Top Evaporated Milk Companies

Evaporated Milk Market size was valued at USD 2.74 Billion in 2023 and is poised to grow from USD 2.8 Billion in 2024 to USD 3.33 Billion by 2032, growing at a CAGR of 2.20% during the forecast period (2025-2032).

Many big and little businesses compete in the evaporated milk market, which is fragmented. To obtain a competitive advantage, these have been concentrating on regional expansions, mergers & acquisitions, enhancing web and new product releases. 'Nestle (Switzerland)', 'FrieslandCampina (Netherlands)', 'Arla Foods (Denmark)', 'Eagle Family Foods Group LLC (United States)', 'Olam International (Singapore)', 'Glanbia plc (Ireland)', 'Fraser and Neave Limited (Singapore)', 'Dana Dairy Group (Switzerland)', 'Alaska Milk Corporation (Philippines)', 'Gujarat Cooperative Milk Marketing Federation Ltd. (India)', 'Murray Goulburn Co-operative Co. Limited (Australia)', 'Dairymen's League Cooperative Association, Inc. (United States)', 'Candia (France)', 'Liberty Gold Fruit Company (United States)', 'Holland Dairy Foods (Netherlands)', 'Namyang Dairy Products Co., Ltd. (South Korea)', 'Pacific Dairy Ingredients (New Zealand)', 'Yotsuba Milk Products Co., Ltd. (Japan)', 'Senel (Turkey)', 'Promac Enterprises, Inc. (Philippines)', 'Delta Food Industries FZC (United Arab Emirates)'

With the growing popularity of plant-based and dairy-free diets, manufacturers are introducing evaporated milk alternatives made from soy, almond, coconut, and other non-dairy sources. These alternatives offer similar taste and texture to traditional evaporated milk, but without the lactose or animal products. This trend is driving innovation and growth in the non-dairy evaporated milk market.

Consumers are increasingly looking for organic and natural products that are free from artificial additives and preservatives. This trend is driving demand for organic evaporated milk, which is produced from milk sourced from organically raised cows that are not treated with hormones or antibiotics. Additionally, some manufacturers are offering evaporated milk products that are free from artificial flavors, colors, and preservatives.

The largest market share in 2021, more than 35%, belonged to North America. New investments have been made as a result of the lucrative potential in the sector to fuel its expansion. In its Sherbrooke production site, for instance, Smucker Foods of Canada Corp. invested USD 9.1 million in February 2021. The factory makes Eagle Brand sweetened condensed milk and Carnation evaporated milk for Canadian consumers.