Evaporated Milk Market Forecast, Trend Analysis and Competition Tracking - Global Market insights 2015 to 2031

Evaporated Milk Market Introduction

Fresh milk from which approximately 60 percent of the water has been removed is called evaporated milk or unsweetened condensed milk. After the water is removed from milk, the remains are stabilized, chilled, sterilized, and packed. Evaporated milk is commercially sterilized at about 115-118 degrees Celsius. The high heat process results in the caramelized flavor of evaporated milk. It is darker in color than fresh milk. Evaporated milk contains more calories and nutrients than fresh milk per volume because the evaporation process leads to the concentrated form of nutrients. Evaporated milk is sometimes considered the same as sweetened condensed milk. It is different from sweetened condensed milk as no sugar is added. Evaporated milk becomes equivalent to fresh milk when mixed with a proportionate amount of water. Depending on fat and sugar content, evaporated milk can have a shelf life of months. This makes evaporated milk a suitable substitute for fresh milk as it has a longer life without refrigeration. Evaporated milk has added nutritional value than fresh milk as vitamin C and D are added to it. Disodium phosphate is also added to prevent coagulation and carrageenan. Evaporated milk contains potassium, sodium, concentrated fats, protein, vitamin A, vitamin B6, magnesium, and iron.

Manufacturing of Evaporated Milk Flow Diagram

 

Composition of Evaporated Milk

Component	Percentage
Moisture	0.69
Total Solids	0.31
Fat	0.09
Milk SNF	0.22
Protein	0.083
Lactose	0.122
Ash	0.015
Total Milk Solids	0.31

Global Evaporated Milk Market Revenue Outlook: 

The global evaporated milk market is valued at US$ 8,388.8 Mn in 2021 and is projected to register а САGR of 2.8% by 2031.

The Global evaporated milk market is segmented into product type, application, distribution channel, and regions. The product type segment includes whole milk & skimmed milk. The whole milk segment accounts for the highest revenue share among the product type segments, owing to its high nutritional value to provide higher calories than skimmed milk. Among the application segments, bakery and confectionary account for a significant share in terms of revenue. This is due to the wide use of evaporated milk as a substitute for milk and cream in most bakery products. Among the regional markets, the European market is expected to account for significant revenue share. It is forecast to continue its supremacy in the global evaporated milk market over the forecast period. This is due to the high consumption of bakery products in people's daily lifestyle in the country in the region.

Product of Evaporated Milk

Source: F.A.O., 2021

Wide Application in Food and Beverages & Bakery and Confectionery Industries

Evaporated milk has wide application in food and beverages such as shakes, coffee, tea, etc. The daily consumption of tea and coffee has led to increased use of evaporated milk. This factor supports the growth of the market positively.

• Accorded with to a survey conducted in 2019 by the National Coffee Association of U.S.A., Inc., approximately 64% of Americans drink at least one cup of coffee every single day.

The demand for evaporated milk increases in the bakery and confectionary industry for making cakes, candy, chocolate, fudge, etc. It is used as a substitute for a cream to reduce fat content in a wide range of bakery products. This factor is expected to boost the market growth of evaporated milk.

• To substitute for a cup of regular milk, add one part of evaporated milk and one part of water. Add half the called for milk with evaporated milk and the rest with water for a more fresh-milk taste.

What are the key challenges to market expansion for manufacturers of Evaporated Milk?

Approximately 70% of people globally are lactose intolerant. People with low lactose tolerance may face some stomach problems and allergies. Evaporated milk contains more protein and lactose compared to regular milk. For cow's milk allergy (C.M.A.), an immune-mediated reaction to the proteins in cow's milk, the body's defense system attacks proteins from milk within hours of drinking. The above factors are expected to hinder the growth of the global evaporated milk market

The fluctuating milk production and cost of regular milk are likely to significantly affect the evaporated milk price. This factor is a major concern for evaporated milk producers and hinders the market's growth.

How is the supply of Evaporated Milk affected in the Pandemic situation?

The outbreak of COVID-19 has had a negative impact on almost every industry. The milk industry also witnessed substantial disruptions in the global supply chain of raw materials, transportation of end-products, and disrupted processes worldwide. This had led to sudden shortages of raw materials and end-products used in the food and beverages industry. The factors mentioned above are likely to hinder the market revenue to a certain extent.

Global Evaporated Milk Market Analysis from Analyst Viewpoints

Go to Market Strategy – Market Maturity

Global Evaporated Milk Market Y-o-Y Growth Rate by Region

Year	2015	2016	2017	2018	2019	2020	2021
North America	0.032	0.033	0.034	0.035	0.036	0.025	0.03
Europe	0.038	0.038	0.039	0.04	0.039	0.026	0.035
APAC	0.027	0.028	0.029	0.03	0.031	0.021	0.025
Latin America	0.025	0.025	0.026	0.026	0.026	0.017	0.023
MEA	0.02	0.021	0.021	0.021	0.021	0.015	0.02

North America evaporated milk market in the global is expected to register a Y-o-Y growth rate of over 3% during the forecast period 

The market in Europe is estimated to be valued at US$ XX Mn and register a revenue share of 30.4%. The evaporated milk market is expected to reach a value of US$ XX Mn and register a CAGR of 4.2% between 2021 and 2030

The evaporated milk market in Asia-Pacific is estimated to account for a revenue share of 20.3% in 2020 and register a CAGR of 3.1% over the forecast period.

Competitive Landscape

The evaporated milk landscape appears highly consolidated, with a major chunk of it being dominated by U.S. players.

• Nestlé S.A
• Koninklijke FrieslandCampina N.V (Alaska Milk Corporation)
• Goya Foods Inc.
• Saputo, Inc.
• The J.M. Smucker Company
• Fraser & Neave Holdings Bhd
• O-AT-KA Milk Products Cooperative Incorporated
• National Food Industries Company Limited (Luna)
• Other Key Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Segments Covered

Evaporated Milk Market, By Product Type

• Whole Milk
• Skimmed Milk

Evaporated Milk Market, By Application

• Bakery & Confectionary
• Infant Food
• Dairy Products
• Beverages
• Other Applications

Evaporated Milk Market, By Distribution Channel

• Supermarket/Hypermarket
• Retail Store
• Specialty Store
• Online Platform