Market Research Report
Global Condensed Milk Market - 2021-2028
|Global Condensed Milk Market - 2021-2028|
Published: July 30, 2021
Content info: 180 Pages
Delivery time: 2 business days
Condensed milk is a value-added product made from milk that has had the water content reduced to make it denser. Sugar is added to sweeten the mixture even further. Water is removed from the overall milk volume at a rate of about 60%. Condensed milk is dark and creamy, and it has the same nutritional value as whole milk. Condensed milk is closely linked to the dairy and dairy products industry, generating a significant amount of revenue, and is expected to rise steadily over the forecasted period. The process of evaporating milk increases the shelf-life of condensed milk. The global condensed milk market is likely to reach USD xx million in 2028, from its recorded value of USD xx million in 2020, growing with a CAGR of XX% during the forecast period. The extensive application of condensed milk in desserts and confectioneries is likely to drive the market in the near future.
When consumed in appropriate quantities, condensed milk has a high nutritional value. The product has a caloric content of about 60 calories per cubic meter, making it suitable for weight gainers. It contains important vitamins and minerals that promote bone health, such as calcium, potassium, magnesium, and Vitamin A. Growing recognition of the product's advantages is expected to boost product demand in the next few years.
Furthermore, rising consumer demand for products with a longer shelf life and higher quality is expected to boost market growth. Growth is also expected to be supported by the introduction of cost-effective products. Because of its benefits, such as a long shelf life (sweetened condensed milk lasts for around 2 weeks even after opening the package), bulk purchasing behavior and prolonged use of the product are expected to extend product application scope. The necessity to increase the shelf life and taste furthermore, additional sugar is added will propel the condensed milk market. This makes it a ready to use the product and added in desserts and beverages.
Authorization by The Federal Food, Drug & Cosmetic Act (FFDCA) and The Food and Drug Administration (FDA) to establish Standards of Identity (SID) for milk products that define what can be packaged under a given product name is expected to create growth opportunities for the condensed milk market.
In 2020, sweetened condensed milk segment dominated the market, accounting for XX% of global sales. Because of its thick texture and sweet flavor, sweetened condensed milk is a popular ingredient in desserts like cakes and ice creams. As a result, increased demand for desserts is expected to boost market growth over the forecast period. In addition, sweetened condensed milk in tea/coffee is common in many countries, including the United Kingdom and Japan, because it has a sweet taste that masks the bitterness of coffee beans or tea powder. According to an online dairy blog, a survey was carried out to study preference for flavored milk among kids. According to the report, 70 percent of children enjoyed flavored milk, and when flavored milk was unavailable, milk intake fell by 35 percent. As a result of these studies, manufacturers have begun to include common flavors such as caramel and chocolate in their sweetened condensed milk products.
In both the United States and Canada, the market for concentrated milk products for use in desserts and confectioneries is rising. The ease of handling condensed milk, which is available in cans, bottles, and tubes for the consumer to choose according to the need for application and quantity, is the primary reason for the rising demand. Furthermore, the market for flavored condensed milk is expanding due to the diverse flavor preferences of the North American population. Plant-based condensed milk, which is in high demand among lactose-intolerant and vegan customers, is benefiting from a shifting consumer attitude with regard to dairy-free products.
Asia Pacific market is anticipated to be the fastest growing region, owing to economic growth, changing dietary patterns, and supportive government regulations over the next seven years. With 22 percent of global milk production, India leads the world, followed by the United States of America, China, Pakistan, and Brazil. Most of the expansion in milk production has been in South Asia, since the 1970s. The is one of the main drivers of milk production growth in the developing world, further driving the condensed milk market growth in the region.
The global condensed milk market is fragmented, with major global and regional players competing for market share against local manufacturers. Condensed milk has been seeing advancements in terms of product innovation on a global level. The market has the potential to grow and emerge with healthier products, so spending on research and development has been growing. Some of the major companies offering condensed milk include Nestle SA, Santini Foods, Inc., Eagle Family Foods Group LLC, Hochwald Foods Gmbh and Arla Foods. To improve their market position, the players have been using market strategies such as acquisition of regional companies and product innovation. For instance, Fraser & Neave Holdings BHD launched Milk Stix and Squeeze Tube, Malaysia's first cream-condensed milk to boost product sales.
The demand for in-home consumption of condensed milk is increasingly rising during the pandemic. However, the current novel coronavirus has been found to have had a major effect on the global manufacturing of a variety of products. Condensed milk has also been impacted by the deadly pandemic; as a result of the closing of restaurants and other public gathering places, out-of-home consumption has completely stopped; this has resulted in a demand downturn with a drop in product sales in 2020.