Caramel Ingredients Market Size, Share & Trends Analysis Report By Form (Liquid, Powdered/Granulated), By Application (Colors, Flavors), By End Use (Bakery, Beverages), By Region, And Segment Forecasts, 2025 - 2030

Caramel Ingredients Market Size, Share & Trends Analysis Report By Form (Liquid, Powdered/Granulated), By Application (Colors, Flavors), By End Use (Bakery, Beverages), By Region, And Segment Forecasts, 2025 - 2030

Evaporated Milk Market Growth & Trends

The global evaporated milk market size is estimated to reach USD 6.53 billion by 2030, registering a CAGR of 2.3% from 2025 to 2030, according to a new report by Grand View Research, Inc. Market growth is attributed to factors such as wide scope of the product in downstream application sectors as well as high nutrition value, long shelf life, and affordable price of the product. Evolving culinary trends are also boosting the demand for evaporated milk in household applications to prepare different cuisines.

Also referred to as dehydrated milk, evaporated milk has many health benefits over the regular variant. Around 60% of water content is removed from this variant during its preparation, retaining all other nutritional benefits. It is then homogenized, canned, and sterilized. The milk is fortified by adding nutrients like vitamin D. It also contains calcium, vitamin C and A, and iron, making it more nutritious than any other variant, like condensed, fresh, or powdered milk. Apart from being used in tea and coffee as a dairy whiteners, this product variant is also used to make various frozen dairy-based desserts and in numerous savory dishes to give it a rich creamy flavor and texture.

Evaporated milk market growth is also attributed to demand for milk in countries where product supply is insufficient and not of adequate quality. In regions where refrigeration is not reliable, evaporated milk serves as a good alternative to the regular variant as there is no risk of spoilage or illness that is generally caused by consumption of expired dairy products. Evaporated milk is also a convenient option while travelling, trekking, and camping as it does not need to be refrigerated and is easier to transport.

By type, the market is segmented into skimmed and whole. Whole evaporated milk accounted for the largest share of just over 57.7% in 2024. This variant is widely used in the confectionary industry. It is often used in gravies, soups, quiches, béchamel sauce, and other products as it has a creamy texture and taste without the sweetness of the condensed variant. The skimmed segment is expected to exhibit the highest CAGR of 2.5% over the forecast period. It is generally used as an alternative to regular milk in the production of dairy products like ice cream, yogurt, and other frozen desserts.

Europe is the largest regional market and accounted for a share of over 31.8% in 2024, owing to growing demand for dairy products with low sugar and fat content. This is driven by mandatory controls on unhealthy food as laid down by the British Retail Consortium (BRC). Asia Pacific is estimated to be the fastest growing regional market with a CAGR of 2.7%. This can be attributed to high demand for milk alternatives from developing countries such as Malaysia and Thailand. Growing consumption of evaporated milk as an alternative to the regular kind in tea and coffee is a key factor boosting demand.

Major market players include Nestle, Arla, DANA Dairy, Fraser and Neave, Friesland Campina, Delta Food Industries FZC, Alaska Milk, Yotsuba Milk Products, Alokozay Group, and Eagle Family Foods. New product launches and establishment of a strong supply chain by means of strategic partnerships with distributors are expected to remain crucial success factors.

Evaporated Milk Market Report Highlights

• The whole evaporated milk segment accounted for the largest share of over 57.7% in 2024. This variant is widely used in the confectionary industry. It is often used in gravies, soups, quiches, béchamel sauce, and other products
• By type, the skimmed evaporated milk is expected to grow at the fastest CAGR of 2.5% over the forecast period. Increasing health consciousness among consumers has led to a rising preference for low-fat and reduced-calorie dairy products.
• Offline distribution channels accounted for the dominant share in 2024, driven by high dependency of consumers on retail channels and strong presence of leading grocery stores as well as small independent grocers.

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