Sweetened Condensed Milk Market Analysis

Global Sweetened Condensed Milk Market Overview

Sweetened Condensed Milk Market Size was valued at USD 7.2 billion in 2023. The Sweetened Condensed Milk market industry is projected to grow from USD 7.60 Billion in 2024 to USD 10.54 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2024- 2032).Rising demand for healthy drinks and increased demand for processed dairy products are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Sweetened Condensed Milk Market Trends

• 
  

  Quality and longer shelf life to boost market growth

  
  

Increased shelf life means the product will be used for longer. As a result, customers frequently buy larger quantities of the product and store it for later use. The demand for sweetened condensed milk is predicted to be driven by this purchasing habit. If left unpackaged, the product keeps for at least a year after the marked expiration date and for around three weeks after being opened. One of the key benefits of sweetened condensed milk, which is expected to dominate the market CAGR, is this.

Further, Due to the externally added sugar, the shelf-life, sweetened condensed milk has a thick, paste-like composition. Because of this, it can be used in place of conventional milk in recipes for drinks and sweets. Rich desserts are given their smooth, creamy texture by sweetened condensed milk, which also adds flavor and sweetness to the finished dish. When drunk in moderation, sweetened condensed milk has a remarkable nutritional value. The product is perfect for customers who want to gain weight because it has about 60 calories per tablespoon. Also, it has necessary nutrients including calcium, potassium, magnesium, and Vitamin A, which supports bone health.

Therefore, increasing awareness regarding the benefits of the product is expected to increase the sweetened condensed milk market revenue across the globe in the recent years.

Sweetened Condensed Milk Market Segment Insights

Sweetened Condensed Milk Type Insights

The Sweetened Condensed Milk Market segmentation, based on type, includes Flavored, and Unflavored. The fastest growth is anticipated for flavor-enhanced sweetened condensed milk between 2024 and 2032. Manufacturers are focused on incremental product innovation, such as adding more flavors, to boost sales of sweetened condensed milk as a result of the industry's escalating competitiveness. A survey was conducted to determine children's preferences for flavored milk, according to an online dairy blog. According to the study, 35% less milk was consumed when the flavored variety was not available, and 70% of children preferred flavored milk. Producers have added well-liked flavors like caramel and chocolate to their sweetened condensed milk products in respect to the Sweetened Condensed Milk Market revenue.

Sweetened Condensed Milk Packaging Material Insights

The Sweetened Condensed Milk Market segmentation, based on Packaging Material, includes Glass, Plastic, and Metal. The metal segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Customers choose metal cans because they are environmentally friendly and have hygienic interior coatings that stop food from rotting due to chemical reactions, also the seal packaging on these cans guards against food spoiling while being transported. These are the key elements that experts predict will boost product demand in the upcoming years. Hence, rising applications of metal cans for packaging sweetened condensed milk positively impacts the market growth.

Sweetened Condensed Milk Distribution Channel Insights

The Sweetened Condensed Milk Market data has been bifurcated by Distribution Channel into Supermarket & Hypermarket, Convenience Stores, and Food & Beverage Specialists. Supermarkets accounted for the largest share of the global market due to their ability to offer consumers one-stop shopping, a pleasant environment, extended hours, as well as a vastly increased selection of household goods and dairy products. Nonetheless, throughout the course of the forecast period, it is anticipated that the food and beverage specialist sector would expand due to rising sweetened condensed milk usage in the food and beverage industry.

May 2022: F&N Dairies (Thailand) Limited introduced Teapot sweetened condensed milk in Tube with Sweet Potato Flavor for chefs to make a variety of sweets. TEAPOT was previously introduced by F&N in the flavors of strawberry, matcha, and mango. This has further broadened the growth opportunity for the sweetened condensed milk industry.

Figure 1: Global Market, by Distribution channel, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Sweetened Condensed Milk Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America sweetened condensed milk market accounted for USD 3.29 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to increasing demand for candy and confectionery in countries across the region.

Further, the major countries studiedin the market reportare: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: SWEETENED CONDENSED MILK MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Sweetened Condensed Milk market accounts for the second-largest market share due to the growing consumption of confectionary and bakery goods in the region's nations, particularly in the UK, Germany, and Russia. Many manufacturers of chocolate and candies are based throughout Europe. The world's top exporter of chocolate is Europe. Further, the Germany Sweetened Condensed Milk market held the largest market share, and the UK Sweetened Condensed Milk market was the fastest growing market in the European region

The Asia-Pacific Sweetened Condensed Milk Market is expected to grow at the fastest CAGR from 2024 to 2032. Condensed milk is becoming increasingly popular among customers due to its superior taste and longer shelf life, which is driving up demand for this product in the area. Moreover, China Sweetened Condensed Milk market held the largest market share, and the India Sweetened Condensed Milk market was the fastest growing market in the Asia-Pacific region

Sweetened Condensed Milk Key Market Players& Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the sweetened condensed milk market to grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Sweetened Condensed Milk industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Sweetened Condensed Milk industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Sweetened Condensed Milk industry has provided with some of the best condensed milk for food industry. The Sweetened Condensed Milk market major player such as Eagle Family Foods Group (U.S.), Nestle (Switzerland), Friesland Campina (The Netherlands), Santini Foods (U.S.), and others are working to expand the market demand by investing in research and development activities.

Nestlé is a multinational conglomerate firm with its headquarters in Vevey, Vaud, Switzerland that processes food and beverages. When considering revenue and other factors, it is the largest publicly held food firm in the world. Baby food, medical food, bottled water, breakfast cereals, coffee, tea, confectionary, dairy goods, ice cream, frozen food, pet foods, and snacks are among the range of goods produced by Nestlé. Several of these items contain human milk oligosaccharides. One billion CHF or more in sales are generated annually by 29 Nestlé brands. Nestlé released Wunda. This unique pea-based beverage is "epic in everything." Direct ingestion, splashing on cereal, adding it to hot drinks, and many other uses are all possible. In July 2020 Nestle announced its launch of vegan condensed milk in three major United Kingdom retailers. The company has been developing the plant-based alternative to its classic Carnation condensed milk for 18 months, commonly used in many recipes for desserts and confectionaries. This product, made from oat and rice flour, will be available on Ocado’s website.

Also, American food producer Eagle Family Foods Group LLC has its headquarters in Cleveland, Ohio. After purchasing ownership of the Borden canned milk brands, Paul Smucker Wagstaff founded the business in 2015. (Eagle Brand, Magnolia, Milnot, PET). Condensed and evaporated milk, popcorn, French fries, sweet onion sticks, and pasta meals are among the products offered by Eagle Family Foods. On July 2022 Eagle Foods announced today that it has completed its acquisition of the iconic Helper main meals and Suddenly Salad side businesses from General Mills, Inc. (NYSE: GIS).

Key Companies in the Sweetened Condensed Milk Market includes

• 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)


• Arla Foods (Denmark)

Sweetened Condensed Milk Industry Developments

July 2020: Nestle intended to launch the first vegan condensed oat milk in the U.K. This September, Nestlé will launch a vegan version of its renowned Carnation condensed milk in the U.K. A mixture of oat and rice flour is used to make the new product.

May 2021: Nestle has introduced a Plant-Based Condensed Milk Substitute composed of rice and oat flour. For vegan cakes and treats . According to the manufacturer, the product is perfect for baking dairy-free caramel slice, brownies, and chocolate chip cookies.

November 2019: Fresh milk will be a new development pillar for Fraser & Neave Holdings Bhd (F&N), according to the company's plans to diversify into integrated dairy farming with the proposed purchase of the Ladang Chuping plantation site in Perlis.

Sweetened Condensed Milk Market Segmentation

Sweetened Condensed Milk Type Outlook

• Flavored


• Unflavored

Sweetened Condensed Milk Packaging Material Outlook

• Glass


• Plastic


• Metal

Sweetened Condensed Milk Distribution Channel Outlook

• Supermarket & Hypermarket


• Convenience Stores


• Food & Beverage Specialists

Sweetened Condensed Milk Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America