Powdered milk is exactly what it sounds like: milk that has been evaporated to a powdered state. It's still a dairy product, so it offers all of the benefits of cooking and baking with dairy, just ...
Milk, as we all know, is perishable. In fact, it may be the most famously perishable food in existence: It's not for nothing that we say something that's lost its luster over time has "aged like milk" ...