— Allied Market Research
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, August 8, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Donkey Milk Market by Application and Form: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the global donkey milk market size was valued at $28,180 thousands in 2019, and is projected to reach $68,139.0 thousands by 2027, registering a CAGR of 9.4% from 2021 to 2027.
Asinus Atlanticus S. A., Dolphin IBA, Donna Tina Farm, Eurolactis Italia Srl, Golden Donkeys Farm, Hellenic Asinus Farms, Stephenson Group Ltd, The Donkey Dairy PTY LTD, The White Sea & Baltic Company Limited, and Vro Enterprises
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Increase in use of donkey’s milk in various cosmetics and personal care products such as creams, soaps, moisturizers, and others drives the growth of the global donkey’s milk market. Moreover, cosmetics industry has evolved in countries such as the U.S., Canada, and Italy; therefore, the market is growing at a steady rate in these countries.
Furthermore, to improve sales, manufacturers of cosmetics products are capitalizing on rise in consumer interest towards natural ingredients.In addition, the ongoing trend of clean label and advanced natural ingredients is providing added advantage to the producer for producing further new products. Thus, surge in demand for natural ingredients and ongoing trend of clean label are expected to drive the growth of the donkey milk market.
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The number of social media users have increased considerably with rise in internet penetration. Taking this into consideration, stakeholders of donkey milk are indulged in creating awareness regarding donkey milk products and its benefits for health. Moreover, social media is one of the strategies adopted by various manufactures on imparting awareness about their product offerings among target customers on social media channels. Thus, through social media awareness strategy, the global donkey milk sights critical opportunity in gaining traction and increasing its customers reach among its target segments.
However, high price of donkey’s milk than price of cow milk, buffalo milk, and goat milk restrains the donkey milk market growth. Moreover, products that are made from donkey milk such as cheese, chocolates, cheddar, and others are also expensive. In addition, a kilogram of donkey milk cheese costs around $1,130 which makes it the world’s most expensive cheese. Moreover, lack of government support for producing donkey milk and unavailability of donkey farm affect the production and cost of the milk. Moreover, the manufacturers do not have a proper supply chain owing to which it is not available in hypermarket/supermarket or online sales channel. These factors restrain the growth of the donkey milk market.
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The outbreak of COVID-19 has positively impacted the donkey milk market in 2020, as sale of companies has increased, owing to its high nutritious properties. In addition, according to the Food and Agriculture Organization (FAO), donkey’s milk can be a component of a balanced diet, milk, and dairy products and it can be an important source of dietary energy, fat, and protein. Furthermore, increase in adoption of donkey’s milk due to high vitamin content and ability to boost the immune system, during the COVID-19 pandemic to keep the immune system well drives the market growth.
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Key Findings Of The Study
Based on application, the donkey milk market is bifurcated into cosmetics & personal care and food & beverages. Cosmetics & personal care constitute a major donkey milk market share; however, the food & beverages segment is projected to experience growth at the highest CAGR during forecast period.
On the basis of form, the donkey milk market is categorized into liquid and powder. The powder segment holds the largest market share, accounting for around 63.5% of the total revenue in 2019, followed by liquid segment.
By region, Europe accounted for highest market share in 2019, and is expected to grow at a CAGR of 8.1%.