Condensed Milk Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.77 Billion |
| Market Size (2029) | USD 4.64 Billion |
| CAGR (2024 - 2029) | 4.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Condensed Milk Market Analysis
The Condensed Milk Market size is estimated at USD 3.77 billion in 2024, and is expected to reach USD 4.64 billion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).
COVID-19 pandemic is expected to positively impact the condensed milk market. The in-home consumption demand for condensed milk has increased since the pandemic. However, the manufacturing of condensed milk globally has been impacted by the pandemic because of the government regulations to shut down all activities. Closing public gathering areas and restaurants resulted in a drop in out-of-home consumption of condensed milk in 2020.
Over the medium term, the condensed milk market is expected to be driven by the rising demand of the consumer for products with longer shelf life, higher quality, and the extensive application of condensed milk in desserts and confectioneries. The introduction of cost-effective products is expected to support the market's growth. Benefits such as the long shelf life of sweetened condensed milk, which lasts for around two weeks even after opening the package, prolonged use of the product, and bulk purchasing behavior are expected to extend the product application scope.
However, the demand for low-sugar foods can hinder the growth of condensed milk, which is majorly sweetened for use in versatile food applications.
Condensed Milk Market Trends
This section covers the major market trends shaping the Condensed Milk Market according to our research experts:
Elevating Demand for Non-Dairy Based Product Offerings
With continued awareness spread through campaigns and social media, the demand for dairy-free alternatives to all possible food products is rising. Moreover, the lactose intolerant population has been buying these products at very high rates, considering that they can enjoy desserts as fearlessly as common people. People of a sustainable mindset have also been preferring vegan/ non-dairy products because these products assure absolutely no animal cruelty at the time of their production. Thus, owing to the multiple benefits of consuming non-dairy products, the vegan condensed milk market is expected to witness considerable growth in the future. The effect has been evident as the import-export of plant-based dairy has increased globally.
North America stands out as the Largest Market
The demand for concentrated milk products in desserts and confectioneries is increasing in the United States and Canada. The foremost reason associated with the growing demand is the easy handling of condensed milk, which is available in cans, bottles, and tubes for the consumer to choose as per the need of application and in terms of quantity. Further, the flavored condensed milk market is growing due to the diverse flavor demands of the North American population. The transforming consumer mindset concerning dairy-free products is also pumping the market growth of plant-based condensed milk, which is in huge demand among lactose-intolerant and vegan consumers.
Condensed Milk Industry Overview
The condensed milk market is fragmented, with leading global and regional players competing with local manufacturers to gain market share. The global market of condensed milk has been witnessing advancements in product innovation. Companies are developing flavored options to capture the not-so-fragmented market. The players have adopted market strategies like acquiring regional companies and product innovation to strengthen their market position. Expenditure on research and development has been increasing as the market has the potential to evolve and emerge with healthier products. Key players operating in the Condensed milk market include Nestle SA, Santini Foods, Inc., Eagle Family Foods Group LLC, Arla Foods, and Hochwald Foods GmbH.
Condensed Milk Market Leaders
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Nestle SA
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Santini Foods, Inc.
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Eagle Family Foods Group LLC
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Hochwald Foods GmbH
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Arla Foods
*Disclaimer: Major Players sorted in no particular order
Condensed Milk Market News
In May 2022, F&N Dairies (Thailand) Limited launched Teapot Sweetened Condensed Milk in Tube with Sweet Potato Flavour for home chefs to create various desserts. F&N has previously launched TEAPOT in strawberry, matcha, and mango flavors.
In July 2020, Nestle announced its launch of vegan condensed milk in three major United Kingdom retailers. The company has been developing the plant-based alternative to its classic Carnation condensed milk for 18 months, commonly used in many recipes for desserts and confectionaries. This product, made from oat and rice flour, will be available on Ocado's website.
In May 2020, Hochwald Foods announced that it wants to use the new facility to process roughly 800 million liters of milk per year to produce high-quality dairy products such as UHT milk, UHT cream, UHT drinkable yogurt, mixed milk products with a long shelf life as well as condensed milk. Installation of the first plant components had begun before the end of 2020. Hochwald to start commercial production in the new facility in 2022.
Condensed Milk Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Dairy
5.1.2 Non-Dairy
5.2 By Packaging Type
5.2.1 Cans
5.2.2 Tubes
5.2.3 Bottles
5.3 By Distribution Channel
5.3.1 Supermarkets and Hypermarkets
5.3.2 Convenience Stores
5.3.3 Specialty Stores
5.3.4 Online Retails
5.3.5 Others
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Spain
5.4.2.2 United Kingdom
5.4.2.3 Germany
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 South Africa
5.4.5.2 Saudi Arabia
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Adopted Strategies
6.3 Company Profiles
6.3.1 Eagle Family Foods Group LLC
6.3.2 Nestle S. A.
6.3.3 Santini Foods, Inc.
6.3.4 Hochwald Foods GmbH
6.3.5 Arla Foods
6.3.6 Dana Dairy Group
6.3.7 Amul
6.3.8 Nature's Charm
6.3.9 United Dairy Ltd.
6.3.10 Morinaga Milk Industry Co.,Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
Condensed Milk Industry Segmentation
Condensed milk is a value-added product derived from milk by reducing the water content with/without adding sugar to obtain a dense product. The global condensed milk market is segmented by product type into dairy and non-dairy condensed milk. Based on the packaging type, the market is segmented into cans, tubes, and bottles. Distribution Channel has segregated the market into hypermarkets/supermarkets, convenience stores, specialty stores, and online retail. The market is also segmented based on geography as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report offers market size and forecasts in value (USD million) for the above segments.
| By Product Type | |
| Dairy | |
| Non-Dairy |
| By Packaging Type | |
| Cans | |
| Tubes | |
| Bottles |
| By Distribution Channel | |
| Supermarkets and Hypermarkets | |
| Convenience Stores | |
| Specialty Stores | |
| Online Retails | |
| Others |
| Geography | |||||||||
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Condensed Milk Market Research FAQs
How big is the Condensed Milk Market?
The Condensed Milk Market size is expected to reach USD 3.77 billion in 2024 and grow at a CAGR of 4.20% to reach USD 4.64 billion by 2029.
What is the current Condensed Milk Market size?
In 2024, the Condensed Milk Market size is expected to reach USD 3.77 billion.
Who are the key players in Condensed Milk Market?
Nestle SA, Santini Foods, Inc., Eagle Family Foods Group LLC, Hochwald Foods GmbH and Arla Foods are the major companies operating in the Condensed Milk Market.
Which is the fastest growing region in Condensed Milk Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Condensed Milk Market?
In 2024, the North America accounts for the largest market share in Condensed Milk Market.
What years does this Condensed Milk Market cover, and what was the market size in 2023?
In 2023, the Condensed Milk Market size was estimated at USD 3.62 billion. The report covers the Condensed Milk Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Condensed Milk Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Condensed Milk Industry Report
Statistics for the 2024 Condensed Milk market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Condensed Milk analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
