Global Condensed Milk Market Size, Share, Trends, & Growth Forecast Report - Segmented By Type (Skimmed, Part Skimmed, Sweetened, Unsweetened, And Flavored), Application (Bakery, Confectionary, Foods, Beverages, And Personal & Beauty Care), Sales Channel (Departmental Stores, Online Retailing, Supermarkets/Hypermarkets, And Retail Shops ), And Region (North America, Europe, APAC, Latin America, Middle East And Africa) – Industry Analysis From 2024 To 2032

Updated On: June, 2024
ID: 4250
Pages: 175

Global Condensed Milk Market Size (2024 to 2032)

The size of the global condensed milk market is expected to be worth USD 7.93 billion in 2024 and grow at a CAGR of 3.5% from 2024 to 2032 to achieve USD 10.44 billion by 2032. The wide application of condensed milk in desserts and confectionery is likely to lead the market boom in the future. 

Key trends in the condensed milk market is expected to grow at a CAGR of 3.5% from 2024 to 2029

Condensed milk is basically a form of milk produced by the evaporation of moisture from milk. This ratio removes approximately 60% of the water from the total volume of milk. Condensed milk is rich, thick, and provides the same nutritional benefits. Condensed milk has numerous applications, including food, beverage, bakery, and confectionery. The milk evaporation process helps to increase the shelf life of condensed milk. Germany, France, and Switzerland are critical manufacturing points for sweetened condensed milk worldwide. Condensed milk is closely related to the dairy markets, generating notable returns, and is supposed to record steady growth over the forecast period.

MARKET DRIVERS

The global condensed milk market is expected to record growth over the outlook period as demand for processed dairy products increases and the confectionery industry grows.

Furthermore, the growing demand for culinary products, such as tea, coffee, and desserts, is supposed to accelerate market growth. In addition, concentrated milk is one of the main ingredients in desserts such as cakes and ice cream due to its thick texture and sweet flavor. Therefore, an increase in dessert demand is assumed to have a positive impact on market growth during the prediction period. Quality and longevity are the main consumer preferences and drive the purchase of food and beverages. The long useful life indicates that the consumption of the product has been extended. As a result, consumers tend to buy products in bulk and store them for future use. This purchasing activity is expected to drive the sale of condensed milk. The product lasts for more than a year after the printed expiration date, if opened, for approximately 3 weeks after opening. This is one of the main characteristics of condensed milk and it is presumed to lead the market. As awareness continues to spread through campaigns and social media, there is a growing demand for dairy-free alternatives to all possible foods.

Also, the lactose intolerance group has been buying these products at a very high rate, keeping in mind that desserts can be enjoyed without fear like ordinary people. People with a sustainable mindset also prefer vegan breakfast products and figurative products because they do not guarantee any animal abuse at the time of production. Therefore, due to the multiple benefits of consuming non-dairy products, the vegan concentrated milk market is anticipated to show significant growth in the future. The effect has become evident as vegetable dairy exports increase worldwide. Condensed milk gives the rich dessert a smooth and creamy texture, making the end product tasty and sweet. Similar applications, such as fruit toppings and savory toppings, are expected to increase consumption of the product, thereby promoting market growth over the estimated period. Condensed milk has impressive nutritional value when consumed in the correct amount. This product contains around 60 calories per tablespoon, making it ideal for weight-focused consumers. It also contains essential vitamins and minerals like calcium, potassium, magnesium, and vitamin A that promote bone health. As awareness of the benefits of a product increases, demand for the product is deemed to increase in the coming years. R&D processing of condensed milk by evaporation, drying, and treatment at ultra-high temperatures is envisioned to open the way for the market during the forecast period.

MARKET RESTRAINTS

The demand for mortgage foods can hinder the growth of condensed milk, which is sweetened primarily for use in multipurpose food applications.

Furthermore, as the purchasing power of consumers increases, their propensity to consume healthy foods has increased. Growth in the healthy drinks and beverages market is expected to limit the market for the next seven years. Furthermore, the quality of the milk used in production and seasonal fluctuations in sales can have a negative impact on the market.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2032

Base Year

2023

Forecast Period

2024 to 2032

CAGR

3.5%

Segments Covered

By Type, Application, Sales Channel, And Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC; PESTLE Analysis. Porter’s Five Forces Analysis, Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Nestlé S.A., The J.M. Smucker Company, GCMMF PVT LTD, Magnolia Inc., Goya Foods Inc., F&N Foods Pte Ltd, Meijer, Inc., Sun Hing Foods Inc., Meadow Gold Dairies, and Olvebra Industrial

 

REGIONAL ANALYSIS              

In 2023, Europe dominated only the condensed milk market, with a total share of 38.0%. Most global sales have been driven by Germany and Poland, with improved dairy production in these countries. Additionally, sweetened condensed milk is primarily used in morning beverages such as tea and coffee to reduce the bitter taste of coffee beans and tea leaves. The Asia Pacific region is foreseen to show the fastest growth in the future due to the growth of sweetened condensed milk in Europe and North America. In addition, the increase in the consumption of products in the main countries of Southeast Asia, such as Vietnam and Malaysia, is a determining factor. This product is used in many traditional dishes along with other flavors like coconut and cashew to improve flavor. However, this market is expected to face obstacles due to the high-calorie content of the product and the spread of obesity and heart disease. The demand for condensed milk products for use in desserts and confectionery is increasing not only in Canada but also in the United States. The main reason for the increase in demand is that consumers can easily handle the condensed milk available in cans, bottles and tubes, which can be selected according to the needs of the application and in terms of quantity. In addition, the market for aroma milk is growing due to the diverse spice demands of the North American population.

KEY PLAYERS IN THE GLOBAL CONDENSED MILK MARKET

Major key players in the global condensed milk market are Nestlé S.A., The J.M. Smucker Company, GCMMF PVT LTD, Magnolia Inc., Goya Foods Inc., F&N Foods Pte Ltd, Meijer, Inc., Sun Hing Foods Inc., Meadow Gold Dairies, and Olvebra Industrial.                 

RECENT HAPPENINGS IN THE MARKET

  • Royal FrieslandCampina N.V., The Netherlands, increased Alaskan Milk Corporation's share from 8.1% to 68.9%, while expanding the global market by purchasing $ 5505 million worth of shares in the Uytengsus family.
  • With the merger of FarineLactée Henri Nestlé and Anglo-Swiss Milk Company, Nestlé offers baby products and concentrated milk.
  • One of the leading market players, Vinamilk is concentrating on improving the brand's penetration in Southeast Asia due to the high demand for dairy products in those countries. This is expected to lead the entire market in the coming years.
  • Fraser &Neave Holdings Bhd (F & NHB) launched Milk Stix and Squeeze Tube, Malaysia's first cream-sweetened condensed milk to boost product sales.

DETAILED SEGMENTATION OF GLOBAL CONDENSED MILK MARKET INCLUDED IN THIS REPORT   

This research report on the global condensed milk market has been segmented and sub-segmented based on type, application, sales channel, & region.            

By Type

  • Sweetened            
  • Unsweetened      
  • Skimmed
  • Part Skimmed       
  • Flavored 

By Application

  • Foods       
  • Beverages              
  • Bakery     
  • Confectionary       
  • Personal & beauty care    

By Sales Channel

  • Online retailing     
  • Supermarkets/hypermarkets        
  • Departmental stores         
  • Retail shops           

By Region

  • North America
  • Europe
  • APAC
  • Latin America
  • Middle East & Africa

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Frequently Asked Questions

1. What are the key factors driving the growth of the condensed milk market?

Factors such as increasing consumer preference for convenient and ready-to-use dairy products, growth in the food and beverage industry, and rising demand for sweetened dairy products are driving the growth of the condensed milk market.

2. What are the packaging trends in the condensed milk market?

The market has shifted towards convenient packaging formats such as squeeze tubes, resealable pouches, and single-serve portions to cater to consumer preferences for on-the-go consumption and portion control.

3. What are the future growth prospects and opportunities in the condensed milk market?

The market is expected to grow due to increasing urbanization, changing consumer lifestyles, and product innovations such as low-fat and organic condensed milk variants. Expansion into emerging markets and diversification of product portfolios are also critical strategies for industry players looking to capitalize on market opportunities.

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