Evaporated Milk Market Size, Share, Growth Analysis, By Type(Skimmed and Whole), By Distribution Channels(Online and Offline) - Industry Forecast 2024-2031

Global Evaporated Milk Market size was valued at USD 2.68 Billion in 2022 and is poised to grow from USD 2.74 Billion in 2023 to USD 3.26 Billion by 2031, at a CAGR of 2.20% during the forecast period (2024-2031).

A growing number of recipes, especially those for baked products and sweets, are including it as an ingredient. The market for evaporated milk is expanding in part due to the way consumers are changing their behaviour. With more than 60% of global consumption, the Asia-Pacific region is the greatest consumer of evaporated milk. For Instance, FrieslandCampina introduced Rainbow Evaporated Milk in the UAE in December 2021 in resealable packaging composed of 89% recyclable material. The fact that evaporated milk has less calories and fat than conventional milk is being considered as a healthy alternative by customers who are increasingly looking for better dairy product options.

Evaporated milk is a fantastic option for people who wish to increase their food intake because it is also high in calcium and other necessary vitamins and minerals. The manufacture of this product removes around 65% of the water content of milk, but all other nutritional advantages are preserved. This product doesn't need refrigeration and generally has a much longer shelf life. Due to its extensive use in numerous dishes and beverages, including coffee, smoothies, etc., evaporated milk demand is increasing. The National Coffee Association estimates that in 2021, daily coffee consumption will rise from 2.24 cups per person to 2.97 cups per person. Both flavour and texture are improved by it. It is also easier to carry because it requires no special packaging for containers, is light, and is clean. Although evaporated milk is a by-product of regular milk, any changes in the price of the upstream good will have an effect on the cost of production. This could seriously hamper the growth of the market. Due to its extensive use in numerous dishes and beverages, including coffee, smoothies, etc., evaporated milk demand is increasing.

US Evaporated Milk Market is poised to grow at a sustainable CAGR for the next forecast year.