview
14.3.2.2. Product Portfolio
14.3.2.3. Financials
14.3.2.4. SWOT Analysis
14.3.3. SIDS FARM PRIVATE LIMITED
14.3.3.1. Company Overview
14.3.3.2. Product Portfolio
14.3.3.3. Financials
14.3.3.4. SWOT Analysis
14.3.4. Vinamilk
14.3.4.1. Company Overview
14.3.4.2. Product Portfolio
14.3.4.3. Financials
14.3.4.4. SWOT Analysis
14.3.5. GCMMF
14.3.5.1. Company Overview
14.3.5.2. Product Portfolio
14.3.5.3. Financials
14.3.5.4. SWOT Analysis
14.3.6. Lion Dairy & Drinks
14.3.6.1. Company Overview
14.3.6.2. Product Portfolio
14.3.6.3. Financials
14.3.6.4. SWOT Analysis
14.3.7. Erden Creamery Private Limited
14.3.7.1. Company Overview
14.3.7.2. Product Portfolio
14.3.7.3. Financials
14.3.7.4. SWOT Analysis
14.3.8. Happy Milk
14.3.8.1. Company Overview
14.3.8.2. Product Portfolio
14.3.8.3. Financials
14.3.8.4. SWOT Analysis
14.3.9. Freedom Foods Group Limited
14.3.9.1. Company Overview
14.3.9.2. Product Portfolio
14.3.9.3. Financials
14.3.9.4. SWOT Analysis
14.3.10. KESARIYA FARM PRIVATE LIMITED
14.3.10.1. Company Overview
14.3.10.2. Product Portfolio
14.3.10.3. Financials
14.3.10.4. SWOT Analysis 15. Research Methodology
Request A Free Sample
We prioritize the confidentiality and security of your data. Our promise: your information remains private.
Ready to Transform Data into Decisions?
Request Your Sample Report and Start Your Journey of Informed Choices
Providing the strategic compass for industry titans.
Frequently Asked Questions:
What is the current market size for Dry Whole Milk Market, and what is its projected size in 2032?
The market size was USD 21 billion in 2024 and is projected to reach USD 36.23 billion by 2032.
At what Compound Annual Growth Rate is the Dry Whole Milk Market projected to grow between 2025 and 2032?
The market is expected to grow at a CAGR of 7% during the forecast period.
Which Dry Whole Milk Market segment held the largest share in 2024?
The powder segment held the largest share at 68% in 2024.
What are the primary factors fueling the growth of the Dry Whole Milk Market?
Key drivers include rising food processing demand, expanding exports, and increasing nutrition awareness.
Who are the leading companies in the Dry Whole Milk Market?
Leading players include Vinamilk, GCMMF, The a2 Milk Company Limited, Vrindavan Dairy Farm, and others.
Which region commanded the largest share of the Dry Whole Milk Market in 2024?
Asia-Pacific led the market with a 34% share in 2024.
About Author
Rajdeep Kumar Deb
Lead Analyst – Consumer & Finance
Rajdeep brings a decade of consumer goods and financial services insight to strategic market analysis.
Australia Green Tea Extract Market size was valued at USD 38.99 million in 2018 to USD 61.74 million in 2024 and is anticipated to reach USD 115.93 million by 2032, at a CAGR of 7.63% during the forecast period.
The Window Coverings Market is projected to grow from USD 12,432.71 million in 2023 to an estimated USD 19,620.39 million by 2032, with a compound annual growth rate (CAGR) of 5.20% from 2024 to 2032. This growth is driven by increasing consumer interest in home improvement and interior design, coupled with rising disposable incomes.
The Sol-Gel Products Market size was valued at USD 3.63 billion in 2024 and is projected to reach USD 6.38 billion by 2032, growing at a CAGR of 7.3% during the forecast period.
The iodized salt market size was valued at USD 3.4 billion in 2024 and is anticipated to reach USD 4.66 billion by 2032, growing at a CAGR of 4% during the forecast period.
The Coal Briquettes market size was valued at USD 3.89 billion in 2024 and is expected to reach USD 5.48 billion by 2032, growing at a CAGR of 4.4% during the forecast period.
Adaptive Shapewear Market size was valued at USD 3.58 Billion in 2024 and is anticipated to reach USD 6.78 Billion by 2032, growing at a CAGR of 8.3% during the forecast period.
Down and Feather Market size was valued at USD 7.43 billion in 2024 and is anticipated to reach USD 12.57 billion by 2032, at a CAGR of 6.8% during the forecast period.
The North America Coffee Pods Capsules Market size was valued at USD 7,540.20 million in 2018 to USD 9,160.02 million in 2024 and is anticipated to reach USD 14,916.02 million by 2032, at a CAGR of 6.28% during the forecast period.
Carpet Extractor Market size was valued at USD 5.13 billion in 2024 and is anticipated to reach USD 7.25 billion by 2032, at a CAGR of 4.4% during the forecast period.
The U.S. Electrolyte Supplement Market size was valued at USD 1,386.28 million in 2018 to USD 1,626.75 million in 2024 and is anticipated to reach USD 2,376.62 million by 2032, at a CAGR of 4.85% during the forecast period.
The Electrolyte Supplement Market size was valued at USD 4,500.00 million in 2018 to USD 5,132.18 million in 2024 and is anticipated to reach USD 7,414.56 million by 2032, at a CAGR of 4.78% during the forecast period.
The Passion Fruit Peel Market size was valued at USD 610.23 million in 2024 and is anticipated to reach USD 874.47 million by 2032, at a CAGR of 4.6% during the forecast period (2024-2032).
Licence Option
The report comes as a view-only PDF document, optimized for individual clients. This version is recommended for personal digital use and does not allow printing. Use restricted to one purchaser only.
$4999
To meet the needs of modern corporate teams, our report comes in two formats: a printable PDF and a data-rich Excel sheet. This package is optimized for internal analysis. Unlimited users allowed within one corporate location (e.g., regional office).
$6999
The report will be delivered in printable PDF format along with the report’s data Excel sheet. This license offers 100 Free Analyst hours where the client can utilize Credence Research Inc. research team. Permitted for unlimited global use by all users within the purchasing corporation, such as all employees of a single company.
Thank you for the data! The numbers are exactly what we asked for and what we need to build our business case.
Materials Scientist (privacy requested)
The report was an excellent overview of the Industrial Burners market. This report does a great job of breaking everything down into manageable chunks.
Key Growth Drivers
