Sweetened condensed milk are gaining acceptance in food and beverage industry for its functionality which is driving the growth of the market. High demand for sweetened condensed milk in the preparation of baked products, desserts, confectionaries, and beverages is identified as one of the primary growth factors for this market. With the increase in global consumption of confectioneries and beverages, the usage of sweetened condensed milk is likely to increase during the forecast period.
High disposable income and changing consumption pattern are factors supporting the growth of Sweetened Condensed Milk Market. Continuous R&D and new flavors in sweetened condensed milk is having a positive impact on the growth of the market. Moreover, high focus on marketing initiatives by the key players is increasing awareness among the consumers which is adding fuel to the growth of the market. However, high calorie content in the product is restraining the growth of the market among the health conscious population. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.4% of sweetened condensed milk market during the forecast period, 2017-2023.
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Sweetened condensed milk is produced majorly from cow milk. The water is removed from cow’s milk through a heating process and then blended with a right amount of sugar to create a rich, thick and smooth texture. Sweetened condensed milk is used to provide sweetness and a rich creamy texture to some desserts. It is a source of calcium, potassium, magnesium, vitamin A and trace amounts of other vitamins and minerals. Moreover, sweetened condensed milk has a longer shelf life. They are available in flavored as well as unflavored form.
Some of the key players profiled in the global sweetened condensed milk market are-
- Eagle Family Foods Group (U.S.)
- Nestle (Switzerland)
- FrieslandCampina (The Netherlands)
- Santini Foods (U.S.)
- DANA Dairy (Switzerland)
- GCMMF (AMUL) (India)
- Arla Foods (Denmark)
Sweetened Condensed Milk is segmented into by Type, Packaging Material, Distribution Channel and Region.
On the basis of Type : Flavored Sweetened Condensed Milk and Unflavored Sweetened Condensed Milk.
Based on the Packaging Material : Glass, Plastic, Metal, and Others
On the basis of the Distribution Channel : Supermarket and Hypermarket, Convenience stores, Food and Beverage Specialist, and Others.
The Global Sweetened Condensed Milk Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the market followed by Europe. High consumption of desserts in North America is driving the growth of sweetened condensed milk in this segment. In Europe, Germany, France, and Switzerland are the major contributors to sweetened condensed milk market.
Asia Pacific is projected to grow at a substantial rate over the forecast period. China and India are the major contributors to the growth of sweetened condensed milk market in Asia Pacific. However, increasing consumption of sweetened condensed milk in beverages in developing countries is boosting the growth of this market in Asia Pacific. Brazil is anticipated to be the major contributor of sweetened condensed milk in rest of the world.