Müller is expected to develop a new manufacturing, storage and distribution facility on a 8.5ha site opposite the current dairy facility.
The firm submitted the application for planning permission in March 2011.
Seb Jones, director of Müller Dairy UK, said: “While it should be stressed that the exact start date has still to be agreed, we are delighted to have been granted full planning permission for a new development by Müller Dairy in Market Drayton.”
The planning permission follows the firms's decision to cut 55 jobs at the Shropshire facility last month.