Growing preference for condensed milk among consumers owing to its quality and longer shelf life is a key driver for the growth of condensed milk market revenue
The report talks about the changing demand and emerging trends that are expected to drive the growth of the condensed milk market. The growing demand for the condensed milk market is expected to drive the demand for the condensed milk market, thereby enhancing the growth of the industry. Additionally, the report also studies the impact of the COVID-19 pandemic on the market.
The Global condensed milk market the size was USD 8.16 billion in 2021 and is expected to register a CAGR of 3.4% during the forecast period, according to the latest analysis from Emergen Research. The growing preference for condensed milk among consumers due to its quality and longer shelf life is a key driver for the market revenue growth.
The important criteria of choice for customers to buy a food product are quality and a longer shelf life, which means that the product will be consumed longer. People tend to buy products and store them for later use, so this customer buying pattern is expected to increase condensed milk sales. If unwrapped, the product will keep for at least one year after the stated expiration date and approximately three weeks after opening. Additionally, the demand for dairy-free alternatives to all food products is increasing in recent years. People with a sustainable outlook have also preferred vegan/non-dairy products as they ensure no animal cruelty throughout the manufacturing process.
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The report also profiles established and emerging market players, covering business overview, product portfolio, strategic alliances, and business expansion strategies.
Some large companies in the global market report include Nestlé SA, Goya Foods, Inc., Eagle Family Foods Group LLC, Fraser & Neave Holdings Bhd., Dana Dairy Group, Arla Foods, Hochwald Foods GmbH, Santini Foods, Inc., Royal FrieslandCampina NV , Vinamilk , and Dutch Lady Milk Industries Berhad.
- Industry structure analysis of Condensed Milk Market by identifying various sub-segments
- In-depth analysis of key market players along with their SWOT analysis
- Benchmark of the competitive landscape
- Condensed Milk Market analysis based on growth trends, futuristic prospects, and contribution to total market growth
- Analysis of Drivers, Restraints, Opportunities, Challenges, and Risks in the Global Condensed Milk Market
- Complete analysis of competitive developments such as extensions, agreements,
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The report studies the historical data of the Condensed Milk market and offers valuable insights into key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects.
Emergen Research has segmented the global condensed milk market on the basis of packaging type, product type, application, sales channels and region:
- Packaging Type Outlook (Revenue, USD Billion; 2019-2030)
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Skimmed part
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Pastry shop
- Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
- Departmental stores
- Retail businesses
- Online retail
The full regional analysis covers:
North America (United States, Canada, Mexico
Europe (UK, Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)
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Key Points of the Condensed Milk Market:
- The tube segment is expected to witness a very rapid revenue growth rate over the forecast period owing to the increasing adoption of condensed milk in tube to manufacture various desserts. Condensed milk can be used as a bread spread, cake topping, or ice cream topping straight from the tube. In May 2022, F&N Dairies, a Thailand-based dairy manufacturer, launched sweetened condensed milk in a tube to make a variety of desserts.
- The bakery segment is expected to witness a very rapid revenue growth rate over the forecast period owing to the growing demand for condensed milk to prepare various bakery products. Condensed milk is widely used for the production of various bakery products, such as cakes and pastries, to improve their taste. The increasing adoption of bakery products across the world is creating a high demand for condensed milk.
- The Asia-Pacific market is expected to witness a very rapid revenue growth rate over the forecast period owing to the increasing adoption of condensed milk to produce sweets and confectionery in the countries in the region, especially in China , India, Malaysia and Vietnam. Additionally, the growing trend of vegan condensed milk is expected to support the market revenue growth.
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