Sweetened condensed milk provide rich and creamy texture along with sweetness for which it is gaining acceptance in various food dishes globally. It is also used to sweeten beverages, mainly coffee. Many countries in Asia and Europe prefer sweetened condensed milk in beverages including coffee and tea which is driving the growth of the market.
Growing confectionery industry and increasing demand for dairy products is supporting the growth of sweetened condensed milk market. The long shelf life of the product is having a positive impact on the growth of the sweetened condensed milk market. The key players are constantly making efforts to come up with new flavors in the market which is adding fuel to the growth of the market. However, high calorie and fat content in sweetened condensed milk may hamper the growth of the market. Though, companies are introducing low calorie or fat-free sweetened condensed milk to overcome the restraint.
On the basis of type, sweetened condensed milk is segmented into flavored sweetened condensed milk and unflavored sweetened condensed milk. Among them, the flavored sweetened condensed milk segment is growing at a fast rate. New innovations in flavors by the key players are driving the growth of this segment.
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 the distribution channel, sweetened condensed milk market is segmented into supermarket and hypermarket, convenience stores, food and beverage specialist, and others. Among them, the super market and hypermarket are dominating the market. Availability of wide range of products followed by the convenience of finding all products under one roof is driving the growth of this segment. 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.
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 followed by Europe. High consumption of desserts in North America is driving the growth of sweetened condensed milk in this segment. In Europe, Germany, France, and Switzerland are the major contributors to sweetened condensed milk market.
Asia Pacific is projected to grow at a substantial rate over the forecast period. China and India are the major contributors to the growth of sweetened condensed milk market in Asia Pacific. However, increasing consumption of sweetened condensed milk in beverages in developing countries is boosting the growth of this market in Asia Pacific. Brazil is anticipated to be the major contributor of sweetened condensed milk in rest of the world.
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Some of the key players profiled in the global sweetened condensed milk market are Eagle Family Foods Group (U.S.), Nestle (Switzerland), FrieslandCampina (The Netherlands), Santini Foods (U.S.), DANA Dairy (Switzerland), GCMMF (AMUL) (India), Arla Foods (Denmark)
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