Market Size of Condensed Milk Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.77 Billion |
| Market Size (2029) | USD 4.64 Billion |
| CAGR (2024 - 2029) | 4.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Condensed Milk Market Analysis
The Condensed Milk Market size is estimated at USD 3.77 billion in 2024, and is expected to reach USD 4.64 billion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).
COVID-19 pandemic is expected to positively impact the condensed milk market. The in-home consumption demand for condensed milk has increased since the pandemic. However, the manufacturing of condensed milk globally has been impacted by the pandemic because of the government regulations to shut down all activities. Closing public gathering areas and restaurants resulted in a drop in out-of-home consumption of condensed milk in 2020.
Over the medium term, the condensed milk market is expected to be driven by the rising demand of the consumer for products with longer shelf life, higher quality, and the extensive application of condensed milk in desserts and confectioneries. The introduction of cost-effective products is expected to support the market's growth. Benefits such as the long shelf life of sweetened condensed milk, which lasts for around two weeks even after opening the package, prolonged use of the product, and bulk purchasing behavior are expected to extend the product application scope.
However, the demand for low-sugar foods can hinder the growth of condensed milk, which is majorly sweetened for use in versatile food applications.
