According to a recent market study published by Growth Market Reports, titled, “Global Sweet Condensed Milk Market by Type, by Packaging Form, by Packaging Size, by Application, by Distribution Channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at US$ 6,814.9 Million in 2021 and is expected to expand at a growth rate of 3.2% by 2030.

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Sweet condensed milk has a paste-like structure and thick consistency, owing to the addition of sugar. Sweet condensed milk lasts for many years without cooling or when it is not opened, and it is used as an ingredient in many desserts. The durability of condensed milk is extended by the addition of sugar. The osmotic pressure of the liquid is raised by the addition of sugar, preventing the development of microorganisms. The evaporated milk is cooled to bring it to room temperature and the lactose is stimulated for crystallization.

Condensed milk is a suitable alternative to regular milk in culinary applications, such as desserts and beverages. Sweet condensed milk imparts a creamy and smooth texture to sweets & desserts, which makes the end product delicious. Sweet condensed milk provides nutritional benefits when consumed in appropriate quantities.

On the basis of type, the global sweet condensed milk market is segregated into flavored and unflavoured. The flavored segment is expected to expand at a CAGR of 3.5% during the forecast period, as flavored sweet condensed milk is used in numerous desserts, as it makes the end product tasty and sweet. Sweet condensed milk is one of the main ingredients of cold cake.

Based on packaging form, the global sweet condensed milk market is classified as pouch, tetra pack, bottle, can, and tube. The bottle segment is projected to expand at a CAGR of 3.5% during the forecast period, as the bottle is preferred over other alternative packaging forms. Bottles are one of the most suitable packing options for sweet condensed milk. A bottle usually has a close-fitting stopper or cap to protect sweet condensed milk from spillage.

In terms of packaging size, the global sweet condensed milk market is classified into below 300 g, 301-400 g, 401-500 g, 501-1000 g, and more than 1000 g. The 501-1000 g segment is expected to expand at a CAGR of 3.4% during the forecast period, as 500-1000g sweet condensed milk is one of the preferred choices for use in households or in-house consumption.

Based on application, the global sweet condensed milk market is categorized into households, restaurants & cafes, infant food producers, bakery, and confectionary. The restaurant & cafes segment is anticipated to expand at a rate of 3.4% during the forecast period, as in some cafes, coffee is served with sweet condensed milk to mask the bitter taste of coffee. Sweet condensed milk is used as fruit toppings and in savory dishes, which increases product consumption.

In terms of distribution channel, the global sweet condensed milk market is bifurcated into wholesalers/distributors, supermarkets & hypermarkets, departmental stores, convenience stores, and online retailing. The online retailing segment is projected to expand at a significant CAGR of 3.1% during the forecast period. Online retailing has increased consumer reach and has evolved as a key source of revenue for many companies. Online retailing offers high sales reach to businesses and high accessibility of products to customers.

The outbreak of coronavirus disease in 2019 (COVID-19) had a high impact on the global sweet condensed milk market, as lockdown restrictions hampered the food industry, which in turn, hampered the manufacture and supply chain of sweet condensed milk. This product is majorly used in bakeries and restaurants for making cakes, ice cream, fudge, and truffles. The pandemic led to the shutdown of food outlets, which restrained the sweet condensed milk market.

As per Growth Market Reports industry analyst Divyanka Sankhe, “The sweet condensed milk market is moderately fragmented, due to the presence of many small players in the market for manufacturing this product. The COVID-19 outbreak had a severe impact on the sweet condensed milk market and the market is currently recovering from the effects of the pandemic.”

Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. Raw materials used for manufacturing sweet condensed milk are shipped to manufacturers to be processed into final products. Quality checks are performed throughout the production process by manufacturers to ensure the quality of the product.

Key Takeaways from the Study

The players in the global sweet condensed milk market include Nestlé, Royal FrieslandCampina N.V, GCMMF, Vinamilk, Fraser & Neave Holdings Bhd, Eagle Family Foods LLC, Goya Foods, Inc, Belgorod Dairy Products OJSC, Santini Foods, Inc., and DANA DAIRY GROUP.

Report Metric

Details

Market Value in 2021

US$ 6,814.9 Million

Market Growth Rate (from 2020 to 2028)

3.2%

Historical Data

2015 & 2030

Base Year

2021

Forecast Period

2022 – 2030

Units Considered

Value (US$ Million)

Market Segments

By Type, By Packaging Form, By Packaging Size, By Application, and By Distribution Channel

Key Companies Profiled

Nestlé, Royal FrieslandCampina N.V, GCMMF, Vinamilk, Fraser & Neave Holdings Bhd, Eagle Family Foods LLC, Goya Foods, Inc, Belgorod Dairy Products OJSC, Santini Foods, Inc., and DANA DAIRY GROUP.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturers and distributors.
  • Demand Side: Households, Restaurants & Cafes, Infant Food Producers, Bakery, and Confectionary.
  • Regulatory Side: Concerned government authorities and other approved regulatory bodies.
  • Associations and Industry Bodies: Food Safety and Standards Authority of India (FSSAI), Food and Drug Administration (FDA), Ministry of Food Processing Industries, and Food Safety and Standards (Packaging) Regulations.