Evaporated milk, also known as dehydrated milk, has a number of health advantages over standard milk. Although about 60% of the water content of the milk is extracted during the production of this product, all other nutritional benefits are preserved. After that, the food is homogenized, canned, and sterilized, as well as fortified with nutrients like vitamin D. Iron, calcium, and vitamins C and A are all present in evaporated milk, making it more nutritious than raw, powdered, or condensed milk. Demand for evaporated milk in household applications is also increasing as culinary patterns change.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS) the liberalized economy provides more opportunities for MNCs and foreign investors to release the full potential of this industry.
Request for Evaporated Milk in Food and Beverages is Growing: -
The potential for evaporated milk is rising in the global market for domestic purpose since it has numerous applications in different cuisines where it serves as a flavor enhancer and also improves the texture. In addition, the bakery and confectionery industries have seen a significant rise in demand for evaporated milk. Consumers prefer unsweetened condensed milk made from evaporated milk. Furthermore, it is used in baby food. The manufacturers are launching their evaporated milk product in response to the growing demand for organic products. The evaporated milk comes in a variety of packaging sizes to meet the needs of a wide range of consumers.
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Insights by Type: -
The market is divided into two types: skimmed and whole. In 2018, whole evaporated milk had the highest share of just over 58.0 percent. In the confectionary industry, this version is commonly used. Since it has a creamy texture and flavor without the sugar of condensed milk, it is often used in gravies, soups, quiches, béchamel sauce, and other items.
Whole milk is preferred over skimmed milk by health-conscious customers who want low-sugar confectionery products. Over the forecast period, the skimmed evaporated product segment is projected to grow at the fastest rate of 2.5 percent. It's commonly used in the manufacture of dairy products like ice cream, yoghurt, and other frozen desserts as a substitute for regular milk.
Openings for Market Contributors: -
Due to the fast-paced lifestyle and westernization, coffee has become one of the most popular drinks among the population. The demand for evaporated milk is being fueled by an increase in hotels, restaurants, and cafés, as well as its use in a variety of food recipes. Evaporated milk is appearing in more and more household aisles as an emergency stock of milk as a result of growing flavor inspiration among the population.
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Asia Pacific Market: -
With a CAGR of 2.7 percent, Asia Pacific is expected to be the fastest growing regional market. This is due to the high demand for milk substitutes in developing countries like India and China. Consumption of evaporated milk as a substitute for regular milk in tea and coffee is increasing, which is boosting demand.
Global Arcade: -
In 2018, the global evaporated milk market was estimated at USD 4.97 billion, with a CAGR of 2.3 percent forecast from 2019 to 2025. The market's expansion can be attributed to factors such as the industry's broad reach, high nutritional value, long shelf life, and low price.
The Evaporated Milk market is expected to hit 8220.0 million USD in 2020, up from about 7800.0 million USD in 2015. The major players in the market are: Nestle, GLORIA, Arla, Friesland Campina, Marigold, Fraser and Neave, O-AT-KA Milk Products. The bulk of the demand for evaporated milk in the global market comes from North America and Europe, and Europe is also the world's largest producer of evaporated milk.
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