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Global Sheep Milk Powder Market size is estimated to reach $8.76 billion by 2027, growing at a CAGR of 4.1% during the forecast period 2022-2027. Sheep milk powder can be delineated as dry milk powder which is derived from the dehydration process of sheep or ewe’s milk. Sheep milk has drawn the eyes of manufacturers owing to the presence of several vitamins, saturated fatty acids, minerals, and proteins in excess. This alternative milk is considered to be more protein-rich and carries 70% more calcium as compared to cow milk and is therefore used as food additives. Besides its nutrient-rich nature, it extends numerous health benefits like fortifying bone strength, preventing the risk of cancer, lowering blood pressure and cholesterol levels, improving immunity and kindling growth. Consequently, sheep milk finds a wide range of applications in making dairy products such as cheese, yogurts, butter, ice creams, and others. Sheep milk is considered a superior alternative over buffalo, cow, and goat’s milk but it is not consumed directly as it has double the nutrients compared to its peers. The global sheep milk powder market outlook seems fairly impressive owing to its highly nutritious nature and augmenting usage in personal care. Moreover, intensifying disposable income, R&D activities, health cognizance, and sheep farming are the factors set to drive the growth of the Global Sheep Milk Powder Market for the period 2022-2027.
Global Sheep Milk Powder Market Segment Analysis – By Application
The Global Sheep Milk Powder Market based on the application type can be further segmented into dairy products and protein supplements. The dairy product segment held the largest share in 2021. The growth is owing to the humungous use of sheep milk in preparing dairy items like cheese, yogurt, and butter. Due to the high presence of saturated fatty acids, proteins, and vitamins in casein units, the per liter yield of cheese can in augmented. Feta, Manchego, Pecorino Romano, and Ricotta are examples of world-famous cheese prepared from sheep milk. As compared to the competition, sheep milk extends better resistance to environmental contamination owing to its calcium-rich nature. Nevertheless, the dairy products segment is estimated to be the fastest-growing segment with a CAGR of 4.5% over the forecast period 2022-2027. This growth is owing to the heightening consumption of cheese and yogurts prepared from sheep milk powder. On another hand, soaring demand for sheep milk desserts such as ice cream due to their taste is another prominent reason behind the growth of the respective segment.
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Global Sheep Milk Powder Market Segment Analysis – By Distribution Channel
The Global Sheep Milk Powder Market based on distribution channel can be further segmented into offline facilities, online facilities. The offline segment held the largest share in 2021. The growth is owing to the all-embracing existence of offline platforms like brick-and-mortar shops, and big retail outlets. A report claims that around 3.42 billion people around the globe are still live in rural areas as of 2021. The maximum number of purchases made by people in bucolic areas occurs through offline mode only as the presence of adequate e-commerce facilities is still in a rudimentary stage due to poor connectivity and infrastructure. However, the online segment is estimated to be the fastest-growing segment with a CAGR of 5.3% over the forecast period 2022-2027. This growth is owing to tons of benefits over offline mode. For instance, the online platform extends 24/7 shopping options by stepping a foot outside of homes. Also, consumers can compare hundreds of products of the same kind before undergoing a purchase. On another hand, rapid digitalization push and growing smartphone users are casting votes in favor of the online segment.
Global Sheep Milk Powder Market Segment Analysis – By Geography
The Global Sheep Milk Powder Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held the largest share with 44% of the overall market in 2021. The growth in this region is owing to the factors such as the presence of some of the biggest sheep milk-producing countries like China. According to a report, China produces more than 1,500, 000 metric tonnes of ship milk annually. Moreover, due to the massive population, the overall demand for sheep powder milk-associated products is enlarging year by year. In addition to that, the economic prosperity of Asian countries has its fair share in the growth of the sheep milk powder market in the region. Attributing to high disposable income, people are ready more than ever to pay a premium on such products. However, Asia-pacific along with Europe is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to the rising recognition of cheese produced in countries like Spain, Italy, France, and Greece throughout the world.
Global Sheep Milk Powder Market Drivers
Far-reaching application in cosmetics, foods, and healthcare is Anticipated to Boost Product Demand
As compared to cow and buffalo milk, sheep milk has higher nutritional content as it is a powerhouse of proteins, vitamins, and minerals like threonine, leucine, valine, phosphorus, vitamin B12, vitamin B2, and others. Therefore, sheep milk powder’s overall consumption has broadened in the food and cosmetic industry. According to a report, more than 350 million people in 2021 were inflicted with bone illness “arthritis.” Consequently, sheep milk consumption is expanding as it helps in increasing the bones’ strength. Besides, it also ensures cardiac health and helps in maintaining stable levels of cholesterol and blood pressure. Moreover, the rich vitamin B12 nature of this product prevents the premature greying of hairs which is a common complication millions of young people are experiencing today.
Expanding disposable incomes is Expected to Boost Product Demand
Expansion in the means by which individuals can earn a living has ensured economic prosperity throughout the globe. Unlike older times, where only the agriculture sector used to have the biggest chunk of economic prosperity, services and manufacturing have come into the limelight in the last two decades. Consequently, the average incomes of people have witnessed a sharp rise globally. For instance, high GDP per capita countries like the U.S., Switzerland, and Norway have crossed $68000. In addition to that few countries which include Luxembourg and Ireland have GDP per capita over $110,000. Nevertheless, with Asia becoming the wealth center of the world, countries like China, Bangladesh, and India are too recording a slight upsurge in their previous numbers.
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Global Sheep Milk Powder Market Challenges
Heavy lactose presence and devastating chain of supply are Anticipated to Hamper Market Growth
Sheep milk is well-known for its humungous lactose content. As it contains lactose in more than normal quantities, it is not recommended for people who are intolerant to lactose. Disregarding the cautions may set complications like severe intestinal pain, swelling, cramps, diarrhea, and others in motion. On another hand, the COVID-19 restrictions are the biggest deadlock in front of the global sheep milk powder market. with growing virus mutation, governments are reintroducing the lockdown which is strangling the proper manufacturing and supply chain of such products.
Global Sheep Milk Powder Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Global Sheep Milk Powder top 10 companies include:
October 29, 2021, Hohhot, China-based dairy product producing company “Yili Group” announced that the company has bought a 34.33% stake in Hong Kong-based company “Ausnutria Diary.” A total payment of HK$6.2 billion was made by Yili in order to buy existing shares from Dutch Diary, Citari easter Ltd, and 2 other shareholders.
June 8, 2021, Ovino started its journey by opening the largest dairy sheep farm in Toronto, Canada. This new venture (Ovino) is home to more than 2000 ships and makes use of top-notch mechanized technologies to milk and feed sheep. The company stated that it will be providing a tour of the farm and free sampling of sheep dairy products such as yogurt after commencing its operations.
May 13, 2021, “Danone SA” a Paris, France-based multinational company that deals in a variety of food products concluded that it has sold 9.8% ownership of Hong Kong-based dairy product manufacturing company “Mengniu Dairy.” Danone raised $2 billion after completing the sale of shares that were bought back in 2013.
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Geographically, the Asia-Pacific Global Sheep Milk Powder Market accounted for the highest revenue share in 2021 owing to the factors such as the presence of some of the biggest sheep milk-producing countries like China.
Widescale applications in the cosmetics and food industry are said to be the preeminent driver driving the growth of the Global Sheep Milk Powder Market. However, heavy lactose presence is said to reduce market growth.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Global Sheep Milk Powder Market report.
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