Global vegan condensed milk market is expected to rise at a CAGR of 5.1% through the forecast period. The market valuation is likely to increase from US$ 4231.8 Mn in 2023 and to US$ 6624.8 Mn by 2033.
Revenue growth in the demand for dairy free condensed milk is being fueled by several factors, including increased demand for vegan condensed milk for in-home consumption, expanding acceptance of dairy free condensed milk in confectioneries and desserts, and rising adoption of non-dairy-based products. Furthermore, rising demand for condensed milk is anticipated to drive the market’s revenue expansion, owing to customers’ increased preference for the product due to its quality and longer shelf life.
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The increasing popularity of using dairy free condensed milk as a cooking ingredient is also contributing to the product’s rising demand. Since vegan condensed milk is of high quality and can be stored for a longer period, it is often chosen by consumers for use in the kitchen. The longer a product can stay on the shelf without becoming bad, the longer it is expected to be used up.
Sweetened condensed milk is a convenient replacement for regular milk in the creation of beverages and desserts because of its thick, paste-like consistency, which is a result of the sugar that is added to it after production. Dairy free condensed milk production increases, as the market demands more of it. To illustrate, in May 2022, F&N Dairies, a dairy product company based in Thailand, introduced TEAPOT sweetened vegan condensed milk in tubes with sweet potato flavour to enable the preparation of a wide range of sweets in the comfort of one’s own home. The convenient tube design allows for simple incorporation of sweetened vegan condensed milk into various dishes.
However, the increasing preference for low-sugar and low-calorie food options is anticipated to slow the market’s expansion. The International Food Information Council (IFIC) found that 72 percent of respondents in 2021 tried to cut back on or eliminate sugar from their diets. Lessening sugar intake is likely to remain a major focus for consumers in the future. The rising rates of obesity and hyperglycemia around the world have prompted consumers to reduce their intake of sugary foods and drinks, hence fueling the market’s expansion.
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Key Takeaways
- The Japan vegan condensed milk market is expected to grow at a rate of 5.1%.
- The rising popularity of skim condensed milk as a food option is a new trend that should boost the demand for dairy free condensed milk.
- The German vegan condensed milk market is expected to register a CAGR of 20.9%.
- High-quality product demand, consumer lifestyle shifts, and rising disposable income are just a few of the drivers that are propelling the sales of dairy free condensed milk over the forecast period.
Competitive Landscape
The competitive landscape of the vegan condensed milk market is likely to be diverse, with a mix of large and small companies offering a variety of products. Some companies may focus on producing high quality, premium products, while others may focus on offering more affordable options.
In addition to traditional dairy companies that have entered the plant-based milk market, also several startups and smaller companies are focusing exclusively on producing plant-based milk products. These companies may be more agile and able to respond quickly to changing consumer preferences and trends.
Competition in the vegan condensed milk industry may also come from other plant-based milk products, such as plant-based creams and cheeses, which can be used as alternatives to traditional dairy products in recipes. Companies in the vegan condensed milk market may face competition from these other plant-based products, as well as from traditional dairy products.
To succeed in this competitive market, companies may need to focus on differentiating their products, building strong brands, and responding to changing consumer preferences and trends.
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Recent Developments
Teapot Sweetened Condensed Milk in Tube with Sweet Potato Flavour was introduced by F&N Dairies (Thailand) Limited in May 2022 so that home cooks could make a variety of sweets. Strawberry, matcha, and mango flavours of TEAPOT have all been released before by F&N.
Nestle’s vegan condensed milk is expected to be available at three major UK shops. The company has been working on a vegan version of Carnation condensed milk, a staple ingredient in many sweets and treats, for the past eighteen months.
Key Segments
By Distribution Channel:
- Online
- Offline
By Type:
- Skimmed
- Part skimmed
- Sweetened
- Others
By Packaging:
- Cans
- Tubes
- Bottles
By Application:
- Bakery
- Confectionary
- Foods and Beverages
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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