A value-added product, condensed milk, is obtained from milk by decreasing the water content to get a viscid product. And with the inclusion of sugar, it is sweetened further. Condensed milk is thick and rich, offering same nutritional advantages. It has broad array applications comprising beverages, foods, confectionaries, bakery, and others.
The rising use of condensed milk in the making of desserts, baked products, beverages, and confectionaries is projected to be the key factor contributing to the growth of the global packaged condensed milk market. At present, condensed milk is utilized in a range of desserts and baked products such as mousse, pancakes, cheesecake, muffins, and ice cream. Also, the growing stipulation for culinary products comprising coffee, dessert, and tea, will further surge the market expansion during the forecast period. in addition, R&D in condensed milk processing making use of drying & evaporation and ultra-high temperature processing will also drive market growth.
The global packaged condensed milk market can be segregated based on product type, type, distribution channel, application, and region. The market, by product type, is divided into non-dairy and dairy. The market, by packaging type, is classified into tubes, cans, bottles, and others. the market, by distribution channel, is categorized into convenience stores, hypermarkets/supermarkets, online retail, specialty stores, and others. the market, by application, is bifurcated into beverages, foods, confectionary, bakery, and personal & beauty care.
Regionally, global packaged condensed milk market is expected to be ruled by North America with biggest share. The regional growth can be credited to the growing stipulation for concentrated milk products to be uses in confectioneries and desserts. Also, the easy management of the condensed milk accessible in bottles, tubes, and cans for the customers to select according to their of application requirement and in terms of quantity will further drive this regional market expansion. Asia Pacific market is also anticipated to expand at a rapid rate due to altering dietary patterns, economic growth, and supportive government rules.
Few of the major players competing within the global packaged condensed milk market comprise The J.M. Smucker Company, Nestlé S.A., Magnolia, Inc., GCMMF PVT LTD, Marijampols pieno konservai, Goya Foods, Inc., F&N Foods Pte Ltd., UAB, Sun Hing Foods, Inc., Meijer, Inc, and Meadow Gold Dairies. To cite, in July 2020, Nestlé declared the launch of a vegan substitute to its famous Carnation range, prepared from mixture of rice flour and oats. Vegan Condensed Milk Alternative went on sale with Ocado in September, Morrisons UK supermarkets, and Tesco in Ireland & the UK in October.
Having a Master’s Degree in Brewing Technology and overall experience of 6 years in the field of writing, Jerri has been one of the most workaholic and dedicated team members of thefoodbeveragenews.com portal. She has been a part of this portal for 4 years now. Jerri started a career in writing with freelancing and the journey has been worth watching and appraising. She handles the Beverage Industry domain of the portal and along with her team provides all the vital and up-to-the-minute news and reports to the readers in a simple and comprehensible manner.