Market Introduction
The North America Sweetened Condense Milk market held a market value of USD 1,983.7 million in 2021 and is projected to reach USD 2,371.7 million by the year 2027. The market is predicted to record a CAGR of 3% during the forecast period.
The Sweetened Condense Milk industry in North America is rising at a considerable rate due to the increasing product adoptions, rising demand of innovative products, such as skimmed milk products, and the rising change in lifestyles.
Moreover, the rising awareness regarding innovations in the bakery, dairy, and milk industry is propelling the market growth. For instance, Eli?s received a National Restaurant Association 2021 FABI Award for its newest desserts, namely, Confetti Cheesecake and Mini Dulce De Leche Pie. Thus, such moves increase the preference rates and appeal consumers, thus increasing the growth rate of the marketspace.
On the other hand, the high calorie level of the product is hindering the market growth. Since a lot of the population around the world are experiencing lifestyle diseases, a path to cut down on few fatty foods influences a certain target audience, which might hamper the market growth to a certain extent.
Growth Influencers:
Rise in demand for desserts
With the unprecedented situation of COVID-19 outbreak around the world, the consumption of comfort food, such as desserts, have increased tremendously. The increased consumer appeal towards indulgent items is aiding the rise in demand for desserts, aiding the increase in growth rate of Sweetened Condense Milk products. According to a survey, on an average, the US consumers are consuming more baked goods recently. 48 percent of these consumers state that the reason is as they crave sweet indulgences. Thus, such rising demand will propel the growth rate of the North America Sweetened Condense Milk market.
New improvements and product innovations in field of dairy and dairy products
The prominent companies operating in the market are engaging in several strategic activities to gain a larger target audience and increase the offerings. For instance, smaller-sized desserts are becoming prominent owing to the consumers buying desserts as an everyday treat, and not just a celebratory occasion. Smaller sized products indirectly push for demand for dairy products and increases the growth rate of the market to a significant extent.
Segments Overview:
The North America Sweetened Condense Milk market is segmented into product, application, and sales channel.
By Product
? Skimmed Evaporated
? Whole Evaporated
The whole evaporated segment is estimated to record the highest growth rate of 3.5% during the forecast period.
By Application
? Infant Food
? Dairy Products
? Bakeries
? Confectionery
? Consumer/Home Use (Baking, Cooking and Other Usage)
? Others
The bakeries segment held the largest market share of more than 30% in 2021, whereas the consumer and home use segment is projected to hold a revenue opportunity of USD 81 million between 2021 to 2027.
By Sales Channel
? Online Retailing
? Supermarkets/Hypermarkets
? Departmental Stores
? Retail Shops
? HoReCa (Food Service)
The online retailing segment is anticipated to be fastest growing segment with a growth rate of 3.6% owing to increasing demand for dairy and milk product offerings. The supermarkets and hypermarkets is assessed to generate revenue of more than USD 1,000 million by 2027.
Regional Overview
By region, the North America Sweetened Condense Milk market is divided into the US, Canada, and Mexico. The US Sweetened Condense Milk is growing at a substantial rate. The US market for Sweetened Condense Milk holds an opportunity of USD 272 million from the period of 2021 to 2027.
The Canada Sweetened Condense Milk market is expected to hold a substantial share owing to the elevating demand for non-dairy products. The continuous product innovations and presence of prominent players in the country helps the market growth tremendously.
Competitive Landscape
Key players operating in the North America Sweetened Condense Milk market include Arla Foods, DANA Dairy Group, DMK Deutsches Milchkontor GmbH. Eagle Family Foods Group, Fraser and Neave Limited, Galloway Company, Holland Dairy Foods LLC, Ichnya Condensed Milk Company, Meadow Foods Ltd., Nestle S.A., O-AT-KA Milk Products Cooperative, Inc., Royal FrieslandCampina N.V., Santini Foods, Inc., and Uelzena Group, among others.
The market players are investing in collaborations, product launches, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in December 2020, F&NHB acquired Sri Nona Companies, for its business expansion into more food segments, which will enhance its food and beverage capacity.
The North America Sweetened Condense Milk market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the North America Sweetened Condense Milk market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing of hand dryers
Manufacturing Cost Analysis: Cost-share of various components in Sweetened Condense Milk, cost analysis of Sweetened Condense Milk, unit cost analysis of Sweetened Condense Milk, component cost analysis ? Sweetened Condense Milk
The North America Sweetened Condense Milk market report answers questions such as:
? What is the market size and forecast of the North America Sweetened Condense Milk market?
? What are the inhibiting factors and impact of COVID-19 on the North America Sweetened Condense Milk market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the North America Sweetened Condense Milk market?
? What is the competitive strategic window for opportunities in the North America Sweetened Condense Milk market?
? What are the technology trends and regulatory frameworks in the North America Sweetened Condense Milk market?
? What is the market share of the leading players in the North America Sweetened Condense Milk market?
? What modes and strategic moves are considered favorable for entering the North America Sweetened Condense Milk market?