Global Evaporated Milk Market Assessment, By Type [Dairy, Non-dairy or Plant-based Milk], By Product Type [Low Fat, Whole Milk, Skimmed, Part Skimmed, Sweetened, Unsweetened, Flavored, Others], By Category [Organic, Conventional], By Heat [High Heat Evaporated Milk, Medium Heat Evaporated Milk, Low Heat Evaporated Milk], By Packaging [Cans, Pouches, Bottles, Tetra Packs, Others], By Application [Food and Beverages, Personal and Beauty Care], By End-user [Commercial, Residential], By Distribution Channel [Offline, Online] By Region, Opportunities and Forecast, 2017-2031F

Global evaporated milk market is projected to witness a CAGR of 4.3% during the forecast period 2024-2031, growing from USD 5.51 billion in 2023 to USD 7.72 billion in 2031. Important factors like the surging trend of home-cooked meals among consumers, along with longer shelf life, convenience, and portability of evaporated milk over fresh milk are driving the market growth. In line with this, the globalization of regional cuisines and the growth of confectionery and bakery sectors are majorly inducing the market demand for evaporated milk. Moreover, the easy product availability in diverse packaging formats, such as bottles, tetra packs, pouches, etc., is propelling the market growth. Evaporated milk finds applications in various foods and beverages, such as coffees, desserts, and sauces, as a substitute of heavy cream, making it a healthier option for enhancing taste and texture. Furthermore, the introduction of innovative product offerings, globalization of regional cuisines, and the growth of confectionery and bakery sectors are majorly inducing the evaporated milk market demand.

Besides this, key players are launching diverse products in innovative packaging to cater to the wider consumer base. For instance, in October 2023, Peak Milk, a subsidiary of Friesland Campina WAMCO Nigeria PLC, introduced their brand new, mini budget friendly evaporated milk packets called ‘Peak Mini’. These convenient, pocket friendly, and easily accessible evaporated milk packs were made accessible to all Nigerians since they are an affordable option for the consumers.

CHI Limited (Chivita Hollandia), a market leader of FMCG goods in Nigeria, unveiled new pack designs in November 2023 for its Hollandia product range. The newly designed packs feature a premium image and a high quality Hollandia brand logo, offering a wide range of value-added dairy products across multiple segments, including evaporated milk.

Innovative and Sustainable Packaging Fueling the Growth of the Market

Innovations in the packaging have been a significant driver in the growth of the evaporated milk market. The use of environmentally friendly packaging materials and convenient single serve options are gaining traction, which is acting as a growth-inducing factor. These packaging formats not only enhance the consumers’ convenience and appeal, but also help companies fulfil their sustainability goals. Innovation in packaging has been driving the market also due to the wider variety of sizes available. Moreover, attractive packaging induces the consumers towards their products and helps them boost their sales.

Friesland Campina announced the launch of its first ever recyclable PET pack of evaporated milk under its brand ‘Rainbow’ in December 2021 in the Middle East. This allowed the company to introduce unique re-closable featured bottles for their evaporated milk packaging range. Consumers could avail themselves of the benefit of greater product usage due to a reduction in wastage and increased storage convenience. The packaging can be recycled by 89%, which aligns with the company’s aim towards providing a sustainable range of products and enhancing and improvising storage methods. Thus, Friesland Campina was the first company to produce sustainable bottles in the dairy sector across the Middle East.

Convenience and Portability Features of the Product

Evaporated milk is a concentrated form of milk, which can be recombined with water whenever required. This provides consumers convenience as they can consume smaller quantities instead of buying large quantities of fresh milk frequently and regularly. Smaller and convenient packaging options for the evaporated milk fulfil consumers’ preferences of portability and control of portions. It also helps the consumers with ease of use, catering to the consumers’ dynamic needs and aligns with their busy and modern lifestyle, enhancing an overall consumer experience and inducing the market.

Manufacturers are marketing smaller packages for this purpose. For example, a leading dairy brand of Friesland Campina WAMCO, Three Crowns Milk, introduced Three Crowns Smallie Packs in November 2023. This triangle shaped carton pack contains 69g of evaporated milk. The company named these packs as ‘smallie’ as they are convenient, affordable, and made for single-use purposes only. Moreover, these packs do not require any storage and can be easily carried from one place to another. This very affordable packaging solution addresses the financial problems being faced by Nigerian households, ensuring the value for money. These low unit portion packs have customers not only in urban areas, but also expand their limit to rural areas, making it an accessible solution for all.

Perception of Processed Foods Among Consumers Restricting the Market Growth

A segment of consumers, favoring fresh and minimally processed foods, may not find evaporated milk appealing due to its processed nature. This demographic tends to opt for natural alternatives, perceiving them to be more nutritious than processed options. They prioritize fresh milk over heavily processed evaporated milks, believing that natural products offer superior nutritional value. Consequently, the availability of fresh milk can significantly influence their purchasing decisions. These consumers are driven by a desire for wholesome, nutrient-rich foods, and they may perceive evaporated milk as falling short in meeting their dietary preferences. Moreover, evaporated milk contains preservatives, which are not good for health and lead to affect the health adversely when consumed frequently or in larger quantities. For instance, greater consumption of processed foods may lead to diseases like diabetes or an increase in blood pressure. Thus, consumers’ becoming increasingly aware on the health hazards caused due to consumption of processed foods such as evaporated milk, thereby preferring fresh milk over it. As such, brands offering natural dairy options or alternatives with minimal processing may effectively target this consumer segment, catering to their preference for nutritionally rich and minimally processed products.

Limited Shelf Life Once Opened Threatening the Market

Evaporated milk has a limited shelf life after opening, which is hindering its appeal among consumers. There are certain storage measures that consumers can take to extend product shelf life, such as keeping it in a cool dry place or refrigerator, as placing it in the freezer can make the formulation watery. Moreover, using airtight containers for storing any unused evaporated milk once opened can also help with extending the shelf life. This shorter shelf life can be inconvenient for consumers who may not use the entire contents of the can at once, leading to concerns about spoilage and waste. Therefore, the storage requirements and limited usability of evaporated milk can make it less convenient compared to other dairy products. As a result, the packed evaporated milk, if not stored properly, may lead to its spoilage, hampering the growth of the market.

Future Market Scenario (2024 – 2031F)

·         The dairy free or plant based evaporated milk will gain greater popularity in the market to cater to the consumers with vegan diet preferences and lactose intolerance. Moreover, sustainable product offerings with clean labels will appeal to the consumers in the future.

·         Addition of nutritional content to the products, including allergen-friendly alternatives, will expand the base of the consumers for the key players.

·         Innovations in the product, such as packaging and introduction of new flavor variants, will help the key players in keeping the existing consumers intact and target the premium market segment at the same time. Additionally, collaborations with renowned brands across different sectors will help the market grow exponentially.

Report Scope

“Evaporated Milk Market Assessment, Opportunities, and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global evaporated milk market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 4.3% between 2024 and 2031
Revenue Forecast in 2031	USD 7.72 billion
Segments Covered	Type, Product Type, Category, Heat, Packaging, Application, End-user, Price Range, Distribution Channel
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Nestle S.A., Fraser and Neave, Limited, DANA Dairy Group, Delta Food Industries FZC, Eagle Family Foods Group LLC, Yotsuba Milk Products Co., Ltd., Alokozay Group of Companies, Royal Friesland Campina N.V., O-AT-KA Milk Products Cooperative, Inc., Naisa Brand Products Ltd., Parthenon Foods, Inc.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In this report, the global evaporated milk market has been segmented into the following categories: 

§  By Type

o   Dairy

·         Cow

·         Goat

o   Non-dairy or Plant-based Milk

§  Coconut

§  Rice

§  Soy

§  Nuts

§  Others

§  By Product Type

o   Low Fat

o   Whole Milk

o   Skimmed

o   Part Skimmed

o   Sweetened

o   Unsweetened

o   Flavored

o   Others

§  By Category

o   Organic

o   Conventional

§  By Heat

o   High Heat Evaporated Milk

o   Medium Heat Evaporated Milk

o   Low Heat Evaporated Milk

§  By Packaging

o   Cans

o   Pouches

o   Bottles

o   Tetra Packs

o   Others

§  By Application

o   Food and Beverages

·         Infant Food

·         Condiments

o   Personal and Beauty Care

§  By End-user

o   Commercial

§  Restaurants

§  Bakery & Confectionery

§  Others

o   Residential

§  By Distribution Channel

o   Offline

§  Departmental Stores

§  Specialty Stores

§  Others

o   Online

§  By Region

o   North America

o   Europe

o   Asia-Pacific

o   South America

o   Middle East and Africa

Key Players Landscape and Outlook

Key participants in the evaporated milk market are driving the market growth through product innovations, technology advancements, and strategic partnerships. The manufacturers are innovating and launching new products to cater to the dynamic needs of the consumers.

In December 2022, Jackson-Mitchell, Inc, which is a US-based dairy goat company, and a producer of evaporated goat milk, announced its agreement to merge with Redwood Hill Farm & Creamery Inc. into a new entity named Darey Brands. Through this agreement, whose terms were completed in 2023, the companies aim to keep their older product portfolio intact, while expanding their offerings and launching plant based dairy alternatives, thereby expanding their consumer base. They also planned to strengthen their milk supply and bring a boost in their efficiencies.

Eagle Foods announced in July 2022, that it has successfully completed its acquisition of the iconic businesses from General Mills, Inc., Helper main meals and Suddenly Salad side. The acquisition was a result of Eagle's aim to diversify its food platform and help the company grow its business of snacks and milk parallelly through its latest investment.

Key Players Operating in the Global Evaporated milk Market are:

·         Nestle S.A.

·         Fraser and Neave, Limited

·         DANA Dairy Group

·         Delta Food Industries FZC

·         Eagle Family Foods Group LLC

·         Yotsuba Milk Products Co., Ltd.

·         Alokozay Group of Companies

·         Royal Friesland Campina N.V.

·         O-AT-KA Milk Products Cooperative, Inc.

·         Naisa Brand Products Ltd.

·         Parthenon Foods, Inc.

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·         What is the current and future market size of the product/service in question globally or specific to different countries?

·         How are the markets divided into different product/service segments and the market size and growth of each segment?

·         What is the market potential of different product segments and their investment case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

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