Sweetened Condensed Milk Market Report

Market Overview:

The global sweetened condensed milk market size reached US$ 7.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.77% during 2024-2032. The growing product demand among consumers, increasing innovation in sweetened condensed milk, rising café culture across the globe, and the introduction of plant-based and lactose-free products are some of the major factors propelling the market.

Sweetened condensed is a thick, sweet, and creamy milk product that undergoes a process to remove water, intensify volume, and infuse it with sugar. It is viscous in nature and offers a deep, caramelized color developed through the Maillard reaction during the heating process. Sweetened condensed milk is widely used in a variety of dessert recipes and beverages, such as pastries, fudges, flan, pies, iced coffee, and iced tea. It is a versatile and easy-to-store product that enhances user convenience, provides consistent quality, and offers long shelf life.

The introduction of plant-based and lactose-free products that are manufactured using almond, soy, and oat milk, thus attracting new consumers who are adopting a vegan diet or facing lactose intolerance, is contributing to the market growth. Moreover, aggressive marketing and promotional activities by manufacturers through social media, television (TV) commercials, and celebrity endorsements are providing a considerable boost to the market growth. Besides this, the rising consumer awareness regarding various product health benefits, such as increasing energy levels, strengthening bones, improving eyesight, supporting digestive health, boosting the immune system, and promoting muscle recovery, is positively influencing the market growth. Other factors, growing expenditure capacities of consumers, increasing investment in the development of advanced products, and the widespread product availability across online retail platforms, are anticipated to drive the market growth.

Sweetened Condensed Milk Market Trends/Drivers:

The growing product demand among consumers

Sweetened condensed milk has become increasingly popular worldwide due to the growing global preference for sweet foods and beverages. It is widely used as a crucial ingredient in numerous traditional recipes due to its creamy, sweet, and indulgent characteristics. In addition to this, the increasing product demand due to the recent surge in home cooking and baking, fueled by social media and lifestyle trends, is acting as another growth-inducing factor. Furthermore, the rising inclination towards convenient and long-lasting products that require minimal preparation has contributed to the increased demand for sweetened condensed milk owing to its ready-to-use nature and extended shelf life property.

The increasing innovation in sweetened condensed milk

The launch of sweetened condensed milk manufactured using alternative sweeteners, such as stevia and monk fruit extract, that are natural and healthier options for individuals focusing on fitness and overall wellness is positively influencing the market growth. Furthermore, the introduction of advanced packaging options, such as single-serve and re-sealable pouches that provide greater convenience and enhance product shelf-life, is contributing to the market growth. Apart from this, the integration of new and exotic flavors, such as vanilla, chocolate, and caramel, to cater to diverse consumer preferences is supporting the market growth. Moreover, the recent advancements in processing techniques, such as homogenization and sterilization processes to enhance the texture, flavor, and shelf stability of the product, are catalyzing the market growth.

The rising café culture across the globe

The café culture has witnessed a global expansion, particularly in urban environments. Cafés have become social hubs, workspaces, and places to relax, leading to increased consumption of café products. Many popular café drinks, such as Vietnamese iced coffee or Thai tea, use sweetened condensed milk as a staple ingredient, leading to its increased demand. Moreover, as international chains expand and local cafés gain popularity, these beverages are reaching wider audiences, thus increasing the demand for sweetened condensed milk. Furthermore, as consumers seek to replicate these café experiences at home, the demand for sweetened condensed milk extends into the domestic sphere, contributing to the overall market growth.

Sweetened Condensed Milk Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global sweetened condensed milk market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type, packaging type, and distribution channel.

Breakup by Product Type:

• Flavored
• Unflavored
   

Unflavored holds the largest market share.

The report has provided a detailed breakup and analysis of the sweetened condensed milk market based on the product type. This includes flavored and unflavored. According to the report, unflavored represented the largest market segment.

The unflavored sweetened condensed milk is dominating the market due to its versatility, simplicity, and traditional appeal. The unflavored variety offers the benefit of adaptability, allowing it to be incorporated into multiple recipes from diverse cultures. In line with this, it is a core ingredient in numerous desserts, beverages, baked goods, pies, and coffees, offering a unique texture and sweetness that cannot be readily replicated by other ingredients. Furthermore, the growing product demand among health-conscious consumers, as it does not contain added flavors or preservatives, is contributing to the market growth. Along with this, the reduced complexity of unflavored condensed milk makes it a preferred choice for consumers aiming for control over the flavor profile of their cooking.

Breakup by Packaging Type:

• Cans
• Bottles
• Tubes
• Others
   

Cans holds the largest market share.

The report has provided a detailed breakup and analysis of the sweetened condensed milk market based on the packaging type. This includes cans, bottles, tubes, and others. According to the report, cans represented the largest market segment.

Cans hold a majority market share owing to their durability and shelf-stability, as they are made from materials, such as aluminum or steel, that are sturdy and impermeable. They effectively protect the product from environmental factors such as light, air, and moisture, ensuring product quality and extending shelf life. Furthermore, cans provide ease of storage and use, as they are stackable and compact, making them convenient for both retailers and consumers. Additionally, they come with easy-open lids or pull-rings, which makes them user-friendly and ready to use without the need for additional tools. Moreover, cans are recyclable and often contain a high percentage of recycled content. The increasing consumer awareness about environmental impacts gives cans an edge over less recyclable packaging. Apart from this, the economical mass production of cans also contributes to efficient and cost-effective packaging, making them an attractive choice for manufacturers.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
   

Supermarkets and Hypermarkets holds the largest market share.

The report has provided a detailed breakup and analysis of the sweetened condensed milk market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, supermarkets and hypermarkets represented the largest market segment.

Supermarkets and hypermarkets hold the majority market share because they provide a wide variety of items under one roof, which enhances the convenience of shoppers. Additionally, consumers appreciate the ability to purchase all their groceries, including dairy products like sweetened condensed milk, in a single trip. Furthermore, supermarkets and hypermarkets often provide products at competitive prices due to their ability to buy in large volumes. This price advantage, coupled with frequent sales and promotions, appeals to budget-conscious consumers. Moreover, the physical presence of these stores allows customers to see and evaluate products before purchase, providing assurance of product quality. This is especially important for food items, where taste, freshness, and quality are critical considerations. Apart from this, supermarkets and hypermarkets have well-established supply chain networks, ensuring consistent availability of products.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America 
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Europe exhibits a clear dominance in the market, accounting for the largest sweetened condensed milk market share.

The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe represented the largest market segment.

Europe represents the largest regional market for sweetened condensed milk due to a confluence of cultural, economic, and market factors. Sweetened condensed milk is deeply ingrained in the culinary traditions of many European countries, including fudge, flan, and other desserts. Furthermore, Europe's strong economic position supports a well-developed and sophisticated food and beverage industry. Consumers in this region have higher disposable incomes, allowing for regular purchase of diverse food products, including sweetened condensed milk. Additionally, it is home to several leading dairy producers and exporters, ensuring a consistent supply of high-quality milk for the production of sweetened condensed milk. The strong presence of these manufacturers also facilitates easy access and wide distribution of the product throughout the region. Moreover, the growing consumer awareness about product variants, driven by effective marketing and education, is also contributing to the market growth.

Competitive Landscape:

The key players are focusing on developing new products to cater to evolving consumer preferences. This includes experimenting with new flavors and producing healthier alternatives such as low-sugar or sugar-free versions and plant-based sweetened condensed milk for vegan and lactose-intolerant consumers. Furthermore, leading companies are looking to expand their presence in untapped markets by establishing new manufacturing facilities, partnering with local distributors, and acquiring local businesses to ensure a wider reach of their products. Additionally, several market players are also focusing on optimizing their supply chains to ensure product availability and reduce costs. Moreover, leading companies are heavily investing in marketing activities to build brand awareness and attract new customers. This includes traditional advertising, engaging in social media marketing, partnering with food bloggers or influencers, and organizing promotional events or sales.

The report has provided a comprehensive analysis of the competitive landscape in the global sweetened condensed milk market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• 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
   

Sweetened Condensed Milk Market Report Scope:

Key Questions Answered in This Report:

• How has the global sweetened condensed milk market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global sweetened condensed milk market?
• What is the impact of each driver, restraint, and opportunity on the global sweetened condensed milk market?
• What are the key regional markets?
• Which countries represent the most attractive sweetened condensed milk market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the sweetened condensed milk market?
• What is the breakup of the market based on the packaging type?
• Which is the most attractive packaging type in the sweetened condensed milk market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the sweetened condensed milk market?
• What is the competitive structure of the global sweetened condensed milk market?
• Who are the key players/companies in the global sweetened condensed milk market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the sweetened condensed milk market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global sweetened condensed milk market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the sweetened condensed milk industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.