Market Synopsis:
Sweetened Condensed Milk has become a vital ingredient in all milk-based desserts to bring sweetness and a rich creamy texture. Besides owing to its high nutritional values Sweetened Condensed Milk has become extremely popular in the household. Over the past few years, definitions of nutrition have changed dramatically & so have the dietary habits.
Hence, for many, it’s a source of potassium, calcium, magnesium & vitamin A. And many, prefer to add it to their teas, coffee & other beverages for its flavors. Evidently, popularity & uptake are the key factors driving the demand for Sweetened Condensed Milk. That not only drives its market growth but also escalates the market on the global platform.
Furthermore, expansion of distribution channels is anticipated to foster the market growth during the review period. Factors such as popularity & an increasing uptake worldwide; not only drive the market growth but also encourage the maker/manufacturer of the Sweetened Condensed Milk market to bring novelty to the product. For which, these manufacturers make substantial investments in R&D activities. This, in turn, pays off well by increasing popularity of the product, hence its demand, sale & eventually, its market size.
On the other hand, availability of various counterfeited, low-cost products in the market is considered as the market growth hampering factor over the review period. Also, high calorie and fat content in sweetened condensed milk restrict its uptake in health-conscious genre, further limiting its market growth. In addition, other factors that propel the market growth include its longer shelf life, growing industrialization & urbanization along with the improving economic conditions worldwide.
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Competitive Analysis:
Well established Sweetened Condensed Milk market is. Adorn by several large and small players; some of them even having a good international. Cheese producers are struggling to create products with coloration that approximates Dairy Cheese. Key trends observed among the market players include collaboration, acquisition, and expansion, product launch and partnership.
Nestle (Switzerland), Eagle Family Foods Group (US), Friesl and Campina (The Netherlands), DANA Dairy (Switzerland), Santini Foods (US), Arla Foods (Denmark) and GCMMF/Amul (India) are some of the leaders driving the Global Sweetened Condensed Milk Market. Profiling those in its analysis MRFR finds out their strategies placing them at the forefront of completion.
Industry/ Innovation/ Related News:
January 31, 2018 – John Bean Technologies (JBT Corporation – US), a leading solutions providers for food processing machinery and airport equipment company launched its new, High Capacity Unifiller, With a unit filling capacity of 1,500 containers/ minute at an unparalleled accuracy rate. This machine performs high-speed filling line of Sweetened Condensed Milk along with the evaporated milk & fastest filling of Coffee Drinks in glass bottles.
Market Segments:
For the convenience of the report and enhanced understanding; the market is segmented into 4 key dynamics
By Types: Comprises Flavored & Unflavored.
By Packaging Material: Plastic, Glass, & Metal among others.
By Distribution Channels: Convenience Stores, Supermarket & Hypermarket, Food & Beverage Specialists among others.
By Regions: Europe, North America, APAC and Rest of the World.
Segment – Flavored Sweetened Condensed Milk by Types, accounts for the fast-growing segment owing to the verities & novelties brought by the key players.
Segment – Metal by Packaging material, dominates the market globally, followed by the glass segment.
Segment – Supermarket & Hypermarket dominates the Distribution Channels segment owing to the availability of a range of products & convenience of buying.
While Segment Food & Beverage Specialist is expected to grow rapidly owing to the augmenting consumption of sweetened condensed milk in the F&B industry.
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Geographical Analysis:
Continuing with its dominance, North America market of Sweetened Condensed Milk is expected to surge attributing to the high consumption of desserts.
Whereas the Europe market is surging owing to the contributions from the countries like Germany, France, & Switzerland.
While attributing to the resurging economy in the Asia Pacific countries like India & China, the APAC market for the sweetened condensed milk is witnessing exponential growth. Increasing consumption of sweetened condensed milk in beverages in developing countries is another key factor driving the regional market.
The RoW market for sweetened condensed milk is predominantly driven by Brazil.
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