Albany, NY -- (SBWIRE) -- 05/19/2017 -- The rising consumer preference for healthy food products is augmenting the uptake of condensed milk products worldwide. A report by Transparency Market Research (TMR), titled "Condensed Milk Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2027," provides an in-depth analysis of the market by offering insights into all the important parameters such as its dynamics, competitive landscape, and regional segmentation.
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The introduction of new flavors in these products such as chocolate, fruits, and dry fruits along with their widening applications is stoking the growth of the global market. Novel developments in the field of dairy and dairy products such as biotechnological advancements, hybrid culture of animals, and improvements in animal feed are paving way for bulk production of condensed milk and therefore, condensed milk products. However, the expanding base of people suffering from lactose intolerance is likely to inhibit the growth of the market.
Based on product type, the global condensed milk products market can be divided into flavored, unsweetened, sweetened, skimmed, and partly skimmed. The demand for sweetened condensed milk products is expected to remain high throughout the forecast period, owing to its widespread adoption in bakery and confectionary. Skimmed milk is mostly preferred by health conscious people and is closely related to the dietary nutrition industry. The rising health consciousness among people is, therefore, fuelling the growth of the segment.
On the basis of application, the market can be segmented into beverages, foods, confectionery, bakery, and personal and beauty care. There is a widespread adoption of condensed milk products across the foods and bakery segments, owing to their application in making sweets and other food products. These segments are expected to register significant CAGRs during the forecast period.
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In terms of channel of distribution, the market can be categorized into online retailing, departmental stores, supermarkets/hypermarkets, and retail shops. The growing number of online retail sites and rising trend of digitization are rendering online retailing a prominent segment in the global landscape.
The key regions reviewed in the report are North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. The growth of Europe and North America can be attributed to the increasing demand for condensed milk in bakery and confectionary. The domicile of a large number of prominent condensed milk manufacturers in these regions also gives them an edge. Besides these factors, the high level of awareness among the populace and growing investments by manufacturers on advertisements are promoting the uptake. In Asia Pacific, the growth of the market is primarily supplemented by the soaring demand for dairy and dairy products.
Some of the prominent companies operating in the global condensed milk products market are The J.M. Smucker Company, Nestlé S.A., Magnolia Inc., GCMMF Pvt. Ltd., Goya Foods Inc., Sun Hing Foods, Inc., Meijer Inc, F&N Foods Pte Ltd., and Meadow Gold Dairies.