The sweetened condensed milk market was valued at $9.01 billion in 2024 and is projected to reach $11.43 billion by 2030, showing a compound annual growth rate (CAGR) of 4.1% from 2025 to 2030. The market's expansion is primarily fueled by the increasing use of sweetened condensed milk as a key ingredient in a variety of recipes, including cakes, cookies, and puddings, by both commercial and household consumers.
A significant driver of this growth is the rising demand for bakery and confectionary products. This encompasses items from traditional bakeries, packaged goods, and custom-ordered desserts, all of which heavily rely on sweetened condensed milk. Additionally, the growing popularity of home cooking and baking, enabled by the wider availability of kitchen appliances and online resources, is contributing to a surge in demand for sweetened condensed milk products.
The growing availability and accessibility of a wide range of home kitchen appliances have fueled the rising trend of home cooking and baking. Easy access to information and the convenience of conducting business through online platforms have further encouraged more individuals to explore home baking, boosting the demand for sweetened condensed milk.
The product’s presence in multiple packaging formats and sizes offers convenience for both household and commercial users. Its appealing attributes—such as enhanced flavor, nutritional value, and high-calorie content—have contributed to its increasing popularity.
Thanks to its simple formulation, sweetened condensed milk has been incorporated into the diverse product portfolios of numerous consumer goods and dairy companies. It remains a key ingredient in various traditional confectionery recipes as well as modern culinary creations. Additionally, it is frequently used as a spread or topping in a wide variety of food servings.
Key Market Highlights:
- Europe held the largest share of the global market in 2024, with 37.0% of the revenue.
- Within Europe, Germany was the dominant market in terms of revenue share in 2024.
- Unflavored sweetened condensed milk was the leading product segment, accounting for 73.0% of the market's revenue share in 2024.
- Cans were the most popular packaging type in the global industry in 2024.
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Market Performance:
- 2024 Market Value: $9.01 Billion
- 2030 Forecast Value: $11.43 Billion
- CAGR (2025-2030): 4.1%
- Largest Region (2024): Europe
- Fastest-Growing Region: Asia Pacific
Prominent Companies & Market Dynamics:
Key players in the market include Eagle Family Foods Group LLC, Nestlé, Fraser & Neave Holdings Bhd, Amul (GCMMF), and Vinamilk. These companies are adopting strategies such as expanding their product portfolios, introducing innovative packaging, and improving distribution networks to meet the growing competition and demand from commercial customers.
- Amul (GCMMF): This company, a specialist in dairy products, offers "Amul Mithai Mate," a sweetened condensed milk product available in various sizes for both home and commercial use.
- Nestlé: A major player in the consumer products industry, Nestlé offers "NESTLÉ MILKMAID" in multiple varieties and packaging options, including individual packs and festive kits.
Key Companies:
- Eagle Family Foods Group LLC
- Nestlé
- Fraser & Neave Holdings Bhd
- Amul (GCMMF)
- Vinamilk
- Dutch Lady Milk Industries Bhd
- Belgorod Dairy Products OJSC
- Goya Foods, Inc.
- Magnolia
- DANA DAIRY GROUP
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Conclusion
The global sweetened condensed milk market is experiencing robust growth, driven by its increasing use in both commercial and home baking. The rising demand for bakery and confectionery products, coupled with the growing trend of home cooking, is a key factor fueling this expansion. The market is highly competitive, with major players adopting strategies to enhance their product offerings and distribution channels. This trend is expected to continue, solidifying the product's role as a staple ingredient in kitchens worldwide.
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