Global Sweetened Condensed Milk Market to Reach US$ 10 Billion by 2028, Fueled by Growing Demand for Convenience Food

September 15, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “­­ Sweetened Condensed Milk Market Report by Product Type (Flavored, Unflavored), Packaging Type (Cans, Bottles, Tubes, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), and Region 2023-2028,” the global sweetened condensed milk market size reached US$ 7.3 Billion in 2022. Sweetened condensed milk is a versatile dairy product broadly employed in the food and beverage (F&B) industry. It is prepared by evaporating a portion of water from cow's milk and then adding sugar to create a thick, sweet, and creamy liquid. The product's rich consistency and natural sweetness make it a popular ingredient in an array of culinary applications, such as desserts, baked goods, beverages, and confectionery items. Its long shelf life, convenient packaging, and ability to add flavor and texture to numerous dishes make it a staple in kitchens and food manufacturing facilities around the world. Moreover, sweetened condensed milk’s inherent sweetness and ability to enhance the taste profile of different recipes contribute to its widespread usage in both commercial and household settings.


Global Sweetened Condensed Milk Market Trends:

The global sweetened condensed milk market is experiencing substantial growth due to the increasing demand for convenience foods and ready-to-eat (RTE) products. Moreover, the rising popularity of indulgent and nostalgic flavors in the food industry is driving the demand for sweet treats and desserts. Sweetened condensed milk's ability to provide a rich and creamy base for ice creams, puddings, and traditional confections aligns well with consumer preferences for comforting and familiar flavors, thereby fueling the market demand. Furthermore, the expansion of the bakery and confectionery sectors, driven by changing consumer lifestyles and preferences, is contributing to the increasing use of sweetened condensed milk in creating diverse bakery items such as cakes, pastries, and cookies, adding moisture, flavor, and a desirable texture. In addition to this, the rise of e-commerce and online grocery platforms has made it easier for consumers to access a variety of ingredients, including sweetened condensed milk, aiding in market expansion. Looking forward, the market value is projected to reach US$ 10 Billion by 2028, expanding at a CAGR of 5.30% during 2023-2028.


Market Summary:

  • Based on the product type, the market is bifurcated into flavored and unflavored. Between these, unflavored represents the largest market segment.
  • On the basis of the packaging type, the market has been segregated into cans, bottles, tubes, and others. Currently, cans dominate the market.
  • Based on the distribution channel, the market is categorized into supermarkets and hypermarkets, convenience stores, online stores, and others. At present, supermarkets and hypermarkets are the most popular market segment.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Europe exhibits for the largest market share.
  • The competitive landscape of the market has also been examined, with some of the key players being Amul (GCMMF), DANA Dairy Group Ltd., Eagle Family Foods Group LLC, Fraser and Neave Limited, Goya Foods Inc., Nestlé S.A., Royal FrieslandCampina N.V., Santini Foods Inc., Vinamilk, etc.


Report Scope:

Report Features Details
Base Year of the Analysis 2022
 Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Product Type
  • Packaging Type
  • Distribution Channel
  • Region 
Product Types Covered Flavored, Unflavored
Packaging Types Covered Cans, Bottles, Tubes, Others
Distribution Channels Covered Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Amul (GCMMF), DANA Dairy Group Ltd., Eagle Family Foods Group LLC, Fraser and Neave Limited, Goya Foods Inc., Nestlé S.A., Royal FrieslandCampina N.V., Santini Foods Inc., Vinamilk, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Sweetened Condensed Milk Market to Reach US$ 10 Billion by 2028, Fueled by Growing Demand for Convenience Food
Purchase options Year End sale



Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More