The global evaporated milk market held a market value of USD 957.9 Million in 2020 and is estimated to reach USD 1,162.8 Million by the year 2027. The market is anticipated to register a CAGR of 2.8% during the forecast period. The estimated market volume for evaporated milk is expected to grow at a CAGR of 2.5% and reach 403,451.8 tons by 2027.Global Evaporated Milk Market is Projected to Grow at a CAGR of 2.8% During the Forecast Period 2017-2027
Evaporated milk or unsweetened condensed milk is a shelf-stable product made from canned cow’s milk. 60% water from this milk is removed. It is available in liquid form and has a shelf life of approximately 18 to 24 months. The market is expected to be driven by the high nutritional profile of evaporated milk as compared to regular milk. Furthermore, the continuously growing food and beverage industry is also expected to fuel the market growth.
Volatility in the regular milk prices is anticipated to negatively hamper the market growth. Also, evaporated milk contains more milk proteins and lactose per volume, as compared to regular milk. Therefore, it can’t be consumed by lactose-intolerant people. This further restrains the market growth.
Growth Influencers:
High nutritional profile compared to regular milk
Since 60% of the water is removed in the evaporated milk, it is a nutrient-rich milk product. According to the Code of Federal Regulations, evaporated milk, by weight contains 16.5% milk solids-not-fat, a minimum of 6.5% milk fat, and 23% total milk solids. The following demonstrates the nutritional profile of various varieties of evaporated milk, as well as regular milk, as per an article published by Healthline.
Whole Evaporated Milk:
- 338 Calories
- 25 Grams Carbs
- 25 Grams Sugar
- 17 Grams Protein
- 19 Grams Fat
Reduced Fat Evaporated Milk:
- 232 Calories
- 28 Grams Carbs
- 28 Grams Sugar
- 19 Grams Protein
- 5 Grams Fat
Fat-Free Evaporate Milk:
- 197 Calories
- 28 Grams Carbs
- 28 Grams Sugar
- 19 Grams Protein
- 0.5 Grams Fat
Whole Cow’s Milk:
- 149 Calories
- 12 Grams Carbs
- 12 Grams Sugar
- 8 Grams Protein
- 8 Grams Fat
Growing food and beverage industry
The food and beverages industry is rapidly growing across the world. This is also boosting the market demand for healthier versions of regular food products, including milk. Evaporated milk has various applications in the industry. It is used in smoothies, coffee, creamy soups, chowders, oatmeal, and savory sauces, among others. All these applications coupled with the growing food and beverage industry are anticipated to fuel the market growth during the forecast period.
Segments Overview:
The global evaporated milk market is segmented based on type and application.
By Type,
- Skimmed Evaporated Milk
- Whole Evaporated Milk
The whole evaporated milk segment is anticipated to hold the largest market share owing to its wide usage in the confectionery industry. Also, it is used in soups, gravies, sauces, quiches, and other such products. The skimmed evaporated milk segment is estimated to grow at a growth rate of 3.6% owing to its growing usage as an alternative to the regular milk for the production of dairy products, such as yogurt, ice cream, and other frozen desserts.
By Application,
- Food Service Cans
- Retail
The food service cans are anticipated to grow at the fastest growth rate owing to rising sales of foodservice cans containing evaporated milk. The retail segment is expected to have a market volume of 208,196 tons in 2020. Increasing the dependency of consumers on the retail channels is expected to boost this segment’s growth over the forecast period. Retail channels include convenience stores, supermarkets, hypermarkets, and other mixed retailers.
Regional Overview
On a regional basis, the global Evaporated Milk market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Europe region accounted for a market volume of approximately 116,416.2 tons in 2020. This is owing to the rising demand for dairy products with low fat and sugar content. Furthermore, the British Retail Consortium has laid mandatory controls on the consumption of unhealthy food, which is contributing to the market growth.
The Asia Pacific region is expected to grow at significant growth rates and its market volume sales are expected to cross 90,000 tons by 2027. The growing demand for healthy alternatives for milk in developing economies such as Thailand and Malaysia, among others is estimated to contribute to the market growth.
Competitive Landscape
Key players operating in the global Evaporated Milk market include Nestle, Arla, Fraser and Neave, Friesland Campina, Marigold, DMK GROUP, Eagle Family Foods, O-AT-KA Milk Products, Leche Gloria SA, DANA Dairy, Delta Food Industries FZC, Yotsuba Milk Products, Senel Bv, Zhejiang Panda Dairy, Envictus, Alaska Milk, and Alokozay Group, among others.
The cumulative market share of the top 5 players is near about 48%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in June 2021, Arla Foods signed a contract with Dale Farm, an Ireland-based whey protein supplier. Dale Farm supplied whey protein concentrates for Arla’s global ingredients business.
The global Evaporated Milk market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Evaporated Milk market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Evaporated Milk market report answers questions such as:
- What is the market size and forecast of the Global Evaporated Milk Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Evaporated Milk Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Evaporated Milk Market?
- What is the competitive strategic window for opportunities in the Global Evaporated Milk Market?
- What are the technology trends and regulatory frameworks in the Global Evaporated Milk Market?
- What is the market share of the leading players in the Global Evaporated Milk Market?
- What modes and strategic moves are considered favorable for entering the Global Evaporated Milk Market?
Table of Contents
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 4. Global Evaporated Milk Market Overview
Chapter 5. Competition Dashboard
Chapter 6. Evaporated Milk Market Analysis, By Type
Chapter 7. Evaporated Milk Market Analysis, By Application
Chapter 8. Evaporated Milk Market Analysis, By Region/Country
Chapter 9. North America Evaporated Milk Market Analysis
Chapter 10. Europe Evaporated Milk Market Analysis
Chapter 11. Asia Pacific Evaporated Milk Market Analysis
Chapter 12. Middle East Evaporated Milk Market Analysis
Chapter 13. South America Evaporated Milk Market Analysis
Chapter 14. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Nestle
- Arla
- Fraser and Neave
- Friesland Campina
- Marigold
- DMK GROUP
- Eagle Family Foods
- O-AT-KA Milk Products
- Leche Gloria SA
- DANA Dairy
- Delta Food Industries FZC
- Yotsuba Milk Products
- Senel Bv
- Zhejiang Panda Dairy
- Envictus
- Alaska Milk
- Alokozay Group
