Sweetened Condensed Milk Market Size, Share, Growth, and Industry Analysis, By Type (Skimmed Sweetened Condensed Milk & Whole Sweetened Condensed Milk), By Application (Infant Food, Dairy products, Bakeries, Confectionery & Others) and Regional Forecast to 2032

Updated On: 02 September 2024

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SWEETENED CONDENSED MILK MARKET REPORT OVERVIEW

The global Sweetened Condensed Milk Market size was USD 5.92 Billion in 2023 and the market is projected to touch USD 5.92 Billion by 2030, exhibiting a CAGR of 0.0% during the forecast period.

This condensed milk is a thick and creamy dairy product concentrated from cow’s milk; the water has been removed, and sugar has been added to it. This thick, sticky liquid is clear and has a glossy shine. It is smooth to the taste and has a toffee-like flavour. They can be easily included in cooking and baking. It is most commonly consumed in sweets such as pies, cakes, and fudge, and much is consumed in hot drinks such as coffee and tea. Due to its shelf stability and highly concentrated sweetness, it is an ideal ingredient for the preparation of speciality confections and enhancing a recipe’s luxury factor.

COVID-19 Impact: Market Growth Restrained due to Closure of Manufacturing Plants

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Challenges due to COVID-19 restrictions included the closure of manufacturing plants as well as disruptions on the supply of raw materials and distribution of finished products. Also, consumers’ preferences changed with the focus on core necessities, and restrictions on out-of-home consumption during the pandemic also affected the demand for processed foods containing products that use this condensed milk. 

LATEST TRENDS

"Use of Vegetable and Dairy-Free Products to Propel the Market Growth"

Current and emerging trends in this market are the use of vegetable and dairy-free products arising from innovations in vegan and lactose-free diets. Supermarket shelves also see growing demand for organic and natural products, as such products are desired by healthy-minded consumers. Novelty packaging includes single portions, and environmentally friendly packaging is on the rise to address convenience and sustainability factors. 

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Sweetened Condensed Milk MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Skimmed Sweetened Condensed Milk & Whole Sweetened Condensed Milk

• Skimmed Sweetened Condensed Milk: Less fat than whole. Less calorie-rich since fat is lower. Favoured by the customer who has high awareness of health and nutrient intake as well as calorie intake. 
• Whole sweetened condensed milk: Increased fat content that distinguishes the food by having a creamier and tastier mouthfeel. More calories from the fats and sugars present in the meals consumed. Preferred by consumers interested in luxurious and thick foods and drinks. 

By Application

Based on application the market can be categorized into Infant Food, Dairy products, Bakeries, Confectionery & Others

• Infant Food: It is added to infant foods for sweetening and energy-boosting and is a common ingredient in baby formulas. Babies require nutrition, and parents and carers in particular are looking for nutritional products for their infants. Safety requirements: all the foods must be fit for human consumption, while nutritional adequacy requirements mean that some foods can only be imported if they meet the set guidelines of the importing country. 
• Dairy Products: Added to other dairy products such as fruit, yoghurt, or coffee creamers that have added flavours. The new target market consists of consumers who want to have the pleasure of not only consuming classical dairy products but also those enriched by sweetness. Quality and the standard enrolment of the texture and flavour in their prepared food. 
• Bakeries: Used in baking as a moistening agent, particularly in cakes, biscuits, and other pastries, as well as a sweetening agent. Cake-makers and home-bakers who are in constant search of versatile and deeply flavoured ingredients. Quality in order to get a dependable consistency for baking. 
• Confectionery: Applied in the preparation of candies and fudge, among other sweets, to enhance the creamy surface as well as the enhanced taste. The target market comprises manufacturers and consumers who are seeking luxurious and exotic treats. High in terms of sweetness to achieve the best product quality and fine in terms of smoothness. 

DRIVING FACTORS

"Rising Demand for Convenience Foods to Expand the Market"

One of the key driving factors of Sweetened Condensed Milk Market growth is the Rising Demand for Convenience Foods. Due to a change in consumer consumption patterns towards easy-to-use and ‘time-saving’ cooking ingredients, this is one of the major trends driving this condensed milk market. Due to its convenience and semi-indefinite preservation, it is preferred for the preparation of numerous delicacies and puddings. 

"Growing Popularity of Baking and Home Cooking to Advance the Market"

A sample topic that can be extracted from the above findings is the increased home baking and cooking due to individualised and quality food experiences, which create the market for this condensed milk. This development is reflected in the conjugation of cakes, pastries, and other baked products as part of a recipe. 

RESTRAINING FACTOR

"Product’s High Sugar and Calorie Content to Pose Potential Impediments on this Market"

An important limiting factor within this market is the trend of raising customer awareness about the consumed product’s high sugar and calorie content. This presents an issue due to consumers learning of the effects of high sugar consumption on their health, making this condensed milk less popular due to its higher sugar content than fresh milk. 

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SWEETENED CONDENSED MILK MARKET REGIONAL INSIGHTS

"North America to Dominate the Market due to its Developed Food and Beverage Sector"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the Sweetened Condensed Milk Market share due to its developed food and beverage sector, increased consumer consumption of convenience foods and beverages, and the maximum number of key food processing companies and distributors. The distribution is effectively facilitated in this region, as can be seen in the new trends in baking and indulgent desserts that contribute to this product’s growth. Also, the population of North America is more diverse, and they have a higher buying capacity, which makes them dominant in the market. 

KEY INDUSTRY PLAYERS

"Key Players Transforming the Sweetened Condensed Milk Market through New Novel Strategies "

Major stakeholders in the industrial contour of this condensed milk include producers who introduce new products, new generation packs, and novel strategies. Large business houses lay down trends for the rest of the players in the market by bringing in innovations in products like low-sugar or organic ranges and investing in better production techniques that lead to better quality and cost controls. Large sales networks and good brands improve market penetration and market identity. These players also define the movement of the market because they are the ones who adapt to the consumers’ needs as well as respond to market changes such as rules and policies.

List of Market Players Profiled

• Nestle (Switzerland)
• Fraser and Neave (Singapore)
• Friesland Campina (Netherlands)
• Marigold (England)
• Eagle Foods (U.S.)

INDUSTRIAL DEVELOPMENT

2024: Currently, Nestle, which is among the world’s biggest food and beverage manufacturing companies, has expanded its innovation in the production of this condensed milk by coming up with a plant-based condensed milk substitute. Dairy-free is fast emerging as a popular segment, and this new product made of rice and oat flour is to cash in on this segment.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Sweetened Condensed Milk Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.