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 market 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.
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 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.
Major Players
Major key sweetened condensed milk market players are Eagle Family Foods Group (U.S.), Nestle (Switzerland), Friesland Campina (The Netherlands), Santini Foods (U.S.), Fraser Neave Holdings Bhd (FN) (Malaysia), DANA Dairy (Switzerland), GCMMF (AMUL) (India), and Arla Foods (Denmark), among others.
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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