Dry, Condensed, And Evaporated Dairy Products Global Market Report 2024

The dry, condensed, and evaporated dairy products market size has grown strongly in recent years. It will grow from $113.09 billion in 2023 to $120.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%.

The growth observed in the historical period can be attributed to factors such as dairy farming, extended shelf life of dairy products, global dairy production, utilization in military and emergency supplies, and international trade and export of dairy products.

The dry, condensed, and evaporated dairy products market size is expected to see strong growth in the next few years. It will grow to $150.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to changing consumer preferences towards health-conscious options, the adoption of sustainability and ethical practices, the demand for clean label products with natural ingredients, global market expansion, and the influence of digital marketing and e-commerce. Some significant trends expected in the forecast period include the rise of lactose-free and dairy-free alternatives, the popularity of functional and fortified dairy products, the emergence of alternative milk powders, the demand for flavored and instant varieties, and the growth of customized and specialty dairy products.

The primary categories of dry, condensed, and evaporated dairy products consist of dry dairy products, condensed dairy products, and evaporated dairy products. Condensed milk typically refers to cow's milk with its water content removed, often sweetened with sugar. In fact, the terms condensed milk and sweetened condensed milk are often used interchangeably today. These products are utilized in various applications, including food, beverages, intermediate products, condiments, and others. They are made available to consumers through different distribution channels, including supermarkets, hypermarkets, convenience stores, e-commerce, and other retail channels.

The dry, condensed, and evaporated dairy product research report is one of a series of new reports that provides dry, condensed, and evaporated dairy product statistics, including dry, condensed, and evaporated dairy product industry global market size, regional shares, competitors with dry, condensed, and evaporated dairy product shares, detailed dry, condensed, and evaporated dairy product segments, market trends and opportunities, and any further data you may need to thrive in the dry, condensed, and evaporated dairy product industry. This dry, condensed, and evaporated dairy product research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing demand for locally sourced, sustainable, and organic food production is expected to have a positive impact on the dry, condensed, and evaporated dairy product manufacturing market in the forecast period. Organic food products, including dry, condensed, and evaporated dairy products, prioritize consumer health, environmental sustainability, and animal welfare. Consumers are increasingly conscious of how their food is produced and are willing to pay more for products they perceive as healthier and more environmentally friendly. For example, in June 2022, the Organic Trade Association, a US-based trade association representing over 9,500 organic businesses, reported a 4.5% increase in sales of organic fruits and vegetables, reaching $21 billion and representing 15% of the total product market in the US for the year 2021. This growing demand for organic products presents significant opportunities for dry, condensed, and evaporated dairy product producers in both developed and developing countries, which is likely to drive the market's growth during the forecast period.

The growing demand within the food and beverage industry is expected to drive the growth of the dry, condensed, and evaporated dairy products market in the foreseeable future. The food and beverage industry encompasses a wide range of activities related to the production, processing, distribution, marketing, and sale of food and beverages. Dry, condensed, and evaporated dairy products are essential ingredients in this industry, as they are used to enhance the taste, texture, and quality of a variety of products, making them indispensable in numerous culinary applications and contributing to their ongoing popularity in the food and beverage sector. For instance, as of April 2022, global food and beverage sales amounted to $435.3 billion in 2021 and increased to $506 billion in 2022. It is further projected to reach $857 billion by 2025. Therefore, the rising demand within the food and beverage industry is a key driver of the growth in the market for dry, condensed, and evaporated dairy products.

The outbreak of COVID-19 had a significant adverse impact on the dry, condensed, and evaporated dairy product manufacturing market in 2020. The disruption in supply chains, trade restrictions, and reduced consumption due to lockdowns imposed by governments worldwide hampered the market. COVID-19 is an infectious disease characterized by symptoms like fever, cough, and breathing difficulties. It was first identified in Wuhan, China, in 2019 and subsequently spread globally. Food and beverage manufacturers rely on a steady supply of raw materials from both domestic and international sources. With many governments imposing restrictions on the movement of goods within and across borders, manufacturers faced production stoppages due to raw material shortages. Additionally, trade restrictions on non-essential goods and concerns about contamination in manufacturing facilities contributed to the market's decline. Although the outbreak had a negative impact on businesses throughout 2020 and into 2021, it is expected that the dry, condensed, and evaporated dairy product manufacturing market will gradually recover from this unprecedented event over the forecast period, as it was a unique and unexpected occurrence not linked to any underlying or fundamental market weaknesses or global economic issues.

IoT technology is increasingly employed to monitor and safeguard dairy products through their supply chain. IoT, or the Internet of Things, encompasses a network of interconnected devices, vehicles, or objects that continuously share data, offering insights into processes and systems. This technology is applied to track ingredients within dairy products, utilizing internet-connected equipment in vehicles and storage facilities to oversee dairy items. These devices record critical environmental conditions like temperature and location, providing valuable information about the safe handling of dairy products during transportation. An example of IoT implementation can be seen in the Chinese government's National Food Quality Safety Traceability Platform, which utilizes IoT technology to enhance the quality and safety of food production supply chains.

Major companies in the dry, condensed, and evaporated dairy products market are prioritizing product innovations as part of their strategy. One such innovation is the introduction of Valio Prime skimmed milk powder (SMP), which caters to the increasing demand for high-quality infant milk formula (IMF) products. Valio Prime skimmed milk powder (SMP) is a novel infant-grade SMP explicitly crafted for the production of dry-blend infant milk formula (IMF). An illustrative instance is the launch of Valio Prime SMP by Valio Ltd., a Finland-based dairy company in April 2023. This product is derived from fresh Finnish milk processed in a highly sanitary environment, ensuring exceptional microbiological purity. Additionally, it is optimized for dry blending, simplifying its usage and guaranteeing consistent product quality. It is a versatile and customizable ingredient suitable for producing a diverse range of IMF products.

Major companies operating in the dry, condensed, and evaporated dairy products market include Kerry Group plc, Tate & Lyle plc, Rhodes Food Group, Nestlé S.A, The J.M. Smucker Company, Gcmmf Ltd., Magnolia Inc., Goya Foods Inc., Fonterra USA Inc., Darigold, Prairie Farms Dairy Inc., Crystal Creamery, Milk Specialties Company, Merrick's Inc., PBM Covington LLC, Lactalis American Group Inc., Schreiber Foods Inc., Saputo Inc., Glanbia plc, Dairy Farmers of America Inc., Hiland Dairy Foods Company LLC, Borden Dairy Company, Foremost Farms USA Cooperative, Land O'Lakes Inc., Leprino Foods Company, Agropur Cooperative, Associated Milk Producers Inc., California Dairies Inc., First District Association, Great Lakes Cheese Co Inc., Kraft Heinz Ingredients, MCT Dairies Inc., Michigan Milk Producers Association, Pacific Cheese Co Inc., Tillamook County Creamery Association.

Western Europe was the largest region in the dry, condensed, and evaporated dairy products market in 2023. Asia-Pacific was the second-largest region in the dry, condensed, and evaporated dairy products market. The regions covered in the dry, condensed, and evaporated dairy products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the dry, condensed, and evaporated dairy products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The dry, condensed, and evaporated dairy product market consists of sales of buttermilk powder, yogurt powder, cheese powders, condensed whey, evaporated whey, and other dry, condensed, and evaporated dairy products. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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