Sweetened condensed milk has found application as a key ingredient in many desserts. It is anticipated to witness high demand in the forthcoming years. The global sweetened condensed milk market Analysis, as per Market Research Future (MRFR), is expected to exhibit decent growth over the assessment period 2017 to 2023. The growth of the dairy industry is poised to reflect on the expansion of the market in the foreseeable future.
The product has a rich nutrient profile and contains potassium, calcium, vitamin A, magnesium, etc. It is expected to increase the growth pace of the sweetened condensed milk market over the next couple of years. The growth is further anticipated to be boosted by the expansion of the confectionery industry in the forthcoming years.
The product has a long shelf life, which is one of the motivators of the growth trajectory of the market. Key players are investing in research development for bringing innovative flavors. This, in turn, is anticipated to attract a larger consumer base in the forthcoming years, thus, accelerating the growth of the sweetened condensed milk market. However, the high calorie content remains an impediment to market growth.
Eagle Family Foods Group (U.S.), FrieslandCampina (The Netherlands), Nestle (Switzerland), Santini Foods (U.S.), GCMMF (AMUL) (India), DANA Dairy (Switzerland), and Arla Foods (Denmark) are some of the major players participating in the global sweetened condensed milk market. These players are expected to opt for growth strategies such as mergers acquisitions, product innovation, product portfolio development, product launches, packaging innovations, etc. The market participants are constantly investing in research development for responding to changing consumer preferences and gaining an edge over its competitors.
The flavored sweetened condensed milk and the unflavored sweetened condensed milk are the two segments of the global sweetened condensed milk market based on type. Among these, the flavored sweetened condensed milk segment has a comparatively larger consumer base, which is expected to further expand in the years to come. The innovations in flavor are likely to influence the expansion of the segment greatly over the next few years.
The different segments of the sweetened condensed milk market, on the basis of packaging material, include glass, metal, plastic, and others. The metal segment is presently dominating the global market and is likely to be trailed by the glass segment through the forecast period.
The segmental assessment of the sweetened condensed milk market, based on distribution channel, encompasses supermarket and hypermarket, food and beverage specialist, convenience stores, and others. Among these, the supermarket and hypermarket segment is anticipated to retain the dominant position over the review period. Factors such as the availability of a wide range of products, one stop shopping convenience, etc. are poised to accelerate revenue creation in the segment over the next couple of years.
The geographical assessment of the global sweetened condensed milk market covers North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is currently dominating the market and is likely to exhibit healthy growth over the next few years. Increasing demand for desserts is projected to drive the proliferation of the sweetened condensed milk market in the region over the review period. Europe is likely to maintain its second-leading spot across the projection period. Asia Pacific is likely to grow at a rapid pace in the forthcoming years. China and India are assessed to be the major contributors in the region.
In June 2019, Nature's Charm, a family-owned brand, has announced the launch of coconut flavored vegan evaporated milk and sweetened condensed milk.