Sweetened Condensed Milk Market Size, Share & Trends Analysis Report By Product (Unflavored, Flavored), By Packaging (Cans, Bottles, Tubes, Other), By Region, And Segment Forecasts, 2025 - 2030

Sweetened Condensed Milk Market Trends

The global sweetened condensed milk market size was valued at USD 9.01 billion in 2024 and is projected to grow at a CAGR of 4.1% from 2025 to 2030. Increasing utilization of sweetened condensed milk as one of the key ingredients in cakes, cookies, candies, pies, puddings, and other recipes by commercial and household users is primarily driving the growth of this market.

In recent years, demand for bakery and confectionary products has increased significantly. This includes products freshly served by bakeries, packaged bakery products, pre-ordered cake servings, off-the-menu cake servings by restaurants, and more. This has significantly influenced the demand for sweetened condensed milk.

The rise in availability and accessibility of numerous home kitchen appliances has resulted in the growing trend of home cooking and home baking. The increasing availability of information and the ease of doing business through online platforms have also stimulated a large number of individuals and driven growth in home baking. This is expected to generate a surge in demand for sweetened condensed milk offerings.

The product's availability in various packaging and sizes has ensured convenience and ease of use for both household and commercial users. Additionally, the benefits offered by the product, such as improved flavor, enhanced levels of nutrition, and high-calorie contents, have also developed a growing demand for it.

Simple formulation of the product has added it to diverse product portfolios of multiple consumer goods or dairy products companies. It is widely used as one of the major ingredients in various recipes of local traditional confectioneries and culinary innovations. It is commonly used as a spread or topping in multiple food servings worldwide.

Product Insights

The unflavored product segment dominated the global sweetened condensed milk industry with a revenue share of 73.0% in 2024. This is attributed to factors such as ease of availability and accessibility through multiple points of sale, large-scale utilization by the confectionery and food service industry, and original taste offered by the unflavored version of the product. Sweetened condensed milk is developed by heating it at a certain temperature and adding sugar to it externally to enhance shelf life.

The flavored product segment is projected to experience the highest CAGR from 2025 to 2030. This is attributed to the increasing availability of a wide range of flavors, such as caramel, chocolate, pumpkin spice, vanilla, hazelnut, and others. Commercial and household users have been utilizing these products extensively to bake numerous food items, adding to the growth of this segment in recent years.

Packaging Insights

Based on packaging, cans dominated the global sweetened condensed milk industry in 2024. This market is primarily influenced by factors such as convenience offered by the packaging version, ease of use, and enhanced availability to residential users through offline distribution channels such as supermarkets, hypermarkets, and grocery stores. Cans, often available in 200 or 400-gm contents, are highly preferred by residential users.

The tubes segment is anticipated to grow at the highest CAGR over the forecast period. This is attributed to the packaging innovation applauded by frequent users. Lasting availability for repeated usage of the same pack, extensive utilization by bakers for layering and mixing purposes, and enhanced shelf life ensured by the packaging version are expected to fuel demand for this segment in the approaching years.

Regional Insights

Europe dominated the global sweetened condensed milk market with a revenue share of 37.0% in 2024. This market is primarily influenced by the significance of baking in Europe's culinary interests and the roots of baking in the region's culture and traditions. In recent years, the availability of various home appliances, easy access to numerous key ingredients, and many bakery and confectionery industry participants in the region have added to the growing demand for the products. Additionally, increasing utilization by cafes, eateries, bakeries, and other commercial users is projected to develop a surge in demand for this market during the forecast period.

Germany held the largest revenue share of the regional market in 2024. The country's culinary preference, the frequent inclusion of baking in daily meals, and the presence of multiple food services and bakery businesses that use sweetened condensed milk as key ingredients in the preparation of offerings such as cakes, pies, candies, bread servings, and more are contributing to the growing demand. The availability of flavor-infused product versions is also contributing to the increasing demand.

North America Sweetened Condensed Milk Market Trends

North America held a significant revenue share of the sweetened condensed milk industry in 2024. This market is mainly influenced by factors such as improved availability facilitated by online portals and delivery platforms and improved product portfolios. A large number of residential users and the availability of multiple technology-driven equipment associated with baking add to the growing demand. Supermarkets, e-commerce websites, and online shopping portals run by major market participants also contribute to effective distribution and enhanced utilization.

The U.S. dominated North America sweetened condensed milk industry in 2024. This is attributed to the increasing demand for convenient food options the bakery and confectionery industry offers. This includes candies, cakes, waffles, pies, and others. The utilization of sweetened condensed milk for confectionery recipes by businesses and home baking trends has added a large number of growth opportunities. Enhanced availability facilitated by large chains of hypermarkets & supermarkets and quick commerce industry participants is expected to drive the growth of this market.

Asia Pacific Sweetened Condensed Milk Market Trends

Asia Pacific condensed milk industry is expected to experience the highest CAGR from 2025 to 2030. This market is primarily driven by aspects such as traditional significance associated with confectionery, growing demand for bakery products, and multiple industry participants operating in the region. Japan has trends of using sweetened condensed milk as a nutritional product, while Indian consumers include it in various conventional recipes and culinary innovations. Such aspects and growth in demand by commercial users are anticipated to generate lucrative growth for this market in the next few years.

Japan held the largest revenue share of the regional industry in 2024. Ease of availability and accessibility through grocery stores in suburban areas and food floors of departmental stores in large cities have influenced the growth of this market in recent years. The entry of multiple foreign brands and effective distribution by domestic companies have ensured enhanced access. The inclusion of sweetened condensed milk in the preparation of numerous food servings, such as Kakigōri, condensed milk sweet bread, Shirokuma, and others, has influenced the demand for sweetened condensed milk by commercial users.

Key Sweetened Condensed Milk Company Insights

Some of the key companies in the global sweetened condensed milk market are Eagle Family Foods Group LLC, Nestlé, Fraser & Neave Holdings Bhd, Amul (GCMMF), Vinamilk, and others. To address growing competition and significant increase in demand from commercial users, multiple market participants have embraced strategies such as enhanced portfolios, packaging innovation, improved distribution strategies and more.

• Amul (GCMMF), a company specializing in milk and milk products, offers a wide range of dairy and processed food products. Its portfolio includes milk, cheese, butter, yogurt, beverages, cheese sauce, and others. Amul Mithai Mate, a sweetened condensed milk product by the company, is offered in different packaging and sizes for household and commercial users. For household users, the product is provided in 200 and 400 gm tin; for commercial users, it is offered in 2.5 kg tin, 7.5 kg tin, and 280kg barrel.

• Nestle offers an extensive range of products associated with the packaged goods and consumer products industry. Its sweetened condensed milk product, NESTLÉ MILKMAID, is provided by the company in different varieties, including a mini pack of 210 gm, a regular pack of 380 gm, and as part of the Winter Fiesta Bundle and Mithai Kit.

Sweetened Condensed Milk Market Report Scope

Global Sweetened Condensed Milk Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, grand view research has segmented the global sweetened condensed milk industry report based on product, packaging, and region:

• Product Outlook (Revenue, USD Million,  2018 - 2030)

  • Unflavored

  • Flavored

• Packaging Outlook (Revenue, USD Million, 2018 - 2030)

  • Cans

  • Bottles

  • Tubes

  • Other

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Poland

    • U.K.

    • Italy

    • France

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Chile

    • Brazil

    • Middle East