Evaporated Milk Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Global Evaporated Milk Market revenue is projected to reach US$ 1,162.8 Mn by 2027 from US$ 977.7 Mn in 2021. The market is registering growth at a CAGR of 2.8% over the forecast period 2022-2027. In terms of volume, the market is growing at a CAGR of 2.5% during the forecast period. Evaporated milk is also known as unsweetened condensed milk in some countries, is a shelf-stable canned cow’s milk product where about 60% of the water has been removed from fresh milk. It differs from sweetened condensed milk, which contains added sugar. The production process involves evaporation of 60% of the water from the milk, followed by homogenization, canning, and heat-sterilization. Evaporated milk also contains iron, calcium, and vitamin C and A, rendering it more nutritious than other variants, such as fresh, powdered, or condensed milk.  

The growing impetus of the evaporated milk market is attributed to the high nutritional profile of evaporated milk as compared to regular milk and the rising food and beverage industry. Moreover, evaporated milk is also a convenient option while traveling, trekking, and camping. Primarily, this product does not need to be refrigerated and has a much longer shelf life. Furthermore, the introduction of dairy-free evaporated milk is an emerging opportunity in the market. However, the volatility in the prices of regular milk is hindering market growth. 

Report Summary

The study of the global evaporated milk market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the evaporated milk industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the global evaporated milk market across 14 Chapters and, 166 pages. The report includes data presentation across 41 tables and 58 statistical figures. 

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein threat of substitutes and intensity of rivalry is high. 

The subsequent section provides details of the market analysis based on different segments such as type, application, and region. The report includes a detailed study of the value chain of the industry. It includes raw material transportation, processing facilities, distributors, and end-users. The report also covers extensively the key competitors in the market for evaporated milk. 

Key Takeaways from the Global Evaporated Milk Market Report

• Based on type, whole evaporated milk holds the highest market share in the global evaporated milk market in 2021. The production and consumption of whole evaporated milk are high compared to skimmed evaporated milk, as skimmed evaporated milk is majorly preferred by people on a low-fat diet. However, the skimmed evaporated milk has the highest CAGR during the forecast period.
• By Application, food services have the highest CAGR during the forecast period 2022-2027. The demand for evaporated milk is increasing in the food and beverage industry. In addition, the demand for evaporated milk has remarkably increased in the bakery and confectionery industries. In the food and beverage industry, evaporated milk is mostly used in food processing and making milk-based beverages. In addition, it is also used in infant food. In the bakery and confectionary industry, the evaporated milk demand is increasing in bakery products and milk-based confectionaries.
• Europe holds the highest share in the global evaporated milk market; however, Asia Pacific records the highest CAGR during the forecast period. In the Asia Pacific, China leads the market; however, India will grow at the highest CAGR of 4.7% during the forecast period.

Competitive Insight

• Nestle is a Swiss multinational company established in 1866 by the merger of a Swiss Milk Company and Nestle. The company includes a wide range of products that includes baby food, medical food, bottled water, breakfast cereals, coffee and tea, confectionery, dairy products, and ice cream.
• Envictus started as a manufacturer and distributor of sweetened condensed milk and evaporated milk and further evolved into a diversified F&B player following several acquisitions.
• O-AT-KA is a co-packer of beverages, company is recognized as a full-service, results-oriented partner to customers. The company produces and supplies cream, milk concentrate, butter, milk powders, protein products, coffee, energy drinks, dairy base liqueurs, and meal replacement beverages.
• DANA Dairy is a major producer and provider of various milk products to the world’s market. The company offers drinking UHT milk, various types of milk powders, various cheese, butter, ice cream powders, baby milk powder, and many other dairy items to the world's industrial and consumer markets.
• Alaska Milk Corporation is a manufacturer of milk products in the Philippines. Its products are sold under the Alaska brand. Its products are sold under the Alaska brand. Alaska Milk corporation produces liquid, powdered, and ultra-heat-treated milk. The company also produces ready-to-drink milk and chocolate-flavored milk.

Segmentation Overview  

Global Evaporated Milk Market is segmented based on type, application, and region. The industry trends in the global evaporated milk market are sub-divided into different categories in order to get a holistic view of the global evaporated milk market. 

Following are the different segments of the global evaporated milk market: 

By Type Segment of the Global Evaporated Milk Market is Sub- Segmented into: 

• Skimmed Evaporated Milk
• Whole Evaporated Milk

By Application Segment of the Global Evaporated Milk Market is Sub- Segmented into: 

• Foodservice Cans
• Retail

By Region Type Segment of the Global Evaporated Milk Market is Sub- Segmented into: 

• North America 
  • The U.S.
  • Canada
  • Mexico
• Europe 
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America 
  • Argentina
  • Brazil
  • Rest of South America