PUNE, India, June 23, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Sweet Condensed Milk Market by Type (Flavored and Unflavored), by Packaging Form (Pouch, Tetra Pack, Bottle, Can, and Tube), by Packaging Size (Below 300 g, 301-400 g, 401-500 g, 501-1000 g, and More than 1000 g), by Application (Household, Restaurant & Cafes, Infant Food Producers, Bakery, and Confectionary), by Distribution Channel (Wholesalers/Distributors, Supermarket & Hypermarket, Departmental Stores, Convenience Stores, and Online Retailing) and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 7.03 billion in 2022 and is expected to surpass USD 9.13 billion expanding at a CAGR of 3.2% by the end of 2031. The market is driven by its rising application as a major ingredient in most bakery and confectionary items.
Recent Developments:
In May 2021, Nestlé launched a new condensed milk substitute that is completely plant-based and is composed of oat and rice flour. As per the manufacturer, it has been developed as a vegan confectionery and is ideal for preparing dishes such as brownies, dairy-free caramel slices, and chocolate chip cookies.
Key Market Players Profiled in the Report
- 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.
- DANA DAIRY GROUP
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics. It provides an in-depth analysis of the market segments, which include type, packaging form, packaging size, application, distribution channel, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
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Regional Highlights:
On the basis of region, the global sweet condensed milk market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the global market, due to the increasing demand for sweet condensed milk products in desserts and confectioneries. In addition, several key players belong to this region, which further boosts the market.
Europe is expected to be a rapidly growing region in the global market during the projected period as it is the world's top exporter of chocolate products. European countries such as Germany and the United Kingdom are the largest manufacturers of milk and milk products.
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Key Takeaways from the Study:
- Sweet condensed milk is the kind of milk from which approximately 60% of the water component has been removed. It is a good source of various nutrients such as calcium, vitamin B12, vitamin A, vitamin D, riboflavin, protein, and phosphorus.
- Sweet condensed milk can be used in making various products such as tea, coffee, caramel sauce, pudding, and fruit dressing, among others. It aids in maintaining strong bones & teeth and a strong immune system.
- The demand for new desserts and beverages, such as new types and flavors of ice creams, fudges, and cakes, is rising constantly, which is likely to drive the market. Sweet condensed milk is used not only for creating new flavors and sweets but also for traditional sweets such as pudding and truffles.
- The packaging of the product should be compatible with various processors. Making the packaging compatible with the technological requirements of production facilities has the potential for creating major growth opportunities for the market players.
- The flavored segment is anticipated to boost the market during the forecast period due to the growing competition among the players in the industry. Several manufacturers are focusing on creating innovative products by adding flavors to increase the demand for sweet condensed milk
- The can segment is projected to register a considerable CAGR during the forecast period as the metal cans are eco-friendly and prevent food spoilage. Cans provide sturdy packaging which not only lowers the damage cost but also keeps the product from getting contaminated or spoiled during transport.
- The online retailing segment is anticipated to expand at a significant pace in the market as it has considerably increased consumer reach and has become the main source of revenue for several companies. The online platforms offer products at relatively low prices by omitting the middle-man role of the retail stores.
Read 350 Pages Research Report with Detailed TOC on "Global Sweet Condensed Milk Market by Type (Flavored, Unflavored), by Packaging Form (Pouch, Tetra Pack, Bottle, Can, Tube), by Packaging Size (Below 300 g, 301-400 g, 401-500 g, 501-1000 g, More than 1000 g), by Application (Household, Restaurant & Cafes, Infant Food Producers, Bakery, Confectionary), by Distribution Channel (Wholesalers/Distributors, Supermarket & Hypermarket, Departmental Stores, Convenience Stores, Online Retailing) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 - 2031"
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Key Segments Covered
By Type
- Flavored
- Unflavored
By Packaging Form
- Pouch
- Tetra Pack
- Bottle
- Can
- Tube
By Packaging Size
- Below 300 g
- 301-400 g
- 401-500 g,
- 501-1000 g
- More than 1000 g
By Application
- Household
- Restaurant & Cafes
- Infant Food Producers
- Bakery
- Confectionary
By Distribution Channel:
- Wholesalers/Distributors
- Supermarket & Hypermarket
- Departmental Stores
- Convenience Stores
- Online Retailing
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Other Related Reports:
- Dairy Free Chocolate Market Segments - by Nature (Organic and Conventional), Type (Milk Chocolate, Dark Chocolate, and White Chocolate), Distribution Channel (Online Stores and Offline Stores), Frequency (Premium, Seasonal, and Daily), Flavor (Caramel, Dark, Brown Butter, Coconut Milk, Lavender, and Others) and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031
- Global Baby Infant Formula Market by Type (Infant Milk, Follow-on-Milk, Specialty Baby Milk, Growing-up Milk), By Application (Hypermarkets, Supermarkets, Pharmacy/Medical Stores, Specialty Stores, Hard Discounter Stores, Others), And By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
- Global Milk Market by Type (Yogurt, Probiotic Milk, Pure Milk, Others), By Application (Online, Offline), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast To 2028
- Global Milk Powder Market by Type (Skim Milk Powder, Whole Milk Powder, ), By Application (Infant Formula Milk Powder, Adult Formula Milk Powder, Confectionery, Others, ) And By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
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