There has been a major shift in consumers eating habits as they look for options that score high on convenience. Owing to this trend, the demand for RTD beverages and on the go products are slowly gaining popularity. The worldwide market for package condensed milk is expected to moderately grow past the 3% mark in terms of CAGR during the forecast period (2017-21). Read the detailed report by our analysts at Technavio to know more about the packaged condensed milk market.
What Drives the Packaged Condensed Milk Market?
Due to urbanization, there has been an increase in the consumption of baked products, confectioneries and other desserts which will lead to an increase in the usage of condensed milk. Especially in the Americas, as they account for the majority share of the condensed milk market. People prefer the unsweetened or evaporated condensed milk more than the sweetened condensed milk because of the increase in health awareness. Manufacturers have come up with different packaging like cans, squeeze bottles and sachets to entice customers to their products. Retailers stock condensed milk products as they have longer shelf lives.
Condensed Milk – A Bitter Sweet Road Ahead
Despite the benefits of condensed milk, it is also touted as being high in calories and fat. Increasingly people are growing lactose intolerant and eventually, people will switch to healthier options. Therefore, major players like Nestle, Friesland Campina, Santini Foods, etc are coming up with sugar free and fat free versions of condensed milk and its products. Also, the prices of primary ingredients used in the preparation of condensed milk are a main challenge for the manufacturers. Wondering how you’ll overcome these challenges? Don’t fret. Our analysts at Technavio, will help you devise a strategy with the help of market insights.
Trends to Look Forward to in Next Five Years
The Global Packaged Condensed Milk Market is expected to witness growth at a slow pace, however, there are a few trends that you can look forward to during the forecast period (2017-21) as follows,
- There’s going to be a surge in the demand for flavoured condensed milk as the consumer preferences and taste keep changing, while the manufacturers will have to abide by expanding their flavour portfolio to entice customers to purchase their products.
- The manufacturers will also have to come up with new product launches so as to fulfil the needs of consumers, as more people prefer products with low fat and sugar content that equates to a low calorie count.
- Rise in marketing initiatives by major players in the condensed milk market as they would look to increase brand awareness and visibility among its target groups.
A team of well-experienced analysts at Technavio, a market research company, present to you a comprehensive report on the Global Packaged Condensed Milk Market during the forecast period (2017-21) that will help you gain insights about this dynamic market.
