Sweetened Condensed Milk Market: Global Industry Analysis and Forecast (2022-2029)

Sweetened Condensed Milk Market size is expected to reach nearly US$ 13.42 Bn. by 2029 with the CAGR of 4.42% during the forecast period. Sweetened Condensed Milk Market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Sweetened Condensed Milk Market report also provides trends by market segments, technology, and investment with a competitive landscape.Sweetened Condensed Milk MarketTo know about the Research Methodology :- Request Free Sample Report

Sweetened Condensed Milk Market Overview:

Sweetened condensed milk is a sweetened cow's milk with a rich, thick, and silky texture. The water content of the milk is reduced, extending its shelf life. Calcium, potassium, magnesium, vitamin A, and other vitamins and minerals are all found naturally in it. In many nations, sweetened condensed milk has become popular in a variety of dessert dishes. In the market, it is available in both flavoured and unflavored varieties. Furthermore, they come in a variety of packaging materials, including glass, metal, plastic, and others, all of which extend the product's shelf life.

Sweetened Condensed Milk Market Dynamics:

Drivers: Product innovation in the sweetened condensed milk sector is a major contributor to the industry's success. Furthermore, due to its thick texture and sweet flavour, sweetened condensed milk is a common ingredient in desserts such as cakes and ice creams. As a result, increased demand for desserts is likely to boost market growth throughout the forecast period. Quality and longer shelf life are the two most important aspects for consumers when purchasing food and beverages. Longer shelf life means that the product will be consumed for a longer period of time. As a result, customers are more likely to buy in bulk and store the goods for later use. Sales of sweetened condensed milk are predicted to increase as a result of this purchasing habit. When unpacked, the product lasts for at least a year after the marked expiration date, and when opened, it lasts for around three weeks. This is one of the key characteristics of sweetened condensed milk, which is expected to drive the industry forward. Sweetened condensed milk has a thick, paste-like composition due to the externally added sugar, which extends its shelf life. As a result, it's a good substitute for conventional milk in dishes like sweets and beverages. Rich sweets benefit from the smooth and creamy texture of sweetened condensed milk, which makes the final product delightful and sweet. In addition, sweetened condensed milk in tea/coffee is popular in many countries, including the United Kingdom and Japan, since it has a sweet taste that masks the bitterness of coffee beans or tea powder. Similar applications, such as fruit toppings and savoury foods, are predicted to boost product consumption, boosting market growth throughout the forecast period. When consumed in adequate amounts, sweetened condensed milk has an excellent nutritional value. The product contains roughly 60 calories per tablespoon, making it perfect for users looking to gain weight. It also contains vital vitamins and minerals that promote bone health, such as calcium, potassium, magnesium, and Vitamin A. In the coming years, increased awareness of the product's benefits is projected to boost demand.

Sweetened Condensed Milk Market Segment Analysis:

On the basis of product, the market is segmented into Unflavored and Flavored. In 2019, unflavored sweetened condensed milk had the highest market share of 83.0 per cent. The high availability of the product is a crucial factor driving this segment's growth. To make sweetened condensed milk, boil 60 per cent of the water content in cow's milk and add sugar externally for preservation and shelf life. In its natural state, the product is sweet due to the presence of sugar. As a result, customers prefer to eat the food in its natural state. From 2021 to 2027 the fastest-growing segment is predicted to be flavoured sweetened condensed milk. Manufacturers are focusing on incremental product innovation, such as adding additional flavours to enhance sales of sweetened condensed milk, due to increased competition in the sector. A survey of children's preferences for flavoured milk was conducted, according to an online dairy blog. According to the study, 70 per cent of children preferred flavoured milk, and when flavoured milk was unavailable, milk consumption dropped by 35 per cent. In order to boost sales, producers have added popular flavours like caramel and chocolate to their sweetened condensed milk products. Custards, cakes, and other desserts frequently have these flavours. On the basis of packaging, the market is segmented into Cans, Bottles, Tubes and Others. In 2019, the most common form of packaging for sweetened condensed milk canned, which accounted for 74.6 per cent of global revenue. Consumers like metal cans because they are environmentally friendly and feature healthy inside coatings that prevent food spoiling due to chemical reactions. Furthermore, these cans are sealed, preventing food spoiling during transportation. These are the most important reasons that are expected to boost product demand in the next years. In the coming years, the tube packing type is predicted to grow at the fastest rate. Because they are simple to keep and dispose of, these tubes are rising in popularity. Due to the rise of the tube packaging sector, manufacturers are focusing on offering this package form to the global market. Tubes have the advantage of being simple to use. Straight from the tube, sweetened condensed milk can be used as an ice cream topping, cake decoration, or bread spread. Manufacturers' main strategies for increasing product sales, which will favourably influence market growth, are product innovation and attractive labelling. In 2021, sweetened condensed milk bottles accounted for a large portion of the market. Plastic was used to make the majority of the bottles. The plastic bottle business has seen a large drop in production and uses as a result of the plastic prohibition in the majority of countries, including the United States, the United Kingdom, China, India, and Germany. To boost product sales, businesses are investing in creative packagings such as pouches, sachets, tetra packs, bag-in-boxes, and glass containers. Pouches and sachets are more popular among consumers who do not require sweetened condensed milk on a regular basis or who drink it in very modest amounts as part of savoury recipes on special occasions. Because of the tiny quantity and lengthy shelf life, this style of packaging is cost-effective, and the consumer does not have to worry about the product being consumed immediately. This is likely to boost product demand in the next years, propelling the sweetened condensed milk market forward.

Sweetened Condensed Milk Market Regional Analysis:

In 2021, Europe dominated the market for sweet condensed milk, accounting for 38.0 per cent of total sales. Due to improved dairy production in these nations, Germany and Poland accounted for the majority of world sales. Furthermore, sweetened condensed milk is commonly used to reduce the bitterness of coffee beans and tea leaves in morning beverages such as tea and coffee. However, due to the product's high saturated fat content, market demand is predicted to fall in the coming years. Due to the mature growth of sweetened condensed milk in Europe and North America, Asia Pacific is likely to experience the fastest growth in the future years. Furthermore, growing product consumption in major Southeast Asian countries such as Vietnam and Malaysia is a positive trend. To enhance the flavour, the product is combined with additional ingredients such as coconut and cashews in a variety of traditional cuisines. However, due to the product's high-calorie content and the rising prevalence of obesity and heart disease, this industry is projected to be stifled.

Sweetened Condensed Milk Market Scope: Inquire before buying

Sweetened Condensed Milk Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 9.91 Bn.
Forecast Period 2023 to 2029 CAGR: 4.42% Market Size in 2029: US $ 13.42 Bn.
Segments Covered: by Product • Unflavored • Flavored
by Packaging • Cans • Bottles • Tubes • Others

Sweetened Condensed Milk Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Holland, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, New Zealand, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Sweetened Condensed Milk Market Key Players

• Meadow Gold Diaries • Eagle Family Foods Group LLC • Nestle • Fraser & Neave Holdings Bhd (F&NHB) • Amul • Vinamilk • The Dutch Lady • Belgorod Dairy Products OJSC • Goya Foods • Borden Magnolia • Dana Dairy. • The J.M. Smucker Company • GCMMF PVT LTD • F&N Foods Pte Ltd., • Meijer • Sun Hing Foods, Inc. Frequently Asked Questions: 1. Which region has the largest share in Sweetened Condensed Milk Market? Ans: Europe region holds the highest share in 2022. 2. What is the growth rate of Sweetened Condensed Milk Market? Ans: The Sweetened Condensed Milk Market is growing at a CAGR of 4.42% during forecasting period 2023-2029. 3. What is scope of the Global Sweetened Condensed Milk market report? Ans: Global Sweetened Condensed Milk market report helps with the PESTEL, PORTER, COVID-19 impact analysis, recommendations for investors and leaders, and market estimation of the forecast period. 4. Who are the key players in Sweetened Condensed Milk market? Ans: The important key players in the Sweetened Condensed Milk Market are Meadow Gold Diaries, Eagle Family Foods Group LLC, Nestle,Fraser & Neave Holdings Bhd (F&NHB), Amul, Vinamilk. 5. What is the study period of this market? Ans: The Sweetened Condensed Milk Market is studied from 2022 to 2029.
1.Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Products 2.3.2. Primary Research 2.3.2.1. Data from Primary Products 2.3.2.2. Breakdown of Primary Product 3. Executive Summary: Sweetened Condensed Milk Market Size, by Market Value (US$ Mn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Aviation Fuel Market 3.4. Geographical Snapshot of the Aviation Fuel Market, By Manufacturer share 4. Sweetened Condensed Milk Market Overview, 2022-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Aviation Fuel Market 5. Supply Side and Demand Side Indicators 6. Sweetened Condensed Milk Market Analysis and Forecast, 2022-2029 6.1. Sweetened Condensed Milk Market Size & Y-o-Y Growth Analysis. 7. Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 7.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 7.1.1. Unflavored 7.1.2. Flavored 7.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 7.2.1. Cans 7.2.2. Bottles 7.2.3. Tubes 7.2.4. Others 8. Sweetened Condensed Milk Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2022-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. Asia Pacific Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 9.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 9.1.1. Unflavored 9.1.2. Flavored 9.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 9.2.1. Cans 9.2.2. Bottles 9.2.3. Tubes 9.2.4. Others 10. North America Sweetened Condensed Milk Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 11.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 11.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 12. Canada Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 12.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 12.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 13. Mexico Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 13.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 13.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 14. Europe Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 14.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 14.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 15. Europe Sweetened Condensed Milk Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 16.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 16.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 17. France Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 17.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 17.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 18. Germany Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 18.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 18.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 19. Italy Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 19.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 19.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 20. Spain Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 20.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 20.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 21. Sweden Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 21.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 21.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 22. CIS Countries Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 22.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 22.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 23. Rest of Europe Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 23.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 23.2. Market Size (Value) Estimates & Forecast By Product, 2022-2029 24. Asia Pacific Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 24.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 24.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 25. Asia Pacific Sweetened Condensed Milk Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 26.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 26.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 27. India Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 27.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 27.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 28. Japan Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 28.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 28.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 29. South Korea Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 29.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 29.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 30. Australia Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 30.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 30.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 31. ASEAN Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 31.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 31.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 32. Rest of Asia Pacific Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 32.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 32.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 33. Middle East Africa Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 33.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 33.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 34. Middle East Africa Sweetened Condensed Milk Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 35.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 35.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 36. GCC Countries Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 36.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 36.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 37. Egypt Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 37.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 37.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 38. Nigeria Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 38.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 38.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 39. Rest of ME&A Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 39.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 39.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 40. South America Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 40.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 40.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 41. South America Sweetened Condensed Milk Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 42.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 42.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 43. Argentina Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 43.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 43.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 44. Rest of South America Sweetened Condensed Milk Market Analysis and Forecasts, 2022-2029 44.1. Market Size (Value) Estimates & Forecast By Product, 2022-2029 44.2. Market Size (Value) Estimates & Forecast By Packaging, 2022-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Sweetened Condensed Milk Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Fiber Products and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile: Key Players 45.3.1. Meadow Gold Diaries 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Development 45.3.2. Eagle Family Foods Group LLC 45.3.3. Nestle 45.3.4. Fraser & Neave Holdings Bhd (F&NHB) 45.3.5. Amul 45.3.6. Vinamilk 45.3.7. The Dutch Lady 45.3.8. Belgorod Dairy Products OJSC 45.3.9. Goya Foods 45.3.10. Borden Magnolia 45.3.11. Dana Dairy. 45.3.12. The J.M. Smucker Company 45.3.13. GCMMF PVT LTD 45.3.14. F&N Foods Pte Ltd., 45.3.15. Meijer 45.3.16. Sun Hing Foods, Inc.

About This Report

Report ID 104594
Category Consumer Goods & Services
Published Date Feb 2023
Updated Date
  • INQUIRE BEFORE BUYING