Sweetened Condensed Milk Market Revenue To Register Robust Growth Rate During 2021-2023

On a brighter note, since sweetened condensed milk is known for its impressive nutritional value and essential minerals and vitamins like potassium, calcium, Vitamin A and magnesium, it is appealing to a higher number of consumers who are now more focused on building their immunity to batt

Market Insight

Market Research Future (MRFR) presumes that the sweetened condensed milk market 2020 could cover significant grounds worldwide, between 2017 and 2023 (evaluation period). We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.

Key Boosters and Challenges

The COVID-19 outbreak has quick swelled into a full-blown pandemic and has led to a worldwide lockdown, which entailed consumers hoarding various healthy food items, consumables and household staples with extended shelf lives. Fruits vegetables, frozen food products, flour, whole grains and eggs have been witnessing significant surge since the advent of the novel coronavirus. However, organizations in the sweetened condensed milk are still facing low utilization of products along with supply chain issues. On a brighter note, since sweetened condensed milk is known for its impressive nutritional value and essential minerals and vitamins like potassium, calcium, Vitamin A and magnesium, it is appealing to a higher number of consumers who are now more focused on building their immunity to battle the SARS-CoV-2 infection.

With the aim to strengthen supply chains, companies are striving to solidify their online presence and adapt to the current business environment. The rising prevalence of D2C and online distribution channels could benefit the industry in the upcoming period. Additionally, the consistent demand for desserts like cakes and ice creams worldwide can ensure a smooth run for the global market as well. Since extended shelf life means prolonged consumption, consumers are now opting for products that can be stored for a longer time for future use. This key aspect can help speed up the market growth in the near future.

Several manufacturers are spending generously on innovative packaging such as sachets, pouches, bag-in-box, glass containers and tetra packs to boost sales.  Popular packaging options for sweetened condensed milk in the market include drums, loading in tankers and sterile steel containers. A latest trend in the market is the growing preference for vegan and vegetarian products and organic products that cater to niche but well informed consumers. Many renowned vendors sense the opportunity that lies in this trend and are introducing new products that cater to the expanding vegan and vegetarian population worldwide. Moreover, many of these players are increasing their efforts to create new flavors to woo as many consumers as possible, which translate into significant market growth across the globe.

To illustrate, in July 2020, Nestlé launched a vegan sweetened condensed milk developed from a blend of rice flour and oats, making it ideal for a broad wide variety of sweet treats and baking. The product has been certified by the Vegan Society, which makes it suitable for vegans.

Major Players

Some of the highly reputed players in the global industry are DANA Dairy (Switzerland), Santini Foods (U.S.), GCMMF (AMUL) (India), FrieslandCampina (The Netherlands), Arla Foods (Denmark), Eagle Family Foods Group (U.S.), Nestle (Switzerland), to name a few.

Market Segmentation

The primary segments considered in the MRFR study for better understanding of the global market include type, packaging material and distribution channel.

The chief types of sweetened condensed milk are flavored sweetened condensed milk as well as unflavored sweetened condensed milk. Between these, flavored sweetened condensed milk enjoy more demand in the market and can attain a faster growth rate compared to its counterpart, on account of the constant innovations with respect to flavors by the leading players in the worldwide market.

Depending on the packaging material, sweetened condensed milk industry caters to metal, plastic, glass, and more. Out of these, the metal segment and the glass segment have taken the first and the second place in the global market, respectively.

The various distribution channels that sell sweetened condensed milk are food and beverage specialist, convenience stores, supermarket and hypermarket, and others. The super market and hypermarket segment dominate the global market and is popular because these provide a broad range of products and it is convenient for the consumer when it comes to finding any product under only one roof. However, the rising use of sweetened condensed milk in the food and beverage sector can favor the food and beverage specialist segment in the years ahead.

Regional Overview

The sweetened condensed milk industry can be regionally considered with respect to Europe, Asia Pacific or APAC, North America, and rest of the world/RoW.

North America is presumed to remain in the lead throughout the review period, with Europe touted to be the second biggest gainer in the market. The high consumption rate of desserts and various other bakery items in North America ensures steady demand for sweetened condensed milk, especially in Canada and the United States. The region records high sales of chocolate bars, caramel fillings, dessert sauces, chocolates, ice cream toffees, and other sweets, which has been favorable for the regional market.

The European market is mainly headed by France, Switzerland and Germany, which are the leading exporters of sweetened condensed milk. Sweetened condensed milk, in the region, finds extensive use in beverages like coffee and tea, in order to reduce the bitterness of tea leaves and coffee beans. In terms of packaging, metal cans have gained high preference among consumers since these are eco-friendly and possess robust inner coatings that helps avoid food spoilage due to chemical reactions.

The APAC market’s growth rate in the years to come can be quite substantial, backed by the notable contribution of India and China that are fast emerging as formidable economies. Sweetened condensed milk is observing high consumption rate in the major countries of Southeast Asia, such as Malaysia and Vietnam, in light of the rising use of the product in various traditional dishes, with flavors like cashews and coconut being the most in demand among consumers.