Vegan Condensed Milk Market Size, Share, Analysis, Trends, Growth Report, 2032

Vegan Condensed Milk Industry Prospective:

The global vegan condensed milk market size was worth around USD 4,359.87 million in 2023 and is predicted to grow to around USD 6,763.59 million by 2032 with a compound annual growth rate (CAGR) of roughly 5.00% between 2024 and 2032.

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Vegan Condensed Milk Market: Overview

Vegan condensed milk is derived using plant-based resources. Unlike traditional condensed milk produced from cows, the vegan variant is a specific type of condensed milk. It mainly targets the growing vegan population. Condensed milk is produced by removing almost 60% of water content from cow’s milk. This process helps in improving product shelf life.

The main difference between evaporated milk and condensed milk is that the latter is generally sweetened and hence has more applications in the bakery & confectionary industry. The vegan version of condensed milk goes one step further by eliminating the role of cows in milk production. It is produced using non-dairy substitutes such as cashew, coconut, soy, or almond.

The production process includes a mixture of non-dairy milk with sugar and simmering until the final mixture thickens and mixes well for further use. The rise in the number of the vegan population refraining from consuming animal-based food & beverages is projected to drive the vegan condensed milk market growth rate. However, higher costs associated with vegan condensed milk and labeling concerns may negatively reflect on the market growth trends.

Key Insights:

• As per the analysis shared by our research analyst, the global vegan condensed milk market is estimated to grow annually at a CAGR of around 5.00% over the forecast period (2024-2032)
• In terms of revenue, the global vegan condensed milk market size was valued at around USD 4,359.87 million in 2023 and is projected to reach USD 6,763.59 million by 2032.
• The vegan condensed milk market is projected to grow at a significant rate due to the rise in the number of vegan population
• Based on the type, the sweetened segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the packaging, the cans segment is anticipated to command the largest market share
• Based on region, Europe is projected to dominate the global market during the forecast period

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Vegan Condensed Milk Market: Growth Drivers

Rise in number of vegan population will drive the market demand rate

The global vegan condensed milk market is expected to be driven by the rising number of vegan populations worldwide. The practice of purely relying on food not derived from animals is known as veganism. People following such diet programs refrain from using any other products that are animal-based. The trend is highly influenced by a surge in awareness about the health and environmental benefits of a vegan diet. Several studies conclude that a vegan diet can assist in helping shed excess weight. It is also known to reduce the risks of several prevalent medical conditions, such as cancer and diabetes.

Apart from health-related advantages, prohibiting the consumption of animal-based food is known to have a significant impact on environmental conditions. The Volunteer Foundation for the Development of International Professionals estimates that greenhouse gas emissions can be reduced by 35% by substituting animal-based meals with vegan food solutions. Animal husbandry leads to several detrimental effects on the biological world. It is also associated with land degradation, which is a pressing concern in modern times as the population continues to rise. These factors are expected to work in the favor of vegan condensed milk.

Food e-commerce will play an influential role in determining the market growth rate

The emergence of food e-commerce has shaped the modern food & beverages industry. It has allowed companies to reach a broader audience with minimal investments. In addition to this, online sale of food products has several advantages. It allows consumers to choose food items from a large selection without spending more time on grocery shopping at brick-and-mortar stores. In July 2024, Shoprite, a South African wholesale brand, entered the e-commerce market by launching an online service. The digital platform will allow people to buy in bulk to order from a range of products at competitive prices. The online shopping system is completely automated and comes with free delivery within a 50km radius. Such innovations will promote higher growth in the global vegan condensed milk market.

Vegan Condensed Milk Market: Restraints

Higher cost of vegan condensed milk will limit the industry’s growth rate

The global industry for vegan condensed milk is projected to be restricted due to the high cost of the products. Non-vegan condensed milk is readily available. They are produced in larger quantities. The gap between supply and demand for conventional condensed milk is relatively less. However, only a limited number of vegan condensed milk providers are currently operational in the market. Additionally, the raw materials required for producing vegan condensed milk are more expensive, leading to higher costs of the final products.

Vegan Condensed Milk Market: Opportunities

Increase in the number of product offerings will aid further market expansion

The global vegan condensed milk market is expected to generate more growth opportunities in the coming years due to product innovation. Food & beverage companies are increasingly investing in expanding vegan food options as the number of consumers is on the rise. For instance, in July 2020, Nestle, one of the world’s leading food & beverage companies, announced that it was planning to launch a vegan version of Carnation, which is a highly condensed milk product under the brand.

The company later rolled out the product across three major retailers in the UK. In May 2023, German company Hochwald Foods announced its entry into the plant-based market with the help of its brand Bärenmarke. The new product portfolio included vegan drinking milk, cheese, yogurt, and condensed milk. In December 2023, the German government announced an investment of USD 41 million toward the promotion of plant-based food and substitute proteins. The move comes in line with the 2022-introduced Food & Nutritional Strategy adopted by the region.

Vegan Condensed Milk Market: Challenges

Changing ingredient availability and labeling concerns may challenge the market expansion rate

The global industry for vegan condensed milk is projected to be challenged by the fluctuating ingredient accessibility and availability. Several external and climate-related factors impact the easy accessibility to raw materials required for the production of vegan condensed milk. For instance, in September 2023, reports emerged suggesting that the US soybean crop industry was threatened by repeated occurrences of drought and intense heat. Additionally, dynamic labeling concerns governed by complex regulatory guidelines may affect the market growth trend.

Vegan Condensed Milk Market: Segmentation

The global vegan condensed milk market is segmented based on type, distribution channel, packaging, application, and region.

Based on the type, the global market segments are sweetened, part skimmed, skimmed, and others. In 2023, the highest growth was observed in the sweetened segment. The rising number of lactose-intolerant people worldwide is driving the demand for sweetened vegan condensed milk. According to Borton Children’s Hospital, more than 30 to 50 million American citizens are lactose intolerant. The condition is a result of a lack of lactase enzyme.

Based on distribution, the global vegan condensed milk industry is divided into offline and online.

Based on packaging, the global market segments are tubes, cans, and bottles. In 2023, the highest growth was witnessed in the cans segment. Vegan condensed milk cans are mostly made of aluminum or tin-coated steel. They are easy to store and assist in improving product shelf life by reducing the risk of corrosion. The average size of a vegan condensed milk can is between 12 and 14 ounces.

Based on application, the global market segments are food & beverages, confectionery, bakery, and others.

Vegan Condensed Milk Market: Report Scope

Vegan Condensed Milk Market: Regional Analysis

Europe to register the highest growth during the projection period

The global vegan condensed milk market will be led by Europe during the forecast period. The vegan population in Europe has been steadily rising over the years. The growing awareness about the environmental impact of animal-based diets is encouraging more people to choose vegan food substitutes. According to market research, over 6.5 million Europeans currently follow vegan diet forms. In addition to this, the regional governments are taking extensive measures to promote the regional vegan industry. In June 2024, official reports stated that Denmark is expected to invest around USD 100 million to encourage citizens to opt for plant-based food alternatives and reduce dependency on pork. The higher accessibility to vegan condensed milk through retail stores also promotes regional market growth rate.

North America is expected to be led by the US and Canada regions in the vegan condensed milk industry. The surge in the health-conscious population will fuel demand for vegan alternatives. Additionally, the expansion of vegan food-serving facilities across the US and Canada are key contributors to regional market revenue. According to the Plant-Based Food Association (PBFA), more than 48% of all eateries in the US serve vegan food menus.

Vegan Condensed Milk Market: Competitive Analysis

The global vegan condensed milk market is led by players like:

• Forager Project
• Nature's Charm
• Plant Based Pantry
• Kirkland Signature (vegan options)
• Coconut Secret
• Ripple Foods
• Sweetened Condensed Coconut Milk (by various brands)
• Califia Farms
• Eagle Brand (plant-based line)
• Elmhurst
• So Delicious
• Oatly (various vegan dairy alternatives)
• Silk
• Alpro
• Coco Vita.

The global vegan condensed milk market is segmented as follows:

 By Type

•  Sweetened
•  Part Skimmed
•  Skimmed
•  Others

 By Distribution Channel

•  Offline
•  Online

 By Packaging

•  Tubes
•  Cans
•  Bottles

 By Application

•  Food & Beverages
•  Confectionary
•  Bakery
•  Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa