Global Evaporated Milk Market Size will Reach $7462.43 Million in 2023

Global Evaporated Milk Market Overview

According to Global Market Monitor, the 2023 global evaporated milk market size will reach $7462.43 million with a CAGR of 3.94% from 2023 to 2028.

Evaporated milk has a shelf life of months or even years, which is depending on the fat and sugar content. Evaporated milk can substitute for fresh milk in regions where refrigeration conditions cannot be met to avoid disease from expired dairy products. The growth of the evaporated milk market is mainly from countries and regions with insufficient milk supply and substandard quality, which is favored by consumers and food service operators.

Europe is the Largest Market and Asia Pacific is the Fastest-Growing One

Europe held the largest market share – 33.93% in 2022. The UK is the largest and fastest-growing market for evaporated milk in Europe, driven by mandatory controls on unhealthy foods set out by the British Retail Consortium (BRC). Growing concern about sugar content in food and beverage products and support from government taxes on high-sugar foods has forced manufacturers to reduce the amount of sugar in their products.

The Asia-Pacific is the fastest-growing region, mainly driven by the high demand for milk substitutes in developing countries such as Malaysia and Thailand. In addition, changes in dietary patterns, economic growth, and support of government regulations of the industry will promote evaporated milk market growth in the region.

Evaporated Milk Market Recent Developments:

The international dairy company Arla Foods made a huge dairy investment and opened a new factory in Pronsfeld Dairy, Germany. This investment is to meet the international market demand for affordable, sustainable, and nutritious dairy products.

Friesche Vlag, a subsidiary of Friesland Campina, launched a new product, Barista Oat, the company\'s first plant-based drink that can replace dairy drinks. This is done in response to growing customer demand for plant-based alternatives.

By application, evaporated milk is mainly used in infant formula, dairy products, preparation of dry mixes, confectionery, bakery, and other industries, among which the confectionery industry is the largest downstream application field. Evaporated milk can be added to the production process of candy.

Applications	Market Share	Confectionery Market Size
Infant formula	4.3%	2023：$18083.75 million	2028：$21743.52 million
Dairy products	25.1%
Prepared dry mixes	6.8%
Confectionery	30%	The confectionery industry is the largest downstream application field.
Bakery	16.5%
Others	17.3%