Evaporated Milk Market Growth & Trends
The global evaporated milk market size is expected to reach USD 5.8 billion by 2025, according to a new report by Grand View Research, Inc., registering a 2.3% CAGR during the forecast period. Market growth is attributed to factors such as wide scope of the product in downstream application sectors as well as high nutrition value, long shelf life, and affordable price of the product. Evolving culinary trends are also boosting the demand for evaporated milk in household applications to prepare different cuisines.
Also referred to as dehydrated milk, evaporated milk has many health benefits over the regular variant. Around 60% of water content is removed from this variant during its preparation, retaining all other nutritional benefits. It is then homogenized, canned, and sterilized. The milk is fortified by adding nutrients like vitamin D. It also contains calcium, vitamin C and A, and iron, making it more nutritious than any other variant, like condensed, fresh, or powdered milk. Apart from being used in tea and coffee as a dairy whiteners, this product variant is also used to make various frozen dairy-based desserts and in numerous savory dishes to give it a rich creamy flavor and texture.
Evaporated 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. Evaporated milk is also a convenient option while travelling, trekking, and camping as it does not need to be refrigerated and is easier to transport.
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, béchamel sauce, and other products as it has a creamy texture and taste without the sweetness of the condensed variant. The skimmed 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.
Europe is the largest regional market 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. 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.
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.
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Evaporated Milk Market Report
Evaporated Milk Market Report Highlights
- The whole evaporated milk segment accounted for the largest share of over 58.0% in 2018. This variant is widely used in the confectionary industry. It is often used in gravies, soups, quiches, béchamel sauce, and other products
- Offline distribution channels accounted for the dominant share of more than 74.0% in 2018, driven by high dependency of consumers on retail channels and strong presence of leading grocery stores as well as small independent grocers
- Some of the key players operating in the global market are Nestle, Arla, DANA Dairy, Fraser and Neave, Friesland Campina, Delta Food Industries FZC, and Alaska Milk.
Evaporated Milk Market Segmentation
Grand View Research has segmented the global evaporated milk market on the basis of type, distribution channel, and region:
Evaporated Milk Type Outlook (Revenue, USD Million, 2015–2025)
Evaporated Milk Distribution Channel Outlook (Revenue, USD Million, 2015–2025)