Evaporated Milk Market is projected to reach US$ 1,162.8 Million by 2027 |CAGR: 2.8%: Astute Analytica
NEW DELHI, March 7, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica the global evaporated milk market was valued at US$ 977.7 Million in 2021 and is forecasted to reach US$ 1162.8 Million by 2027. The market is expected to register a CAGR of 2.8% during forecast period 2022-2027. In terms of volume, the market is witnessing a growth at a CAGR of 2.5% during the forecast period 2022-2027.
Global evaporated milk market is driven by high nutritional profile of evaporated milk as compared to regular milk and the continuously growing food and beverage industry is expected to fuel the market growth. Evaporated milk or unsweetened condensed milk is fresh homogenized milk made from canned cow's milk that has 60% of the water removed. Evaporated milk is slightly darker than fresh milk due to its slightly caramelized flavour resulted from the high heat process. The evaporation process concentrates the nutrients and the food energy which means that reconstituted evaporated milk contains more nutrients and calories than fresh milk per unit volume. Evaporated milk is mostly used in food processing and making milk-based beverages. The demand for evaporated milk in the global milk market is continuously increasing owing to its wide range of application in various end-use food products and beverages.
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Factors such as high nutritional profile of evaporated milk as compared to regular milk and the continuously growing food and beverage industry have strengthen the evaporated milk market in the global marketplace. Since 60% of the water is removed from the evaporated milk, it is a nutrient-rich milk product having over twice as many grams of carbs, protein and fat except for the reduced fat and fat-free varieties and higher mineral contents. 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% of total milk solids. Considering the nutritional profile of evaporated milk, its demand is increasing across the globe. With the rising urbanization, increasing disposable income and rising reach of food product manufacturers across nations and cities, the demand for the food and beverages industry is rapidly growing across the world. Evaporated milk has various applications in the industry, its demand in the bakery and confectionery industries have increased remarkably. All these applications coupled with the growing food and beverage industry is leading to the rising production and consumption of evaporated milk across the globe and are anticipated to fuel the market growth during the forecast period. Furthermore, volatility in the regular milk prices is affecting the production and cost of the evaporated milk, which is anticipated to negatively restrain and hamper the market growth.
Market Segmentation
Whole Evaporated Milk segment is estimated to have the highest market share during the forecast period
Based on type segment, the evaporated milk market is segmented into skimmed evaporated milk and whole evaporated milk. The whole evaporated milk dominated the market with market valued at US$ 855.8 million in 2021. The production and consumption of whole evaporated milk is high compared to skimmed evaporated milk as skimmed evaporated milk is majorly preferred by people who are on low-fat diet. Skimmed evaporated milk segment is projected to grow at the highest CAGR during the forecast period owing to rising awareness regarding the high nutritional content of skimmed milk compared to whole evaporated milk, is expected to propel the market growth during the forecast period.
Foodservice Cans segment is projected to grow at a fastest CAGR during the forecast period
Based on the application segment, the evaporated milk market is bifurcated into foodservice cans and retail. The retail segment is estimated to have the highest market share during the forecast period owing to the majority of their revenue generated by the market players from the retail platform including supermarkets and hypermarkets due to their lack of presence on the online platform. Foodservice cans segment is projected to grow at the highest CAGR of 3.3% during the forecast period owing to the growing trend for the online delivery of evaporated milk is expected to propel the growth of the foodservice in evaporated milk during the forecast period.
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Europe is projected to have the largest share in the Global Evaporated Milk Market during the forecast period
Europe is projected to have the highest share in the global evaporated milk market. UK, Germany and countries included in Europe are the major contributors in the growth of the regional market because of the high awareness of nutritional profile of evaporated milk over regular milk products. Asia Pacific is estimated to grow at the highest CAGR of 3.7% during the forecast period. In Asia Pacific, China leads the market owing to the rising of retail sector, with the opening of global supermarket and hypermarket chains in the emerging economies of the region, such as India and China.
Company Profile
- Nestle is a Swiss multinational company established in 1866 by the merger of a Swiss Milk Company and Nestle. The company includes a wide range of products that includes baby food, medical food, bottled water, breakfast cereals, coffee and tea, confectionery, dairy products and ice cream. The company aim to offer a portfolio of products that evolve with consumer needs, offer good nutrition and delight the senses, contributing to healthier, balanced lives and a healthier planet. In terms of business revenue, powdered and liquid beverages segment holds the highest percentage of share in the marketplace.
- Envictus started as a manufacturer and distributor of sweetened condensed milk and evaporated milk and further evolved into a diversified F&B player following several acquisitions. Envictus believes in enhancing the interests of the shareholders and are committed to providing timely and accurate information to all its investors. Envictus has operating facilities in Malaysia as it holds the highest percentage in terms of geographical revenue segmentation.
- Alokozay Group is one of the largest FMCG multinational companies in the Middle East. It has wide manufacturing and distribution network spread across the Middle East, Asia, Africa, North America and Europe. Company offers a wide range of products such as signature teas, delectable biscuits, 100% pure sunflower cooking oils, extra virgin olive oil and extensive range of non-alcoholic beverages, bathroom tissues, multipurpose towel, oral care, adult & kids face mask, evaporated milk, and premium detergents among others. The company has adopted various strategies such as positioning strategy, promotional strategy, distribution strategy, competitive strategy and product lifecycle in order to increase their presence in the marketplace.
Competitive Landscape
Global Evaporated Milk Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include Nestle, Arla Foods, Fraser and Neave, Friesland Campina, Yotsuba Milk Products Co. Ltd., Envictus, DANA Dairy, Alaska Milk Corporation, DMK Group and Eagle Family Foods among others.
Segmentation Overview
Global Evaporated Milk Market is segmented based on type, application and region. The industry trends in global evaporated milk market are sub-divided into different categories in order to get a holistic view of the global evaporated milk market.
Following are the different segments of the global evaporated milk market:
- By Type Segment of the Global Evaporated Milk Market is Sub- Segmented into:
- Skimmed Evaporated Milk
- Whole Evaporated Milk
- By Application Segment of the Global Evaporated Milk Market is Sub- Segmented into:
- Foodservice Cans
- Retail
- By Region Type Segment of the Global Evaporated Milk Market is Sub- Segmented into:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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