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The global evaporated milk market is expected to experience significant growth in the coming years, with projected revenue of US$ 1,336.014 million by 2031, up from US$ 1,000.8 million in 2022. The market is expected to grow at a CAGR of 3.7% during the forecast period of 2023-2031, while the volume of the market is projected to grow at a CAGR of 3.4% over the same period.
Evaporated milk, which is known as unsweetened condensed milk in some countries, is a canned cow's milk product where 60% of the water has been removed from fresh milk. Evaporated milk is more nutritious than other milk variants due to its iron, calcium, vitamin C and A content.
The rising demand for evaporated milk market is attributed to its high nutritional profile and convenience, especially while travelling or camping, as it does not require refrigeration and has a longer shelf life. Furthermore, the growing food and beverage industry is driving the demand for evaporated milk. An emerging opportunity in the market is the introduction of dairy-free evaporated milk. However, the volatility in the prices of regular milk is a hindrance to market growth.
Drivers of the Evaporated Market
Rising Demand for Convenient and Long-Lasting Dairy Products
One of the key drivers of the evaporated market is the increasing demand for convenient and long-lasting dairy products. Evaporated milk has a longer shelf life than regular milk, making it an attractive option for consumers who want to stock up on dairy products without worrying about them spoiling quickly. Additionally, evaporated milk can be used in a wide range of recipes, from baked goods to savory dishes, making it a versatile ingredient in the kitchen.
Growing Awareness of the Nutritional Benefits of Evaporated Milk
Another driver of the evaporated market is the growing awareness of the nutritional benefits of evaporated milk. While some people believe that evaporated milk is less nutritious than regular milk, this is not necessarily the case. Evaporated milk contains the same amount of vitamins and minerals as regular milk, but with a higher concentration due to the removal of water. As such, it can be a good source of calcium, vitamin D, and other important nutrients.
Restraint of the Evaporated Market
Competition from Alternative Dairy Products
While there are many drivers of the evaporated market, there is also one key restraint: competition from alternative dairy products. In recent years, there has been a surge in demand for plant-based milk alternatives, such as almond milk, soy milk, and oat milk. These products are often marketed as healthier and more sustainable than traditional dairy products, which can make them more appealing to some consumers. As such, the evaporated milk industry must find ways to differentiate itself from these alternative dairy products in order to maintain its market share.
Segmental Analysis of the Global Evaporated Milk Market
The global evaporated milk market is witnessing significant growth in various segments. Based on type, whole evaporated milk holds the highest market share in the global market in 2022, accounting for a major share in both production and consumption. However, the skimmed evaporated milk segment is expected to witness the highest compound annual growth rate (CAGR) during the forecast period 2023-2031, due to increased demand from health-conscious consumers preferring low-fat diets.
In terms of application, the food services segment in the global evaporated milk market is expected to witness the highest CAGR during the forecast period, driven by the increasing demand for evaporated milk in the food and beverage industry. The demand for evaporated milk has also increased significantly in the bakery and confectionery industries, with a surge in demand for bakery products and milk-based confectionaries.
Evaporated milk is a growing market in Europe, where the high demand is driven by the presence of a large number of manufacturers and consumers. Additionally, the growing health consciousness among consumers is expected to drive the demand for evaporated milk in Europe. In the Asia Pacific region, the Chinese market is expected to be the largest, due to its high population and increasing demand from the food and beverage industry.
India is expected to have the highest CAGR in the region, due to increasing health consciousness among consumers. North America is also expected to have a growing demand for evaporated milk, with the US holding the largest market share in the region, followed by Canada. Moreover, the growing preference for convenience foods is expected to fuel the growth of the evaporated milk market in the coming years. Additionally, the increasing demand for lactose-free milk products is expected to create promising opportunities for the growth of the evaporated milk market.
At the top of the pyramid of the evaporated milk market are the key players, which include global giants like Nestle, Arla, Fraser and Neave, Friesland Campina, DMK GROUP, among others. These players dominate the market and have a significant market share. They operate across multiple regions and countries and have established brand recognition and consumer loyalty. These key players have the resources to invest in product development, marketing, and distribution, which gives them a competitive advantage over smaller players in the market.
List of Key Companies Profiled:
Following are the different segments of the global evaporated milk market:
By Type Segment of the Global Evaporated Milk Market is Sub- Segmented into:
By Application Segment of the Global Evaporated Milk Market is Sub- Segmented into:
By Region Type Segment of the Global Evaporated Milk Market is Sub- Segmented into:
|Market Size Value in 2022||US$ 1,000.8 Mn|
|Expected Revenue in 2031||US$ 1336.014 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Application, By Region|
|Key Companies||Nestle, Arla, Fraser and Neave, Friesland Campina, Marigold, DMK GROUP, Eagle Family Foods, O-AT-KA Milk Products, Leche Gloria SA, DANA Dairy, Delta Food Industries FZC, Yotsuba Milk Products, Senel Bv, Zhejiang Panda Dairy, Envictus, Alaska Milk, Alokozay Group, Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global Evaporated Milk Market is projected to grow at a CAGR of 3.7% during the forecast period 2023-2031.
Evaporated milk or unsweetened condensed milk is fresh homogenized milk made from canned cow’s milk that has 60% of the water removed.
Evaporated milk is slightly darker than fresh milk due to its slightly caramelized flavour resulted from the high heat process.
Factors such as high nutritional profile of evaporated milk as compared to regular milk and the continuously growing food and beverage industry.
The retail segment is estimated to have the highest market share during the forecast period.
Asia Pacific is projected to have the highest CAGR in the global evaporated milk market.
The market has been classified into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and South America.
Volatility in the regular milk prices is affecting the production and cost of the evaporated milk, which is anticipated to negatively restrain the market growth.
China is the highest shareholder in the Asia Pacific evaporated milk market.
Spain is expected to grow at the fastest CAGR in the Europe Evaporated Milk Market during the forecast period.
Whole Evaporated Milk segment is estimated to have the highest market share during the forecast period.
Nestle, Arla Foods, Fraser and Neave, Friesland Campina, Yotsuba Milk Products Co. Ltd, Envictus, DANA Dairy, Alaska Milk Corporation, DMK Group and Eagle Family Foods among others.