Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Evaporated Milk market.
Trusted Business Insights presents an updated and Latest Study on Evaporated Milk Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Evaporated Milk market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Evaporated Milk Market
The global evaporated milk market size was valued at USD 4.97 billion in 2018 and is expected to register a CAGR of 2.3% from 2021 to 2026. Market growth can be attributed to factors such as wide scope in downstream application industry, high nutrition value, long shelf life, and affordable price. Evolving culinary trends is also boosting demand for evaporated milk in household applications.
Also called dehydrated milk, evaporated milk has numerous health benefits over the regular kind. While approximately 60% of the milks water content is removed during the preparation of this product, all other nutritional benefits are retained. The product is then homogenized, canned, and sterilized, while also fortifying it by adding nutrients like vitamin D. Evaporated milk also contains iron, calcium, and vitamin C and A, rendering it more nutritious than other variants, such as fresh, powdered, or condensed milk.
Market growth is also attributed to demand for milk in countries where product supply is insufficient and not of adequate quality. In regions where refrigeration is not reliable, evaporated milk serves as a good alternative to the regular variant as there is no risk of spoilage or illness that is generally caused by consumption of expired dairy products. The evaporated variants are also cheaper than dairy whiteners and as a result are favored by consumers as well as food service operators.
Evaporated milk is also a convenient option while travelling, trekking, and camping. Primarily, this product does not need to be refrigerated and has a much longer shelf life. Moreover, it is easier to transport as it is light, is not messy, and does not require any special container packaging. On the down side, however, considering evaporated milk is a by-product of regular milk, any fluctuations in the price of the upstream product will affect the cost of production of evaporated milk. This can act as a major restraint to market growth.
Type Insights of Evaporated Milk Market
By type, the market is segmented into skimmed and whole. Whole evaporated milk accounted for the largest share of just over 58.0% in 2018. This variant is widely used in the confectionary industry. It is often used in gravies, soups, quiches, bechamel sauce, and other products as it has a creamy texture and taste without the sweetness of condensed milk. Rising demand for low-sugar confectionery products among health-conscious consumers spurs preference for whole milk over skimmed. The skimmed evaporated product segment is expected to exhibit the highest CAGR of 2.5% over the forecast period. It is generally used as an alternative to regular milk in the production of dairy products like ice cream, yogurt, and other frozen desserts.
Distribution Channel Insights
By distribution channel, the evaporated milk market is bifurcated into online and offline platforms. Offline distribution channels accounted for the largest share of more than 74.0% in 2018. High dependency of consumers on retail channels, large number of consumers, and easy availability of the product in these stores is driving the offline channel. Developed countries have a high density of grocery retail stores as well as small independent grocers where the products are easily available. Rising number of organized retailing outlets like hypermarkets, supermarkets, convenience stores, and mixed retailers is expected to boost segment growth.
Online distribution channels are estimated to emerge as the fastest growing segment with a CAGR of 2.7% over the forecast period. Factors such as increase in consumer awareness regarding companies online presence, widespread penetration of internet across the globe, availability of various discounts and offers, and access to product information, specifications, and usage tutorials are driving online sales of evaporated milk. A booming ecommerce sector, especially in developing economies, is supporting the growth of this segment.
Regional Insights of Evaporated Milk Market
Europe is the largest regional market for evaporated milk and accounted for a share of over 31.0% in 2018 and is expected to register a CAGR of 2.4% over the forecast period owing to growing demand for dairy products with low sugar and fat content. This is driven by mandatory controls on unhealthy food as laid down by the British Retail Consortium (BRC). U.K. is the largest as well as the fastest growing market in the region and accounted for close to 12.0% of the market in 2018. Growing concerns among consumers regarding sugar content in food and beverage products, supported by the governments move to tax high sugar foods have compelled manufacturers of confectionery products and dairy desserts to reduce sugar content in their products, creating an opportunity for market growth in the region over the forecast period.
Asia Pacific is estimated to be the fastest growing regional market with a CAGR of 2.7%. This can be attributed to high demand for milk alternatives from developing countries such as Malaysia and Thailand. Growing consumption of evaporated milk as an alternative to the regular kind in tea and coffee is a key factor boosting demand. Apart from these, factors like changing dietary patterns, economic growth, growing confectionary industry, and supportive government regulations are expected to boost regional growth through 2025.
Market Share Insights of Evaporated Milk Market
Major market players include Nestle, Arla, DANA Dairy, Fraser and Neave, Friesland Campina, Delta Food Industries FZC, Alaska Milk, Yotsuba Milk Products, Alokozay Group, and Eagle Family Foods. New product launches and establishment of a strong supply chain by means of strategic partnerships with distributors are expected to remain crucial success factors. Rising concerns over the price of milk on account of fluctuating climate patterns and reducing cattle yield is projected to remain a crucial challenge to producers of evaporated milk in the near future.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Evaporated Milk Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global evaporated milk market report on the basis of type, distribution channel, and region:
Type Outlook (Revenue, USD Million, 2019 – 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 – 2030)
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