Sweetened Condensed Milk Market Size | Value Demand, Key Players and Forecast to 2023

Market Overview

Global Sweetened Condensed Milk Market is produced majorly from cow milk. The water is removed from cow’s milk through a heating process and then blended with a right amount of sugar to create a rich, thick and smooth texture. Sweetened condensed milk is used to provide sweetness and a rich creamy texture to some desserts. It is a source of calcium, potassium, magnesium, vitamin A and trace amounts of other vitamins and minerals. Moreover, sweetened condensed milk has a longer shelf life. They are available in flavored as well as unflavored form.

Growing confectionery industry and increasing demand for dairy products is supporting the growth of sweetened condensed milk market. The long shelf life of the product is having a positive impact on the growth of the sweetened condensed milk market. The key players are constantly making efforts to come up with new flavors in the market which is adding fuel to the growth of the market. However, high calorie and fat content in sweetened condensed milk may hamper the growth of the market. Though, companies are introducing low calorie or fat-free sweetened condensed milk to overcome the restraint.

Sweetened condensed milk provide rich and creamy texture along with sweetness for which it is gaining acceptance in various food dishes globally. It is also used to sweeten beverages, mainly coffee. Many countries in Asia and Europe prefer sweetened condensed milk in beverages including coffee and tea which is driving the growth of the market.

Competitive Analysis

The major players in the Substitute for Sweetened Condensed Milk Market Size are Eagle Family Foods Group (U.S.), Nestle (Switzerland), FrieslandCampina (The Netherlands), Santini Foods (U.S.), DANA Dairy (Switzerland), GCMMF (AMUL) (India) and Arla Foods (Denmark)

Market Segments

On the basis of type, sweetened condensed milk is segmented into flavored sweetened condensed milk and unflavored sweetened condensed milk. Among them, the flavored sweetened condensed milk segment is growing at a fast rate. New innovations in flavors by the key players are driving the growth of this segment.

Based on the packaging material, sweetened condensed milk market is segmented into glass, plastic, metal, and others. Among all, the metal segment is dominating the market followed by the glass segment.

On the basis of the distribution channel, sweetened condensed milk market is segmented into supermarket and hypermarket, convenience stores, food and beverage specialist, and others. Among them, the super market and hypermarket are dominating the market. Availability of wide range of products followed by the convenience of finding all products under one roof is driving the growth of this segment. However, increasing consumption of sweetened condensed milk in food and beverage industry is expected to grow the food and beverage specialist segment over the forecast period.

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