Evaporated Milk Market to Grow with a CAGR of 2.54% through 2029

The global Evaporated Milk Market is expanding, driven by growing consumer demand for convenience and shelf-stable products, rising interest in dairy-based beverages and desserts, and expanding middle-class populations in emerging markets.

According to TechSci Research report, “Evaporated Milk Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the global Evaporated Milk Market stood at USD 5.66 billion in 2023 and is expected to grow USD 6.58 billion by 2029 with a CAGR of 2.54% during the forecast period. The global evaporated milk market has experienced significant growth over recent years, driven by several factors, including the rising demand for convenience foods and beverages, particularly in developing economies. As urbanization accelerates, an increasing number of consumers seek products that are both time-saving and easy to store. Evaporated milk, known for its long shelf life, aligns perfectly with this trend, making it a go-to option for households in both urban and rural settings. Moreover, the growing preference for shelf-stable dairy products, which offer convenience without compromising nutritional value, further supports the market's expansion.

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The versatility of evaporated milk in cooking and baking applications is another major driver for the market. It is a common ingredient in many global cuisines, from desserts to savory dishes, which makes it an essential pantry staple. In addition to its widespread use in culinary applications, evaporated milk is also becoming a key component in the development of new beverages, such as ready-to-drink milk-based products. Its creamy texture and rich flavor enhance the overall taste profile of these drinks, driving its use in new product formulations. The foodservice industry, particularly in cafes, restaurants, and bakeries, also contributes to the growing demand, using evaporated milk in recipes to achieve consistency and quality in beverages like lattes and baked goods.

The increasing health consciousness among consumers presents both opportunities and challenges for the evaporated milk market. While traditional evaporated milk is seen as a rich source of essential nutrients like calcium and protein, there has been a noticeable shift toward healthier options, such as low-fat, sugar-free, and fortified evaporated milk products. Consumers are becoming more selective, looking for dairy products that provide not only taste but also added health benefits. This trend has spurred innovation within the industry, with major dairy companies developing new variations of evaporated milk that cater to health-conscious individuals without sacrificing flavor. As a result, brands are increasingly focusing on creating value-added products, such as fortified evaporated milk with vitamins and minerals, to appeal to this growing demographic.

The global Evaporated Milk Market is segmented into product type, sales channel, and region.

Based on product type, the skimmed evaporated milk segment is the fastest-growing in the global market, driven by increasing health-consciousness among consumers seeking lower-fat dairy options. As consumers prioritize wellness, there is a growing demand for products that offer nutritional benefits without excess fat. This shift is particularly evident in developed regions such as North America and Europe, where consumers are increasingly opting for healthier food choices. Additionally, the rise of weight management and low-calorie diets has further accelerated the demand for skimmed evaporated milk as a healthier alternative in cooking, baking, and beverage applications

Based on the region, the Asia-Pacific region is the fastest-growing market for evaporated milk, driven by rapid urbanization, a rising middle class, and increasing consumer demand for convenient, shelf-stable dairy products. Countries like India, China, and the Philippines are experiencing significant growth in evaporated milk consumption, fueled by changing lifestyles and dietary habits. Additionally, traditional usage of evaporated milk in regional cooking and beverages, coupled with the region's expanding foodservice industry, further propels market expansion. As disposable incomes increase, consumers are increasingly adopting packaged and ready-to-use dairy options, making the Asia-Pacific region a key driver of the global evaporated milk market

Major companies operating in the global Evaporated Milk Market are:

• Nestlé S.A.
• Dana Dairy Group LTD
• Arla Foods amba
• Fraser and Neave, Limited
• Alaska Milk Corporation
• Yotsuba Milk Products Co., Ltd.
• Royal FrieslandCampina N.V
• Delta Food Industries FZC
• Alokozay Group
• Eagle Family Foods Group LLC

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“The global evaporated milk market is driven by the increasing demand for convenience, with consumers seeking long-lasting, ready-to-use products that fit busy lifestyles. Additionally, rising health awareness is encouraging a shift towards healthier options, such as low-fat, fortified, and sugar-free variants. Trends in the market include innovations in product formulations and the growing popularity of plant-based alternatives.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Evaporated Milk Market – Global Industry Size, Share, Trends, Opportunity and Forecast, By Product Type (Skimmed, Whole), By Sales Channel (Supermarket/Hypermarket, Convenience Stores, Online, Others), By Region & Competition, 2019-2029F”, has evaluated the future growth potential of global Evaporated Milk Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Evaporated Milk Market.

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