Evaporated Milk Market is Expected to Grow at a CAGR of 2.1%, Reaching a Valuation of US$ 3.06 Billion from 2023-2030, Data By Contrive Datum Insights
Contrive Datum Insights Pvt Ltd
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Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, Europe is the largest regional market for Evaporated Milk, accounting for over 32% share, Asia Pacific is estimated to be the fastest-growing regional market with a CAGR of 2.8%
Farmington, March 15, 2023 (GLOBE NEWSWIRE) -- The Evaporated Milk Market was valued at USD 2.61 Billion in 2022 and is expected to reach USD 3.06 Billion by 2030, expanding at a CAGR of 2.1% from 2022 to 2030. Evaporated Milk is a concentrated form of fresh milk that has been partially dehydrated. The unadulterated version of Evaporated Milk is also popular among consumers. On the global milk market, demand for evaporated milk is rising due to its widespread use in various foods and beverages, such as coffee, smoothies, etc. According to the National Coffee Association, daily coffee consumption increased from 2.24 cups per person in 2001 to 2.97 cups per person in 2017. It serves as a flavor enhancer and texture booster.
In May 2022, the international dairy company Arla foods made a huge dairy investment and opened a new factory in Pronsfeld dairy, Germany. This investment is to meet the international market demand for affordable, sustainable, and nutritious dairy products need.
In May 2022, Friesche Vlag, a subsidiary of Friesland Campina, launched a new product, Barista Oat, the company's first plant-based drink that can replace dairy drinks. This is done in response to growing customer demand for plant-based alternatives.
Evaporated Milk Market Dynamics:
Drivers:
Fresh milk has a longer shelf life than evaporated milk because it must be refrigerated until it is unsealed. This makes it a popular option for those who do not have simple access to fresh milk or who stock up on milk for later use.
Fresh milk is easier to preserve and lasts longer than evaporated milk. This makes it a good option for those who don't have access to fresh milk regularly or who like to have milk on hand for cooking and baking.
Milk evaporated is a popular ingredient in a variety of sauces, stews, and desserts. Additionally, it can be used to create ice cream. Its rich, creamy texture makes it a popular choice for pastry, and it can be substituted for cream in many recipes.
In terms of nutrition, evaporated milk is an excellent source of calcium and vitamin D, both of which are essential for maintaining healthy bones. Additionally, it contains protein and essential vitamins and minerals.
Restraints:
Health concerns: Evaporated milk is an excellent source of calcium and vitamin D, but it also contains a high amount of fat and calories. This can be problematic for individuals who are attempting to lose weight or who have health conditions that require them to limit their fat and calorie intake.
Competition from competing milk products: Fresh milk, milk powder, and condensed milk all compete with evaporated milk as dairy products. People may prefer these products over evaporated milk due to their flavor, usability, and cost.
The availability of milk alternatives: As almond milk and soy milk become more popular, some consumers may opt to purchase these alternatives rather than evaporated milk.
Even though evaporated milk is a prevalent ingredient in many recipes, it is less valuable in the food and beverage industry than other dairy products. This can impede its use in the culinary and beverage industries.
Regional Outlook:
Due to the increasing demand for low-sugar and low-fat dairy products, Europe is the largest regional market for evaporated milk, accounting for over 32% of the global market in 2018. During the forecast period, Europe is expected to grow at a CAGR of 2.5%. This is prompted by the British Retail Consortium's Mandatory Control on Unhealthy Foods (BRC). The United Kingdom is the region's largest and fastest-growing market, accounting for roughly 12.2% of the market in 2018. Manufacturers of confectionery products and dairy delicacies have been compelled to reduce the sugar content of their products as a result of the consumption of sugary foods, thereby creating market growth opportunities in the region during the forecast period. Asia-Pacific is anticipated to be the region with the highest growth rate, with a CAGR of 2.8%. This could be due to the high demand for milk alternatives in developing nations like Malaysia and Thailand. Consumption of evaporated milk as a replacement for traditional tea and coffee is a key factor driving demand. In addition, factors such as shifting dietary preferences, economic expansion, the expansion of the confectionery industry, and government-sponsored regulations are anticipated to drive regional growth through 2025.
Nestle, Arla, Fraser and Neave, Friesland Campina, Marigold, DMK GROUP, Eagle Family Foods, O-AT-KA Milk Products, Holland Dairy Foods, GLORIA, Alokozay Group, DANA Dairy, Delta Food Industries FZC, Yotsuba Milk Products, Nutricima, Senel Bv, Zhejiang Pan, and Others
Base Year
2022
Historical Year
2017 to 2021
Forecast Year
2023 to 2030
Evaporated Milk Market Key Segments Covered:
Top Market Players: Nestle, Arla, Fraser and Neave, Friesland Campina, Marigold, DMK GROUP, Eagle Family Foods, O-AT-KA Milk Products, Holland Dairy Foods, GLORIA, Alokozay Group, DANA Dairy, Delta Food Industries FZC, Yotsuba Milk Products, Nutricima, Senel Bv, Zhejiang Pan, and Others.
Based on Type:
Skimmed Evaporated Milk
Whole Evaporated Milk
Based on Application:
Infant Food
Dairy products
Bakeries
Confectionery
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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