Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "Condensed Milk Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global condensed milk market is predicted to grow at a CAGR of 9.01% from a market value of US$8.430 billion in 2020 to achieve a market value of US$15.422 billion by the end of 2027.
The condensed milk industry is projected to witness significant growth by the forecast period, along with the growing demand for processed dairy products. The increasing utilization of condensed milk to develop chocolate and confectionery items is further augmenting the market demand in the forecast period. Also, with the growing consumption of Tea and coffee beverages, condensed milk finds substantial application in Tea and coffee whitening, further propelling the market demand during the forecast period.
Furthermore, with the increasing purchasing power of the consumers, especially in the world's developing regions, condensed milk is gaining traction among customers for utilization in a variety of cuisines. With the evolving nutritional trends, consumers demand products that include sustainably produced raw materials and are vegetable or vegan-based. This offers further offering growth opportunities for the market to grow along with the adoption of new customer dietary requirements.
The immense utilization of condensed milk in the food and confectionary industry is propelling the market growth over the next five years.
Condensed milk is utilized as one of the essential milk ingredients to prepare varied food items in the food and confectionery industry industries. It is used to prepare high-quality caramel fillings, chocolate bars, toffees, ice creams, and a variety of desserts and sweets. Hence, market growth looks quite promising in the forecast period. The quality of the finished product is highly dependent on the quality and recipe of the sweetened condensed milk utilized in the form of an ingredient. It is responsible for providing a unique caramel taste and contributes to influencing the desired consistency and mouthfeel of the finished product. In addition, the fat content, dry matter content, and sugar content are also of prime importance during the production of condensed milk for different food applications.
There are specific standards and requirements that every industry is expected to follow to achieve the desired product. For example, in Germany, condensed milk is produced according to the stringent requirements of the German Milk Products Regulation. The regulation is responsible for regulating the ingredients during reduced milk production.
Furthermore, it has been realized that technology and process control of manufacturing companies also play an essential role in determining the properties of sweetened condensed milk ingredients. Additionally, the quality of raw milk material is necessary to consider while producing condensed milk for manufacturing finished goods in the food and confectionary industry.
Novel packaging options provide market growth opportunities during the forecast period.
It has been observed that besides the recipes and quality of condensed milk, buyers seek suitable packaging options too. Whether large or small containers, whether for domestic consumption in regional markets or exports to other parts of the world, efficient packaging holds significance. This is mainly because while exporting a product to distant countries, efficient product packaging helps provide necessary protection to the products during transport, saving considerable losses to the company.
In addition, packaging must be highly suitable as per the different customers' requirements. Sweetened condensed milk products are commonly available in sterile steel containers, drums, and loading loaded in tankers. Furthermore, there are other packaging options, including bag-in-box, BIB containing one-way and reusable containers, which are also quite popular. The packaging capacity includes up to around 1000 kg, while smaller cartons have up to 25 kg.
There is a high demand for new packaging options in markets where there is a requirement for smaller fillings, mainly in the case of bulk consumers. This includes smaller bag-in-box systems with around 5 kg and more. These further contribute to closing the gap between the essential can for end-consumers and standard bulk containers. Hence, they are in high demand among restaurants and catering caterers. In addition, smaller artisanal processors from the confectionery, bakery, ice cream parlours, and small speciality companies are also interested in this type of packaging. Furthermore, with companies investing in novel packaging options for sweetened condensed milk for B2-B consumers, the market is projected to hold robust growth prospects over the next five years.
Segmentation:
By Type
- Sweetened Condensed Milk
- Unsweetened Condensed Milk
By Application
- Biscuits & Pastries
- Chocolate & Confectionery
- Ice Creams
- Beverages
By End-User
- Household
- Commercial
By Distribution Channel
- Online
- Offline
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Condensed Milk Market Analysis, by Type
6. Condensed Milk Market Analysis, by Application
7. Condensed Milk Market Analysis, by End-User
8. Condensed Milk Market Analysis, by Distribution Channel
9. Condensed Milk Market Analysis, by Geography
10. Competitive Environment and Analysis
11. Company Profiles
Companies Mentioned
- Eagle Family Foods Group LLC
- Galloway Company
- Nestle
- Amul (GCMMF)
- Dana Dairy Group
For more information about this report visit https://www.researchandmarkets.com/r/7adi38
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