Pune, India -- (SBWIRE) -- 03/08/2018 -- Market Overview:
Sweetened condensed milk are gaining acceptance in food and beverage industry for its functionality which is driving the growth of the market. High demand for sweetened condensed milk in the preparation of baked products, desserts, confectionaries, and beverages is identified as one of the primary growth factors for this market. With the increase in global consumption of confectioneries and beverages, the usage of sweetened condensed milk is likely to increase during the forecast period.
Sweetened condensed milk is a rich, thick and smooth textured cow's milk with added sugar. Water content is removed from the milk which makes its shelf life last longer. It is a natural source of calcium, potassium, magnesium, vitamin A and other vitamins and minerals. Sweetened condensed milk has gained popularity in numerous dessert dishes in many countries. It is available in flavored as well as unflavored type in the market. Moreover, they are available in different packaging material such as glass, metal, plastic, and others which safeguards the shelf life of the product.
High disposable income and changing consumption pattern are factors supporting the growth of sweetened condensed milk market. Continuous R&D and new flavors in sweetened condensed milk is having a positive impact on the growth of the market. Moreover, high focus on marketing initiatives by the key players is increasing awareness among the consumers which is adding fuel to the growth of the market. However, high calorie content in the product is restraining the growth of the market among the health conscious population. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.4% of sweetened condensed milk market during the forecast period, 2017-2023.
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Major Key Players:
The major players in the Sweetened Condensed Milk Market,
Eagle Family Foods Group (U.S.)
Nestle (Switzerland)
FrieslandCampina (The Netherlands)
Santini Foods (U.S.)
DANA Dairy (Switzerland)
GCMMF (AMUL) (India)
Arla Foods (Denmark)
Downstream Analysis:
Based on the type, sweetened condensed milk is segmented into flavored sweetened condensed milk and unflavored sweetened condensed milk. Among them, flavored sweetened condensed milk segment is anticipated to be the fastest growing segment over the forecast period.
Based on the packaging material, sweetened condensed milk market is segmented into glass, plastic, metal, and others. Among all, the metal segment is dominating the market followed by the glass segment.
On the basis of distribution channel, the sweetened condensed milk market is segmented into supermarket and hypermarket, convenience stores, food and beverage specialist, and others. Among them, the super market and the hypermarket is dominating the market. However, increasing consumption of sweetened condensed milk in food and beverage industry is expected to grow the food and beverage specialist segment over the forecast period.
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Regional Analysis:
The global sweetened condensed milk market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the market. The U.S. and Mexico are the major contributor of sweetened condensed milk in North America. Europe is the second largest market for sweetened condensed milk. Increasing consumption of sweetened condensed milk in beverages in this region is driving the growth of the market.
Asia Pacific is anticipated to be the fastest growing market for sweetened condensed milk. India and China being the highest milk producing countries are driving the growth of Asia Pacific market. Innovations and technological advancement is boosting the growth of sweetened condensed milk in rest of the world. Among them, Brazil is projected to be the major contributor to the sweetened condensed milk market.