Goat milk has been under-utilized in powder production, but rising demand for infant formula could change this in the coming years.
The goat milk powder market is set to grow at over 8% annually, reaching a valuation of over US$5bn during 2022-2027, according to Arizton’s research into the goat milk products market. The researchers said that goat milk powder is most commonly used in infant formula, but remains a niche product, with only 1% of the global milk output currently being processed into a powder. The analysis covers the US, Canada, Germany, the UK, France, Spain, Netherlands, China, South Korea, Australia & New Zealand, India, Brazil, Mexico, Saudi Arabia, and the UAE. The APAC goat milk market is forecasted to expand at the highest rate, with more than half of the market demand stemming from the increasing need for baby formula. By 2027, APAC is expected to surpass the current market leader, Europe, which currently holds a 31.44% share.
Formula-containing goat milk powder is said to be in great demand in China, where overseas manufacturers continue to dominate the landscape. In Europe, demand for the powdered product for baby formulae has also increased, alongside more traditional products like cheese and pasteurized milk for direct consumption. Arizton expects the market for goat milk powder to drive more acquisitions, particularly in geographies that are expected to perform well over the period, with large companies expanding their reach across countries like the US, China, France and Germany.
Focus on organic
According to the research, consumers are willing to pay a premium for high-quality products, with manufacturers urged to differentiate themselves from the pack by bringing the new natural and organic stock to the market. Cost, availability, nutrition and GMO certification will be some of the other product traits that manufacturers will compete on, Arizton explained.