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Dry, Condensed, And Evaporated Dairy Products Global Market Report 2022

Dry, Condensed, And Evaporated Dairy Products Global Market Report 2022

  • June 2022
  • 300 pages
  • ID: 6284463
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the dry, condensed and evaporated dairy products market include Kerry Group plc, Tate & Lyle, Rhodes Food Group, Nestlé S.A, The J.M. Smucker Company, GCMMF PVT LTD, Magnolia Inc., and Goya Foods Inc.

The global dry, condensed, and evaporated dairy products market is expected to grow from $101.5 billion in 2021 to $112.09 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to grow to $158.8 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.

The dry, condensed, and evaporated dairy product market consists of sales of dry, condensed, and evaporated dairy products by entities (organizations, sole traders, and partnerships) that produce dry, condensed, and evaporated milk and dairy substitute products. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments.

The main types of dry, condensed, and evaporated dairy products are dry dairy products, condensed dairy products, evaporated dairy products.Condensed milk is cow’s milk that has had the water removed.

It’s most commonly seen with sugar added, like sweetened condensed milk, to the point where the names condensed milk and sweetened condensed milk are widely interchanged nowadays. The different end-users include food, beverages, intermediate products, condiments, Other Distribution Channels and are distributed through various channels such as supermarkets/hypermarkets, convenience stores, e-commerce, Other Distribution Channels.

Western Europe was the largest region in the dry, condensed, and evaporated dairy products market in 2021.Asia Pacific was the second-largest region in the dry, condensed, and evaporated dairy products market.

The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The increasing demand for local, sustainable and organic food production is expected to positively impact the dry, condensed, and evaporated dairy product manufacturing market during the forecast period.Organic food products including dry, condensed, and evaporated dairy products place a strong emphasis on consumer health, environmental protection, and animal welfare.

Consumers now are becoming more concerned with how food is raised and prepared and are willing to pay a little more for something they recognize as healthy.Across Europe, there is a very high import rate (especially for fruits and vegetables) as the rate of production is far lower than the consumer demands for organic produce.

For instance, according to the Soil Association, sales of organic products in the UK increased by 4.5% in 2019 to reach £2.45 billion. Similarly, sales of organic food in the US increased by 5.9% to reach $47.9 billion, according to the 2019 Organic Industry Survey. This growing demand for organic products offers considerable opportunities for dry, condensed, and evaporated dairy product producers in both developed and developing countries, thus likely to drive the market during the forecast period.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the dry, condensed, and evaporated dairy product manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Food and beverage manufacturers depend on the supply of raw materials from domestic and international suppliers.

As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.

The outbreak is expected to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the dry, condensed, and evaporated dairy product manufacturing market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The internet of things (IoT) technology is increasingly being used to track dairy products and ensure safe product handling.IoT technology consists of a network of devices, vehicles, or other items that continuously exchange data and provide insights into a process or system.

This technology is being used to track ingredients being used in products.Equipment connected to the internet in trucks and storage coolers can be used to monitor dairy products and tag them with environmental conditions like temperature or location that provide information about safe product handling during transportation.

For instance, the Chinese government implemented the National Food Quality Safety Traceability Platform, using IoT technology to improve the quality and safety of food production supply chains.

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

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