The global condensed milk market is expected to register growth over the forecast period owing to increasing demand for processed dairy products and the growth confectionery industry. Additionally, increasing demand for culinary products including tea, coffee, and dessert is anticipated to fuel market growth. However, increasing purchasing power of consumers has led to an inclination towards the consumption of healthy foods. The growing market for health drinks and beverages is anticipated to restrict the market over the next seven years. In addition, quality of milk used in production and fluctuating seasonal sales is poised to negatively impact the market. Authorization by The Federal Food, Drug & Cosmetic Act (FFDCA) and The Food and Drug Administration (FDA) to establish Standards of Identity (SID) for milk products that define what can be packaged under a given product name is expected to create growth opportunities for the condensed milk market. Moreover, R&D in processing of condensed milk using evaporation & drying and ultra-high temperature processing are further anticipated to fuel the market avenues over the forecast period.
Asia Pacific market is anticipated to grow at a faster pace owing to economic growth, changing dietary patterns, and supportive government regulations over the next seven years. EU, U.S., India, China, Russia, Brazil and New Zealand were the largest milk-producing countries as of 2013. Europe and U.S were the major exporters to Asia Pacific till 2013 and the trend is expected to continue over the forecast period. There exists a wide variety of condensed milk including whole condensed milk with sugar, sweetened condensed milk, boiled condensed milk, unsweetened concentrated milk, choice condensed milk, and condensed milk with coffee & cocoa for use in caramel, candies, sweets, cakes, jams, and beverages.
The market for milk products is highly concentrated especially in emerging economies having immense growth potential. As of March 2012, Royal FrieslandCampina N.V., Netherlands increased its stake in Alaska Milk Corporation from 8.1% to 68.9% while purchasing USD 535.7 million worth of shares of Uytengsus family to expand its global market. Nestle was established in 1905, by the merger of Farine Lactée Henri Nestlé and Anglo-Swiss Milk Company to offer infant products and condensed milk. Growing number of M&A among the major market participants in the industry are poised to facilitate market positioning and raise barriers of entry. Additionally, key players and also investing in R&D to maintain their market share. Patent registrations and continuous innovations are expected to help companies maintain their market position over the forecast period. Key players in the condensed milk market include Alaska Milk Corporation, Amul, Arla Foods, Dairymen’s League, DaWan, Borden Food Corp., Panda Dairy, Atlantic Supermarkets, and Tatramilk.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.