Increasing Demand and Prospects for the Condensed Milk Industry | Predicted Compound Annual Growth Rate (CAGR) of 6.5%
Global Condensed Milk Market on an Upsurge
The global condensed milk market is experiencing significant growth, projected to reach USD 16.0 billion by 2034, expanding at a Compound Annual Growth Rate (CAGR) of 6.5% between 2025 and 2034. This growth is driven by a variety of factors, primarily the strong demand for desserts and beverages that utilize condensed milk.
In the confectionery industry, condensed milk is the top end-user, contributing 28.4% of the demand. This is particularly true in the Asia Pacific region, where rising disposable incomes and increasing demand for dairy-based and convenience foods are fueling market growth. Countries like India and China are key contributors to this expansion.
Europe's demand for condensed milk is primarily driven by the popularity of sweetened condensed milk in bakery and confectionery products, although its market size is smaller than that of North America. In the Middle East and Africa, moderate market growth is being observed, largely influenced by cultural preferences for sweets and desserts that utilize condensed milk. Latin America, while a relatively smaller market, is showing steady consumption, particularly in dairy-focused countries, indicating potential for gradual and consistent growth.
The food service and beverage industry also plays a significant role in the demand for condensed milk. It is widely used in ready-to-drink beverages and coffee shops, enhancing creaminess and sweetness in popular drinks like Vietnamese iced coffee and milk teas.
Companies like Nestlé, Vinamilk, FrieslandCampina, and Amul are investing in innovation, sustainability, and market expansion to meet evolving consumer needs in the condensed milk market. Notable developments include Stellapps securing USD 26 million for nationwide dairy expansion and Doodhvale Farms raising USD 3 million in funding.
Vinamilk, in particular, showcased innovation in dairy science at the Global Dairy Congress 2025, launching its Green Farm high protein line and Vietnam's first 6-HMO infant formula, winning multiple awards for packaging design. The company also secured Carbon Neutral certification for two factories and one farm in Vietnam, accelerating progress towards its Net Zero by 2050 emission goals.
Sweetened condensed milk led the category segment, capturing 72.3% of the market in 2024. North America generated USD 3.9 billion in market revenue in 2024. Supermarkets and hypermarkets serve as the main retail outlets, representing 45.9% of global condensed milk distribution.
The growth of the global condensed milk market from 2025 to 2034 is expected to be propelled by consumer demand for convenience, expanding applications in food industries, rising incomes in developing regions, and supply chain innovations aligned with general positive trends in dairy consumption and production. Nestlé's Carnation brand launched the "Carnation Makes Memories" campaign across the UK, promoting condensed milk as a key ingredient in beloved homemade treats and boosting brand visibility in the condensed milk segment.
As the global condensed milk market continues to grow, it is clear that this versatile dairy product will remain a staple in kitchens and industries around the world.
In the realm of data-and-cloud-computing, tracking the growth of the global condensed milk market could reveal trends and consumer preferences, such as the increasing demand for sweetened condensed milk in bakery and confectionery products.
The advancements in technology, particularly within the dairy industry, are essential for companies like Nestlé and Vinamilk to innovate and expand, as seen in their investments in sustainability and new product launches like Vietnam's first 6-HMO infant formula.
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