Global Sweetened Condensed Milk Market to Reach US$ 11.7 Billion by 2032, 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 2024-2032,” the global sweetened condensed milk market size reached US$ 7.7 Billion in 2023. 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$ 11.7 Billion by 2032, expanding at a CAGR of 4.77% during 2024-2032.

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 Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
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
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Post-Sale Analyst Support 10-12 Weeks
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Global Sweetened Condensed Milk Market to Reach US$ 11.7 Billion by 2032, Fueled by Growing Demand for Convenience Food
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