USD 2.68 Billion
Evaporated Milk Market Size, Share, Growth Analysis, By Type(Skimmed and Whole), By Distribution Channels(Online and Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2305 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
59
|Figures:
76
Evaporated Milk Market Insights
Global Evaporated Milk Market size was valued at USD 2.68 Billion in 2022 and is poised to grow from USD 2.74 Billion in 2023 to USD 3.26 Billion by 2031, at a CAGR of 2.20% during the forecast period (2024-2031).
A growing number of recipes, especially those for baked products and sweets, are including it as an ingredient. The market for evaporated milk is expanding in part due to the way consumers are changing their behaviour. With more than 60% of global consumption, the Asia-Pacific region is the greatest consumer of evaporated milk. For Instance, FrieslandCampina introduced Rainbow Evaporated Milk in the UAE in December 2021 in resealable packaging composed of 89% recyclable material. The fact that evaporated milk has less calories and fat than conventional milk is being considered as a healthy alternative by customers who are increasingly looking for better dairy product options.
Evaporated milk is a fantastic option for people who wish to increase their food intake because it is also high in calcium and other necessary vitamins and minerals. The manufacture of this product removes around 65% of the water content of milk, but all other nutritional advantages are preserved. This product doesn't need refrigeration and generally has a much longer shelf life. Due to its extensive use in numerous dishes and beverages, including coffee, smoothies, etc., evaporated milk demand is increasing. The National Coffee Association estimates that in 2021, daily coffee consumption will rise from 2.24 cups per person to 2.97 cups per person. Both flavour and texture are improved by it. It is also easier to carry because it requires no special packaging for containers, is light, and is clean. Although evaporated milk is a by-product of regular milk, any changes in the price of the upstream good will have an effect on the cost of production. This could seriously hamper the growth of the market. Due to its extensive use in numerous dishes and beverages, including coffee, smoothies, etc., evaporated milk demand is increasing.
US Evaporated Milk Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Skimmed
Fastest Growth
Skimmed
Growth Rate
2.20% CAGR
Global Evaporated Milk Market ($ Bn)
Country Share for North america Region (%)
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Evaporated Milk Market Segmental Analysis
Global Evaporated Milk Market is segmented on the basis of type, distribution channels and region. By type, the market is segmented into skimmed and whole. By distribution channels, the market is segmented into online and offline. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Evaporated Milk Market Analysis by Type
In 2021, whole evaporated milk dominated the market and accounted for more than 60% of sales. Because of its creamy texture and flavour without the sweetness of condensed milk, it is frequently used in soups, quiches, béchamel sauce, and other goods. Tea, coffee, omelettes, morning cereals, spaghetti sauces, mashed potatoes, waffles, frittata, cakes, macaroni and cheese, fudges, and yogurt are just a few of the recipes that consumers substitute evaporated milk for fresh milk in. Due to its caramel-like flavour and unsweetened taste, this milk goes well with both sweet and savoury foods.
During the projection period, skimmed evaporated milk is expected to grow at a quicker CAGR. Milkfat is taken out of whole milk to create skimmed evaporated milk. It often has a thinner and lighter texture, 0.5% to 0.1% fat content, and. The high prevalence of obesity and growing awareness of the value of a healthy, balanced diet have encouraged consumers to cut back on their intake of fat and calories during the past several years. The millennial generation is more aware of this trend. Because of this, a number of food and beverage producers have started advertising their goods by emphasizing their low-calorie nature and practical advantages.
Evaporated Milk Market Analysis by Distribution Channels
Depending on the distribution method, the evaporated milk market is divided into online and offline platforms. In 2021, offline distribution channels held the highest share of more than 78%. The offline channel is being driven by a huge consumer base, a high reliance on retail channels, and the accessibility of the goods in these places. Developed nations have a large concentration of grocery retail establishments and small independent grocers where the goods are conveniently accessible.
With a CAGR of 60% in 2021, it is predicted that online distribution channels will become the market with the quickest growth. Evaporated milk sales on the internet are being fueled by factors like a rise in consumer awareness of firms' online presence, an increase in internet usage globally, the availability of a variety of discounts and offers, and information about products, specs, and usage manuals. This sector is expanding thanks to a rising e-commerce industry, particularly in emerging nations
Global Evaporated Milk Market By Type
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Evaporated Milk Market Regional Insights
The largest market share in 2021, more than 35%, belonged to North America. New investments have been made as a result of the lucrative potential in the sector to fuel its expansion. In its Sherbrooke production site, for instance, Smucker Foods of Canada Corp. invested USD 9.1 million in February 2021. The factory makes Eagle Brand sweetened condensed milk and Carnation evaporated milk for Canadian consumers.
The predicted period is expected to see the fastest growth in Asia Pacific. The industry in this area is being driven by technological improvements that have lowered total product prices and made evaporated milk accessible at low prices. The Asia Pacific evaporated milk market has also been propelled by innovation in product manufacture and delivery.
Global Evaporated Milk Market By Region
- Largest
- Fastest
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Evaporated Milk Market Dynamics
Evaporated Milk Market Drivers
Rising Popularity of Vegan and Lactose-Free Products to Bolster Demand for Evaporated Milk
- With the growing popularity of plant-based and dairy-free diets, manufacturers are introducing evaporated milk alternatives made from soy, almond, coconut, and other non-dairy sources. These alternatives offer similar taste and texture to traditional evaporated milk, but without the lactose or animal products. This trend is driving innovation and growth in the non-dairy evaporated milk market.
- Evaporated milk is a popular ingredient in the foodservice industry due to its versatility, affordability, and long shelf life. It is used in a wide range of food service applications, including coffee shops, bakeries, and restaurants. The growth of the foodservice industry is driving demand for evaporated milk in bulk quantities, especially in developing countries.
Evaporated Milk Market Restraints
High Fat and Sugar Content Concerns to Hinder Market Growth
- Evaporated milk is known for its high fat content, which can contribute to weight gain and other health problems. Additionally, some manufacturers add sugar to their evaporated milk products to improve taste, which can increase the risk of diabetes and other health issues. These concerns may lead some consumers to reduce their consumption of evaporated milk or switch to healthier alternatives.
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Evaporated Milk Market Competitive Landscape
Many big and little businesses compete in the evaporated milk market, which is fragmented. To obtain a competitive advantage, these have been concentrating on regional expansions, mergers & acquisitions, enhancing web and new product releases.
Evaporated Milk Market Top Player’s Company Profiles
- Eagle Family Foods Group LLC (United States)
- Olam International (Singapore)
- Glanbia plc (Ireland)
- Fraser and Neave Limited (Singapore)
- Dana Dairy Group (Switzerland)
- Alaska Milk Corporation (Philippines)
- Gujarat Cooperative Milk Marketing Federation Ltd. (India)
- Murray Goulburn Co-operative Co. Limited (Australia)
- Dairymen's League Cooperative Association, Inc. (United States)
- Candia (France)
- Liberty Gold Fruit Company (United States)
- Holland Dairy Foods (Netherlands)
- Namyang Dairy Products Co., Ltd. (South Korea)
- Pacific Dairy Ingredients (New Zealand)
- Yotsuba Milk Products Co., Ltd. (Japan)
- Senel (Turkey)
- Promac Enterprises, Inc. (Philippines)
- Delta Food Industries FZC (United Arab Emirates)
Evaporated Milk Market Recent Developments
- In November 2022, the first lactose-encapsulated DHA & ARA formula components were released by FrieslandCampina.
- In May 2022, by opening a new facility at Pronsfeld dairy in Germany, the international dairy giant Arla Foods made a major investment in the dairy industry. The goal of this venture is to supply the market with dairy products that are inexpensive, environmentally friendly, and nutrient-dense.
- In May 2022, A new product, Barista Oat, the first plant-based beverage of the corporation and a replacement for dairy-based beverages, was introduced by Friesche Vlag, a FrieslandCampina affiliate. Customers' increasing need for plant-based substitutes is the reason for this.
Evaporated Milk Key Market Trends
- Consumers are increasingly looking for organic and natural products that are free from artificial additives and preservatives. This trend is driving demand for organic evaporated milk, which is produced from milk sourced from organically raised cows that are not treated with hormones or antibiotics. Additionally, some manufacturers are offering evaporated milk products that are free from artificial flavors, colors, and preservatives.
Evaporated Milk Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global evaporated milk market is a mature and competitive market that is driven by various factors, such as increasing demand for dairy products, growth in the food processing industry, and the popularity of non-dairy alternatives. However, the market also faces various challenges, such as health concerns related to high fat and sugar content, competition from alternative milk products, and regulatory challenges. The market is witnessing a growing demand for organic and natural products, non-dairy alternatives, and flavored and functional evaporated milk. Additionally, the market is expanding into new geographic regions, particularly in emerging economies. The global evaporated milk market is expected to grow at a moderate pace in the coming years, driven by increasing demand from emerging economies, growing popularity of non-dairy alternatives, and product innovation. However, the market is also likely to face challenges related to changing consumer preferences, regulatory issues, and price volatility of milk.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.68 Billion |
| Market size value in 2031 | USD 3.26 Billion |
| Growth Rate | 2.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Evaporated Milk Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Evaporated Milk Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Evaporated Milk Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Evaporated Milk Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Evaporated Milk Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Evaporated Milk Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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