The dairy-free evaporated milk market is to increase its market space in the global market as it thrives on a CAGR of 12.3%. The market is valued at USD 25.85 Bn in 2022 and will reach the value of USD 73.43 Bn through 2032.
The market is anticipated to show promising growth prospects during the forecast period, expanding the dairy-free evaporated milk market size.
| Attributes | Details |
|---|---|
| CAGR (2022 to 2032) | 12.3% |
| Value (2022) | USD 25.85 Mn |
| Value (2032) | USD 73.43 Mn |
Having a taste profile of caramel, dairy-free evaporated milk has multiple uses like the preparation of sweets like cake, cookies and pie. It is sourced out of seeds, cereals and nuts, including almond, soy, hemp and coconut. The high demand for dairy-free evaporated milk is attributed to its dual form, liquid and dry, which increases its application width.
Dairy-free evaporated milk is a condensed variety of milk that is boiled or condensed to a limit that 60% of the water content in milk evaporated. It gets a caramel taste because of this process. It is now largely used in India during the festive season to make sweets. The latest type of sweet dairy-free evaporated milk is known to be made of healthy ingredients like plant-based milk. This fuels the sales of dairy-free evaporated milk globally.
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The global market for dairy-free evaporated milk is driven by the increasing percentage of lactose intolerance in the world. The lactose intolerant population is concentrated in Latin American, African, and Asian regions. And with the increasing prevalence of lactose intolerance around the world, plant-based products have increased in demand, fueling sales of dairy-free evaporated milk.
Also, due to the increasing percentage of vegetarians, as well as flexitarians in the developed nations and a similar trend, rising in the developing nations, the overall demand for the dairy-free evaporated milk is increasing in the global market.
Global production of evaporated milk products is rapidly increasing in the world due to the increasing consumption of evaporated milk in Asian and Latin American countries. The expanding and flourishing processed food and beverage industry and increasing demand for bakeries and confectionery are creating a high demand for dairy-free evaporated milk in the global market.
With the current market trends set by the high demand for dairy-free evaporated milk and consumer side for plant-based products associated with the health benefits, product demand is constantly increasing in the global market.
The global market of dairy-free evaporated milk is majorly occupied by the North American and European countries. This major share is supported by the well-established bakery and confectionery industry and better-organized distribution channel enabling ease of access to consumer products and increasing the sales of dairy-free evaporated milk in new markets.
However, Asian and Middle Eastern and African countries' economic growth and increase in population are likely to create a positive outlook on the global dairy-free evaporated milk. The increasing GDP, increase in the income of the middle-class population, and an increase in consumer purchasing power is leading to an increase in the demand for dairy-free evaporated milk.
The Asian region is anticipated to witness the highest growth rate in the global diary-free evaporated milk market over the forecast period.
The key players of the dairy-free evaporated milk market focus on new mergers and collaborations that fuel the demand for dairy-free evaporated milk include Nestle S.A, DariFree, Nature’s Charm, Thai Coconut Public Company Limited and Vega Foods Corporation.
Recent Market Development
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12.3% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 to 2020 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD Million, volume in kilotons, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments covered | Form, Nature, Type, Source, End Use, Distribution Channel & Region |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia and New Zealand |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa |
| Key companies profiled | Nestle S.A; DariFree; Nature’s Charm; Thai Coconut Public Company Limited; Vega Foods Corporation |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The dairy-free evaporated milk market is set to thrive at a CAGR of 12.3% through 2032.
Asian region is the highest growing market in the dairy-free evaporated milk market, region’s growth owing to its application in vegan sweets and processed foods. This leads to the high demand for dairy-free evaporated milk in developed countries like US and Canada.
Demand for Dairy-free evaporated milk has gained traction owing to the vegan movement, awareness around the lactose free diet and healthcare trends.
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Dairy-free Evaporated Milk Market
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