Portland, OR, Nov. 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global condensed milk market generated $9.9 billion in 2021, and is projected to reach $15.2 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $9.9 billion |
| Market Size in 2031 | $15.2 billion |
| CAGR | 4.4% |
| No. of Pages in Report | 365 |
| Segments Covered | Type, packaging type, application, distribution channel, and region. |
| Drivers | Surge in demand for dairy-free alternatives for all conceivable food products |
| Rise in consumer awareness regarding skim condensed milk | |
| Opportunities | Extensive application of condensed milk in confectionery items |
| Rise in demand for natural and vegan products | |
| Restrains | Not suitable for milk sensitive consumers |
COVID-19 Scenario:
- The COVID-19 pandemic had a negative impact on the growth of the global condensed milk market, owing to the presence of adverse lockdowns measures in various countries across the globe.
- Lockdowns resulted in the mass disruption for buyers as well as sellers. Supermarkets and production units have been shut down globally which has stopped the production, sale, and marketing of the product.
- Most of the manufacturing facilities were closed down temporarily. Thus, the prominent manufacturers were forced to follow stringent social distaining norms imposed by the government so as to curb the spread of the virus.
- However, the market is expected to recover with eased restrictions.
The report offers detailed segmentation of the global condensed milk market based on type, packaging type, application, distribution channel, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on type, the sweetened segment held the largest market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The part skimmed segment, on the other hand, is expected to cite the fastest CAGR of 5.0% during the forecast period.
Based on distribution channel, the offline segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The online segment, on the other hand, is expected to cite the fastest CAGR of 4.6% during the forecast period.
Based on packaging type, the cans segment held the dominating market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The tubes segment, on the other hand, is expected to cite the fastest CAGR of 4.8% during the forecast period.
Based on application, the bakery segment held the largest market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The confectionery segment, on the other hand, is expected to cite the fastest CAGR of 5.0% during the forecast period.
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Based on region, the market across Europe held the dominating marker share in 2021, holding nearly one-third of the global market. The North America region, on the other hand, is anticipated to maintain its leadership status by 2031 and is also expected to cite the fastest CAGR of 5.0% during the forecast period.
The key players analyed in the global condensed milk market report include Alaska Milk Corporation, GCMMF(Amul), Borden Dairy Company, Goya Foods Inc, Hochwald Foods GmbH, Magnolia Inc, Meijer Inc, Zhejiang Panda Dairy Products Co. Ltd, Keva Flavours Private Limited, Iberia Food Corp, California Farms Private Limited, Morinaga Milk Industry Co. Ltd, Nestle S.A., Royal Friesland Campina N.V, Almarai.
The report analyzes these key players in the global condensed milk market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
