The global sweetened condensed milk products market was valued at USD 8.9 billion in 2021 and is projected to expand at a CAGR of 5.0% from 2022 to 2030. Sweetened condensed milk products are used in a wide range of applications, including baking, hot beverage mixes, and ice cream, due to their sweet flavor, rich flavor, and creamy texture. Furthermore, its high shelf life, convenience, and low cost are further driving its demand among consumers.

Consumers are increasingly opting for convenience food products, which is expected to fuel the demand for sweetened condensed milk products. For instance, in April 2021, Nestle India launched the new Maggi Fusian range of noodles, which is made using sweetened condensed milk. Moreover, the growing popularity of convenience food products in developing countries, such as India and China, is expected to drive the market.

The increasing demand for vegan milk-based products is also driving the demand for sweetened condensed milk products. Consumers are preferring plant-based milk alternatives to dairy milk due to health-related concerns. For instance, in April 2021, Nestle launched a dairy-free sweetened condensed milk in the U.S. market. The product is made with coconut milk and is free from gluten, soy, and lactose. Furthermore, the rise in health awareness among consumers is expected to increase the demand for organic sweetened condensed milk products.

In addition, the growing demand for organic and natural sweetened condensed milk products is also driving the market growth. For instance, in March 2021, So Delicious Dairy Free launched an organic coconut condensed milk in the U.S. market. The product is said to be made using organic coconut milk and organic cane sugar. Moreover, the growing trend of premiumization in the demand for sweetened condensed milk products has led to the introduction of higher-priced items.

The sweetened condensed milk segment held the largest market share in 2019. Sweetened condensed milk is a thick and sweet milk-based product that is widely used as a topping or an ingredient in various desserts and beverages. The increasing consumption of desserts and pastries across the world is driving the demand for sweetened condensed milk. According to an article published by Food Industry Asia, in April 2019, the global bakery industry is expected to reach a value of USD 611.7 billion by 2023.

The evaporated milk segment is expected to witness the fastest growth during the forecast period. Evaporated milk is a milk product that is made by heating fresh liquid milk to remove about 60% of its water content. The rising preference for convenience and packaged food products, increasing demand for dairy-based beverages, and the growing trend of veganism are some of the key factors driving the growth of the evaporated milk market. Furthermore, the increasing trend of consuming flavored milk is another factor contributing to the growth of the market.

The supermarkets and hypermarkets segment dominated the global sweetened condensed milk market with a share of over 35.9% in 2022. The growth of the segment is mainly driven by the increasing penetration of supermarkets & hypermarkets across the world. These establishments offer a wide variety of products, including sweetened condensed milk, under one roof and assist customers in making quick purchasing decisions. Moreover, the rising demand for convenience foods is also resulting in the increased demand for sweetened condensed milk products in these stores.

The online segment is expected to expand at the highest CAGR of 10.9% during the forecast period. The increasing penetration of internet and smartphones across the world has led to an exponential growth of e-commerce websites and applications, which has boosted the sales of sweetened condensed milk products. In addition, the presence of established players in the e-commerce industry, such as Amazon and Flipkart, has enabled manufacturers to reach a larger customer base globally. Moreover, the increasing number of promotional activities, discounts, and offers provided by e-commerce websites have further fueled the growth of the segment.

The sweetened condensed milk market can be segmented into two types, namely, whole milk and skimmed milk. The whole milk segment accounted for the largest revenue share of 54.4% in 2020. Whole milk is a rich source of proteins, vitamins, and minerals, which makes it a popular choice among consumers. Additionally, manufacturers are introducing new variants with flavors and additives, such as coconut and almond, to enhance the flavor and increase the shelf life of the product, driving the segment growth.

The skimmed milk segment is anticipated to expand at the highest CAGR of 5.0% over the forecast period. Skimmed milk is a low-fat milk alternative, which makes it a preferred choice among consumers who are looking to reduce their calorie intake. Moreover, the lactose-free milk type is gaining traction among lactose-intolerant consumers, which is likely to fuel the segment growth over the forecast period.

Europe dominated the market and accounted for the largest revenue share of over 33.9% in 2022. This is mainly attributed to the presence of established brands such as Nestle and Groupe Lactalis. Moreover, rising demand for convenience food products is further expected to drive the growth of the market. For instance, in March 2021, Nestle launched a new range of sweetened condensed milk products in the UK, which is expected to increase the demand for these products.

Asia Pacific is expected to witness the highest growth over the forecast period. Increasing demand for sweetened condensed milk among emerging markets such as India, China, and Indonesia is expected to be a key factor driving this growth. Moreover, rising disposable incomes of the middle-class population in these countries is expected to increase the demand for convenience food products. For instance, in January 2021, Nestle India launched its new sweetened condensed milk product in the country.

In this part of the sweetened condensed milk products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your sweetened condensed milk products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main sources of revenue for a sweetened condensed milk business come from sales of the products, as well as possible partnerships with retailers, food service providers, and other related businesses. Here you will find a list with a description of each of them and other possible sources of profit.

Projecting Expenses

In this section, all the regular expenses related to keeping the sweetened condensed milk business running will be described. The list of operating expenses includes ingredient costs, packaging costs, wages, utilities, advertising, marketing, and other overhead costs.

Some of the major companies operating in the sweetened condensed milk market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In July 2022, Nestle launched a new range of sweetened condensed milk products with improved nutritional value and taste.

– In August 2022, Morinaga Milk Industry Co. Ltd. launched a new range of sweetened condensed milk with low-fat content.

– In September 2022, Meiji Co. Ltd. launched a new range of sweetened condensed milk in a variety of flavors.

Some of the prominent players in the sweetened condensed milk market include:

– Nestle
– Morinaga Milk Industry Co. Ltd.
– Meiji Co. Ltd.
– Arla Foods
– Savencia SA
– Lactel
– Mlekpol
– Prabhat Dairy
– Evergrowing Green Co. Ltd.
– Yili Group

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global sweetened condensed milk products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Non-Fat
– Low-Fat
– Full-Fat
– Organic
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Convenience Stores
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Sweetened Condensed Milk Products?
[A]: Sweetened condensed milk products are highly versatile and are used in a variety of applications. It is used as a sweetener in cakes, cookies, and ice cream, as well as in the preparation of sweet sauces and syrups. The demand for sweetened condensed milk products has been increasing due to the increasing health awareness among consumers. As a result, manufacturers are increasingly focusing on the development of low-calorie and low-fat variants.

[Q]: Who are the Key Players in the Sweetened Condensed Milk Products Market?
[A]: Major players in the sweetened condensed milk products market include Nestlé S.A., Groupe Lactalis, Meiji Co., Ltd., General Foods Corporation, Arla Foods, and Kraft Heinz Company.

[Q]: What is the Outlook for the Sweetened Condensed Milk Products Market?
[A]: The global sweetened condensed milk products market is expected to grow at a CAGR of 4.4% during the forecast period. The rising demand for vegan dairy products and the increasing demand for convenience foods are expected to drive the growth of the market.

[Q]: Which Region Offers the Largest Opportunity for Sales of Sweetened Condensed Milk Products?
[A]: Asia Pacific is expected to be the largest market for sweetened condensed milk products. The increasing awareness of the health benefits of consuming sweetened condensed milk products and the growing demand for convenience foods are expected to drive the growth of the market in this region.

[Q]: What are the factors driving the sweetened condensed milk products market?
[A]: The demand for sweetened condensed milk products is driven by factors such as the increasing health awareness among consumers, the increasing demand for convenience foods, the growing demand for vegan dairy products, and the increasing disposable income.