Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Sweetened Condensed Milk Market Size is Estimated to Grow from USD 8.2 Billion in 2023 to USD 12.4 Billion by 2033, Growing at a CAGR of 4.22% during the forecast period 2023-2033.
Browse key industry insights spread across 215 pages with 110 Market data tables and figures & charts from the report on the Global Sweetened Condensed Milk Market Size, Share, and COVID-19 Impact Analysis, By Product (Flavored and Unflavored), By Packaging (Bottles, Cans, Tubes, and Others), By Distribution Channel (Supermarkets & Hypermarkets, Online Stores, Convenience Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The market for a thick, rich, and creamy milk product created by filtering out water from cow's milk and adding sugar is known as sweetened condensed milk. The main factor propelling this market's expansion is the growing use of sweetened condensed milk by both commercial and residential consumers as one of the essential ingredients in cakes, cookies, candies, pies, puddings, and other dishes. Home baking and cooking are becoming more and more popular as a result of the increased accessibility and availability of many home kitchen appliances. The simplicity of conducting business online and the growing availability of knowledge have also inspired many people and fueled the expansion of home baking. Demand for products made with sweetened condensed milk is predicted to rise as a result. The product's accessibility in a range of sizes and packaging has guaranteed both home and business consumers convenience and usability. An increasing demand for the product has also been created by its advantages, which include its high-calorie content, improved flavor, and increased nutritional value. However, customers may reduce their intake of sweetened condensed milk due to its high sugar content as they grow more aware of health issues such as diabetes, obesity, and lactose intolerance.
The unflavored segment held the largest share of 72.26% in 2023 and is estimated to grow at a CAGR of 3.78% throughout the projection period.
Based on the product, the global sweetened condensed milk market is categorized into flavored and unflavored. Among these, the unflavored segment held the largest share of 72.26% in 2023 and is estimated to grow at a CAGR of 3.78% throughout the projection period. This is ascribed to elements like the product's original taste provided by its unflavored version, its widespread use by the food service and confectionery industries, and its ease of availability and accessibility through numerous points of sale. To improve shelf life, sweetened condensed milk is created by heating it to a specific temperature and then adding sugar on the outside.
The cans segment accounted for the largest share in 2023 and is anticipated to grow at a CAGR of 3.28% during the forecast period.
Based on the packaging, the global sweetened condensed milk market is classified into bottles, cans, tubes, and others. Among these, the cans segment accounted for the largest share in 2023 and is anticipated to grow at a CAGR of 3.28% during the forecast period. The package version's convenience, ease of use, and increased accessibility to residential consumers through physical distribution channels such as supermarkets, hypermarkets, and grocery shops are the main drivers influencing this industry. Residential customers strongly prefer cans, which are frequently offered in 200 or 400-gram quantities.
The supermarkets & hypermarkets segment dominated the global sweetened condensed milk market share in 2023 and is estimated to grow at a CAGR of 3.19% throughout the projection period.
Based on the distribution channel, the global sweetened condensed milk market is divided into supermarkets & hypermarkets, online stores, convenience stores, and others. Among these, the supermarkets & hypermarkets segment dominated the global sweetened condensed milk market share in 2023 and is estimated to grow at a CAGR of 3.19% throughout the projection period. Supermarkets & hypermarkets hold the majority market share because they provide a wide variety of items under one roof, which enhances the convenience of shoppers. In addition, consumers appreciate the ability to purchase all their groceries, including dairy products such as sweetened condensed milk, in a single trip. Furthermore, supermarkets & hypermarkets often provide products at competitive prices due to their ability to buy in large volumes. This price advantage, coupled with frequent sales and promotions, appeals to budget-conscious consumers.
Europe is expected to hold the largest share of the global sweetened condensed milk market through the forecast period.
Europe is expected to hold the largest share of the global sweetened condensed milk market through the forecast period. The importance of baking to European culinary preferences and the origins of baking in the region's culture and customs are the main factors influencing this market. The region has seen a rise in demand for the products in recent years due to the availability of a wide range of home appliances, simple access to many essential components, and a large number of participants in the bakery and confectionery industries. In addition, it is anticipated that growing use by cafés, restaurants, bakeries, and other commercial users will create a spike in demand for this market throughout the projection period.
Asia Pacific is predicted to grow at the fastest CAGR of the global sweetened condensed milk market over the forecast period. This market is mainly driven by factors like the traditional value of confections, the rising demand for baked goods, and the presence of several industry players in the area. While Indian consumers incorporate sweetened condensed milk into a variety of traditional recipes and culinary innovations, Japanese consumers are more likely to use it as a nutritional product. In the upcoming years, it is expected that these factors and the rise in demand from commercial users will lead to profitable growth for this market.
Company Profiling
Major key players in the global sweetened condensed milk market include Nestlé, Eagle Family Foods Group LLC, Goya Foods, Inc., Fraser & Neave Holdings Bhd, Amul (GCMMF), Vinamilk, Belgorod Dairy Products OJSC, Magnolia, DANA DAIRY GROUP, Dutch Lady Milk Industries Bhd, and others.
Recent Developments
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global sweetened condensed milk market based on the below-mentioned segments:
Global Sweetened Condensed Milk Market, By Product
Global Sweetened Condensed Milk Market, By Packaging
Global Sweetened Condensed Milk Market, By Distribution Channel
Global Sweetened Condensed Milk Market, By Regional Analysis
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