Global Ultra High-Temperature Milk Market is Expected to Foresee Significant Growth During the Forecast Period. Asia-Pacific to Witness the Highest Growth
- Himanshu Patni
- April 1, 2022
- CONSUMER GOODS, NEWS
- Ultra High-Temperature Milk Market, Ultra High-Temperature Milk Market growth, Ultra High-Temperature Milk Market share, Ultra High-Temperature Milk Market size
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The global Ultra High-Temperature Milk Market is expected to grow significantly by 2027 expanding at a CAGR of around 7.5% during the forecast period (2021-2027).
A surge in the end user’s disposable income is one of the leading factors that is contributing to the growing market of Ultra High-Temperature Milk, globally. Rising purchasing power in developing countries such as Australia, EU, Mexico, Brazil, India, Thailand, and China are projected to allow consumers to spend more on food and health products including Ultra High-Temperature Milk. As per OCED, the household spending in Canada, China, Denmark, European Union, France, and Germany reached to 1,021,459.5, 9,241,095.5, 139,229.8, 10,785,281.3, 1,561,879.9 and 2,288,541.1 US$ million, respectively.
The emerging number of working professionals coupled with the busy and hectic life schedule is leading to the growing consumption of processed and packaged dairy products which is leading to the market growth of ultra-high temperature milk. As per Statista, the market size of the quick-service restaurant industry worldwide consistently increased each year. In 2019, the sector was valued at approximately 875.26 billion U.S. dollars, reflecting an increase over the previous year’s size of 862.58 billion U.S. dollars. Moreover, the Department for Environment Food & Rural Affairs revealed that the expenditure on food, drinks, and catering was USD 312 billion in the United Kingdom in 2019. Also, Canadian fast-food statistics reveal the Canadian fast-food industry is worth an impressive $27 billion in 2021. It is expected to grow by 0.8% compared to the previous year. Also, The fast-food industry Canada facts show up to 34% of Canadians report dreaming of opening a restaurant, in the coming years and 3.7% are thinking of quick service.
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Moreover, a rise in the number of international tourists also leads to the growing demand for ultra-high temperature milk from the hospitality sector. As per the World Bank, the number of international tourists reached 2.28 billion in 2019, up from 1.96 billion in 2015. The number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum. Moreover, the number of hotel rooms globally had risen by 17.7% since 2008 to 17 million in 2018. These rooms were in more than 184,000 hotels, a rise of 8.4% from 2008 levels.
During the COVID-19, the prices for the ultra-high temperature milk witness a sharp rise due to the lockdown across cities, border closure, and shortage of raw materials. The Covid pandemic has boosted demand for ultra-high temperature (UHT) treated milk as people try to reduce the number of visits to milk parlors by stocking milk with longer shelf life. Also, global skimmed milk powder (SMP) prices have inched up by 25% in November from the lows of July. The big dairies that have been already selling UHT milk experienced increased demand during the lockdown. Moreover, the tetra pack milk category in the early days of the lockdown had seen immense demand due to panic buying among consumers, and the demand stabilized in the later days.
For a detailed analysis of the COVID-19 Impact on Ultra High-Temperature Milk browse through – https://univdatos.com/report/ultra-high-temperature-milk-market/
Based on the fat content, the market is fragmented into Whole, Semi-Skimmed, and Skimmed. The skimmed segment grabbed XX% market share in 2020 and dominated the market. The growing awareness about the health benefits of skimmed milk is leading to the growth of the market. On average the fat content in skimmed milk is 0.1%. The benefits such as low fat, low calories, protein, and mineral in adequate quantity are contributing to the market growth. However, the semi-skimmed segment would grow at a considerable CAGR during the forthcoming years.
Based on the distribution channel, the market is fragmented into online, hypermarkets/supermarkets, Speciality stores, and others. The hypermarkets/supermarkets segment captured XX% Market share in 2020. The market of this segment would reach USD XX Mn BY 2027. Expanding hypermarkets/supermarkets chains across the globe coupled with the availability of numerous brands under one roof is leading to the growth of the market. However, the online segment would witness the highest CAGR during the forthcoming years.
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Additionally, the report provides detailed initiatives that are being taken in the field of Ultra High-Temperature Milk. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. Europe region grabbed XX% market and captured USD XX Mn market share in 2020. High consumption of milk and milk products as compared to other regions is leading to the growth of the market. However, the Asia-pacific region would witness the exhibit growth surging in the forthcoming years.
Global Ultra High-Temperature Milk Market Segmentation
Market Insight, by Fat Content
- Semi Skimmed
Market Insight, by Product
Market Insight, by Distribution Channel
- Hypermarket/ Supermarket
- Specialty Stores
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
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