New Delhi, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to Astute Analytica, the global evaporated milk market has experienced remarkable growth in recent years due to the increasing health consciousness of consumers who are seeking healthier alternatives to traditional dairy products. This demand for evaporated milk has led to steady growth in production and consumption, with record-high levels achieved in 2020. Evaporated milk is a cow's milk product with 60% of its water content removed, resulting in a thick, creamy product with a longer shelf-life. It is being used increasingly as an ingredient in a variety of recipes, including baked goods and desserts.
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India, China, and the United States are the top producers of evaporated milk, with India being the leading producer, accounting for almost 40% of the global production. China and the US are the second and third largest producers, respectively. The Asia-Pacific region is the largest consumer of evaporated milk, representing over 60% of the global consumption. North America and Europe are the second and third largest consumers, respectively.
The changing behavior of consumers is also driving the growth of the evaporated milk market. More and more consumers are looking for healthier alternatives to traditional dairy products, and evaporated milk is being viewed as a healthy option due to its lower calorie and fat content than regular milk. Evaporated milk is also rich in calcium and other essential vitamins and minerals, making it a great choice for those who want to boost their nutrient intake.
Top Trends in the Global Evaporated Milk Market
- Focus on healthy products
Companies have been introducing healthier and low-fat options of their products to meet the growing demand for health-conscious foods and beverages. This trend has also been bolstered by rising awareness among consumers about the importance of nutrition and healthy diets. Additionally, companies are also focusing on introducing organic and all-natural products that are free of artificial ingredients or preservatives. Recent studies have shown that consumption of Evaporated Milk products is associated with a lower risk of obesity, diabetes, and cardiovascular disease.
- Growing demand for Convenient Products is Another Major Trend in Global Evaporated Milk market
Consumers today prefer products that are easy to use and require minimal preparation time. This has led to an increase in the number of ready-to-drink and ready-to-eat products that contain Evaporated Milk. Additionally, companies have also been offering smaller packaging options such as single-serve packages, which have become popular among consumers who are looking for convenience. According to a recent survey, almost 80% of consumers prefer products that are easy to use and require minimal preparation time.
- Rapid Expansion of e-commerce
Online sales have provided greater access to a wider range of products and enabled companies to reach a larger pool of customers. Additionally, online shoppers tend to be more price-sensitive and are more likely to compare prices before making a purchase. This has forced companies to offer competitive prices to remain competitive and attract more customers.
Manufacturers Across Global Evaporated Milk Market Focusing on Development of Non-Dairy Evaporated Milk Products to Cater to Vegan and Lactose-Intolerant Consumers
According to major findings from Astute Analytica, the manufacturers of evaporated milk products are recognizing the need to cater to a growing market of vegan and lactose-intolerant consumers. This market segment is significant, with approximately 14% of the global population being lactose intolerant and an estimated 9.7 million people in the US alone following a vegan diet.
To meet the needs of this market segment, many companies are focusing their efforts on the development of non-dairy evaporated milk products. The demand for these products has been on the rise in recent years, driven by the increasing popularity of plant-based diets and a growing awareness of the health benefits of reducing dairy consumption.
To cater to this demand, manufacturers in the evaporated milk market are exploring alternative sources of milk, such as almond, coconut, and soy, to create non-dairy evaporated milk products. This not only meets the dietary needs of vegans and lactose-intolerant consumers but also presents an opportunity for manufacturers to differentiate their products and expand their customer base. By offering a wider range of options, manufacturers can attract new customers and retain existing ones who are looking for non-dairy alternatives.
Furthermore, the development of non-dairy evaporated milk products is also in line with the trend towards sustainable and environmentally friendly products. The production of traditional dairy milk has been shown to have a significant impact on the environment, including greenhouse gas emissions and water usage. Non-dairy alternatives can offer a more sustainable solution, as they often require fewer resources and have a lower environmental impact.
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Europe has Strong Hold on Global Evaporated Milk Market
The European region has established itself as the largest consumer and producer of evaporated milk, with a 34% revenue share of the global market in 2022. This finding is of significant importance to the business outlook of the evaporated milk industry, as it highlights the key role played by the European region in shaping the market dynamics.
One of the main reasons for the dominance of Europe in the evaporated milk market is its strong dairy industry. The region has a long history of dairy farming, with a large number of dairy farms and processors that produce high-quality milk. This has led to the development of a robust supply chain that supports the production and distribution of evaporated milk. Furthermore, the European region has a well-developed food processing industry, which has helped to spur the growth of the evaporated milk market. The region's food processors have invested heavily in modern technology and production techniques, which have led to improved quality and consistency of evaporated milk products.
Another factor that has contributed to the growth of the market in Europe is the region's changing demographics. With a growing population, increasing urbanization, and changing dietary habits, there is a rising demand for convenient and long-lasting food products, such as evaporated milk.
Nestle and Arla Hold More than 40% Share in Global Evaporated Milk Market
Nestle and Arla are two of the largest players in the global evaporated milk industry, with a collective revenue share of over 40%. This finding is of significant importance to the business outlook of the industry, as it highlights the key role played by these two companies in shaping the market dynamics.
One of the main reasons for the dominance of Nestle and Arla in the evaporated milk market is their strong brand recognition and reputation. Both companies have established themselves as household names and have a long history of producing high-quality dairy products. This has helped them to build a loyal customer base, which has contributed to their continued success in the industry.
Furthermore, both Nestle and Arla have invested heavily in research and development, which has enabled them to innovate and develop new products that meet the evolving needs of consumers. For example, Nestle has launched a range of flavored evaporated milk products, while Arla has developed lactose-free and organic evaporated milk products.
In addition to their strong brand recognition and innovation capabilities, Nestle and Arla also benefit from their extensive distribution networks. Both companies have a global presence and are able to distribute their products to a wide range of markets, including emerging economies with growing demand for dairy products.
However, the dominance of Nestle and Arla in the evaporated milk market also poses a potential threat to smaller players in the industry. The high market share of these two companies could limit the opportunities for smaller players to enter and compete in the market, which could lead to reduced competition and potentially higher prices for consumers.
Some of the Top Market Players Are:
- Nestle
- Arla
- Fraser and Neave
- Friesland Campina
- Marigold
- DMK GROUP
- Eagle Family Foods
- O-AT-KA Milk Products
- Leche Gloria SA
- DANA Dairy
- Delta Food Industries FZC
- Yotsuba Milk Products
- Senel Bv
- Zhejiang Panda Dairy
- Envictus
- Alaska Milk
- Alokozay Group
- Other Prominent Players
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