Sweetened Condensed Milk Market Overview, Applications and Future Prospects Details for Business Development, 2030
Market Overview:
In addition, the global sweetened condensed
milk market is expected to rise at a CAGR of 5.60%, and is estimated to touch
USD 10.54 billion during the projected quarters 2022-2030.
The product's long shelf life and innovative
packaging techniques are expected to influence market growth in the next few
years positively. Unflavored sweetened condensed milk dominated the global
market in 2021. The product consumption has increased as a substitute for milk
in countries like Thailand, Vietnam, and Indonesia. These countries use the
product to base many traditional sweet dishes and beverages like the terik.
However, flavored variants such as caramel and chocolate are expected to
witness substantial growth of sweetened condensed milk market during the
forecast period due to these flavors’ popularity among kids.
Can packaging type accounted for the maximum
share in 2021, followed by bottles. The high visibility of aluminum cans owing
to their high recycling ability and low food spoilage rate, is the main factor
driving the sweetened condensed milk market insights over the forecast period. However, consumer preference has shifted from
cans to tubes owing to their convenient use and storage and the introduction of
milk tubes. These factors are expected to contribute to the market's overall
growth during the projected period.
With continued awareness spread through
campaigns and social media, the demand for dairy-free alternatives to all
possible food products rises. Moreover, the lactose intolerant population has
been buying these products at very high rates, considering they can enjoy
desserts as fearlessly as common people. People of a sustainable mindset have
also been preferring vegan/ non-dairy products due to the fact that these
products assure absolutely no animal cruelty at the time of their production.
Thus, due to the multiple benefits of consuming non-dairy products, the
sweetened condensed milk market is expected to witness considerable growth. The
effect has been evident as the import-export of plant-based dairy has increased
globally.
Major Players
Major key players in the Sweetened Condensed
Milk Market are Eagle Family Foods Group (U.S.), Nestle (Switzerland), Friesland
Campina (The Netherlands), Santini Foods (U.S.), Fraser & Neave Holdings
Bhd (F&N) (Malaysia), DANA Dairy (Switzerland), GCMMF (AMUL) (India), and Arla
Foods (Denmark), among others.
Market Segmentation:
As per the latest analysis report, the global
market is segmented into type, application, packaging materials, distribution
channel and regional analysis. The type section divides the global sweetened condensed milk market trends into six: flavored, unflavored, skimmed, sweetened, unsweetened, and
partly skimmed. The global market is further classified into four sections:
foods, beverages, bakery, and confectionery, based on the application section.
As per the packaging material section, the market is divided into four
sections: glass, plastic metals, and others. With the distribution channel, the
market is classified into six sections supermarket and hypermarket, convenience
stores, food and beverage specialist, departmental stores, online retailing and
others. On a regional basis, the entire global market is divided into five
parts Asia-Pacific, Europe, North America, South America and Middle East &
Africa.
Regional Analysis:
The demand for concentrated milk products for
use in desserts and confectioneries is increasing in the United States as well
as Canada. The foremost reason associated with the growing demand is the easy
handling of the condensed milk, which is available in cans, bottles, and tubes
for the consumer to choose as per the need of application and quantity.
Further, the flavored condensed milk market is growing due to the diverse
flavor demands of the North American population. The transforming consumer
mindset concerning dairy-free products is also pumping the sweetened condensed
milk market growth of plant-based condensed milk, which is in huge demand among
lactose-intolerant and vegan consumers.
Industrial News:
The global sweetened condensed milk market is
fragmented, with leading global and regional players competing with local
manufacturers to gain market share. The global level market of condensed milk
has been witnessing advancements in product innovation. Companies are
developing flavored options to capture the not so fragmented market. The
players have adopted market strategies like acquiring regional companies and
product innovation to strengthen their market position.
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