Condensed Milk Market Size, Share, Top Key Players, Growth, Trend and Forecast Till 2030
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Increasing preference for condensed milk among consumers due to its quality and longer shelf life is a key factor driving condensed milk market revenue growth
VANCOUVER, BC, CANADA, November 15, 2022 /EINPresswire.com/ -- The global condensed milk market size was USD 8.16 Billion in 2021 and is expected to register a revenue CAGR of 3.4% during the forecast period, according to latest analysis by Emergen Research. Increasing preference for condensed milk among consumers due to its quality and longer shelf life is a key factor driving market revenue growth. In addition, demand for dairy-free alternatives to all food products is increasing in the recent years. People with a sustainable outlook have also preferred vegan/non-dairy products because they guarantee no animal cruelty throughout the manufacturing process. Furthermore, the vegan-based condensed milk market is expected to rise significantly during the forecast period due to numerous advantages of consuming non-dairy products. However, increasing demand for non-dairy vegan-based condensed milk across the globe prompted manufacturers to produce this type of product and introduced it to the market. In July 2020, Nestlé, a Switzerland-based food & beverage company announced to launch a vegan version of its carnation condensed milk, which will be manufactured using an oat and rice flour blend that took the company 18 months to research. This condensed milk can be used in a variety of sweets, from producing caramel desserts to replacing eggs in baked products.
Emergen Research’s latest market research report focuses on the global condensed milk market, and the report provides in-depth analysis of each of its major segments. Reports about the global condensed milk market provide a comprehensive overview of the market, including market size, revenue growth rate, industry statistics, revenue shares among regional markets, gross profits, production costs, and product portfolioscondensed milk industry projections and qualitative and quantitative assessments have been provided by the report's authors. The SWOT analysis and Porter’s Five Forces Analysis are some of the most important components of this report that provide insight into the highly competitive environment of the industry. A detailed analysis of the global condensed milk market is presented in the report, including North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Aside from revenue growth drivers & restraints, production & consumption patterns, changing consumer preferences, and stringent regulatory standards, this report also examines other key aspects of regional markets.
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Top competitors of the Condensed Milk Market profiled in the report include:
Nestlé S.A., Goya Foods, Inc., Eagle Family Foods Group LLC, Fraser & Neave Holdings Bhd., Dana Dairy Group, Arla Foods, Hochwald Foods GmbH, Santini Foods, Inc., Royal FrieslandCampina N.V., Vinamilk, and Dutch Lady Milk Industries Berhad.
Some Key Highlights from the Report
The tube segment is expected to register a significantly fast revenue growth rate over the forecast period due to growing adoption of tube-based condensed milk to make various deserts. Condensed milk can be used as a bread spread, cake garnish, or ice cream topping directly from the tube. In May 2022, F&N Dairies, a Thailand-based dairy products manufacturer launched tube-based sweetened condensed milk to make a variety of desserts.
The bakery segment is expected to register a significantly fast revenue growth rate over the forecast period due to rising demand for condensed milk to prepare various bakery products. Condensed milk is widely used for production of various bakery products, such as cakes and pastries, to enhance their taste. Growing adoption of bakery products across the globe creates a high demand for condensed milk.
The Asia Pacific market is expected to register a significantly fast revenue growth rate during the forecast period due to growing adoption of condensed milk to produce candy and confectionery in countries across the region, especially in China, India, Malaysia, and Vietnam. In addition, growing trend of vegan-based condensed milk is expected to support revenue growth of the market.
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Emergen Research has segmented the global condensed milk market based on packaging type, product type, application, sales channels, and region:
Packaging Type Outlook (Revenue, USD Billion; 2019-2030)
Cans
Tubes
Bottles
Others
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Sweetened
Unsweetened
Part Skimmed
Skimmed
Flavored
Application Outlook (Revenue, USD Billion; 2019-2030)
Foods
Beverages
Bakery
Confectionary
Others
Sales Channels Outlook (Revenue, USD Billion; 2019-2030)
Supermarkets/Hypermarkets
Departmental Stores
Retail Shops
Online Retailing
Regional Analysis of the Condensed Milk Market:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Research Report on the condensed milk Market Addresses the Following Key Questions:
Who are the dominant players of the condensed milk market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the condensed milk market?
What are the key growth drivers and restraining factors of the condensed milk market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the condensed milk market and its key segments?
Key Objectives of the Report:
Analysis and estimation of the Condensed Milk market size and share for the projected period of 2022-2030
Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Condensed Milk market
Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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Condensed Milk Market Size Worth USD 11.01 Billion in 2030
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