NEWARK, Del, Dec. 21, 2022 (GLOBE NEWSWIRE) — The global dairy-free evaporated milk market is worth US$ 25.85 Mn as of now and is expected to reach US$ 73.43 Mn by the year 2032 at a voracious CAGR of 12.3% between 2022 and 2032.
The factor driving the dairy-free evaporated milk market is its dual form (dry and liquid); which does increase the application bandwidth.
Dairy-free evaporated milk comes across as milk’s condensed variety condensed or boiled to the extent of evaporation of 60% of water. This process gives it caramel taste. The present scenario is such that it’s being used in India during the festive seasons for making sweets. Plant-based milk is in greater demand.
LATAM and the Asia-Pacific are the major consumers of dairy-free evaporated milk. Cream created out of dairy-free evaporated milk serves as a good replacement to plain, evaporated milk in soups, sauces, baking, pie fillings, frozen desserts, custards, that too, at 1:1 ratio. However, it needs to be noted that cream has higher content of evaporated milk. It’s thicker and also contains higher quantity of calories. It could thus be inferred that the high content of calories acts as a good alternative for those who are trying hard to increase their intake of calories. This goes to show that for those looking for weight loss, it may not prove to be a good option.
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Half and half implies mixture of 50% cream and 50% milk. The texture is thicker as compared to evaporated milk. It’s generally used in making coffee, but could also be used in any other recipe calling for evaporated milk or cream. Herein, the advantage is that it’s analogous to evaporated milk, but contains low carbohydrates.
Powdered milk is the one that is dehydrated till it’s dry in entirety. It could be made milk-like by addition of water. For pancakes and cookies, it could be used in the dry form. Coming to nutrition, it’s analogous to evaporated milk. It actually depends on the quantity of powder used.
Soy milk is made out of soaking the dried soybeans, having them ground in water, and filtering out bigger parts for leaving the product resembling dairy milk.
Rice milk proves to be ideal for those who are not tolerant to soy and cow’s milk. At the same time, it needs to be noted that rice milk is high in GI (glycemic index). As such, consumption may not be advised for diabetic patients.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Dairy-free Evaporated Milk Market’. The expertise in the form of analysts and consultants is there to execute through bottom-up approach.
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Key Takeaways from Dairy-free Evaporated Milk Market
- North America holds the largest market share due to presence of well-established confectionery and bakery industry with much better-organized distribution channels facilitating access to the consumer products. Europe stands second along the similar lines.
- The Asia-Pacific is expected to create ripples in the dairy-free evaporated milk market due to increase in the buying power of consumers, especially the middle-class populace.
- Nature’s Charm’s gluten-free, vegan, and lactose-free evaporated coconut milk helps in creation of vegan dishes.
- Nestle has tabled the novel Carnation lactose-free evaporated milk carrying vitamin D and is generally used in diverse kinds of cooking styles.
- Thai Coconut Company is known for its coconut-based products like coconut water, coconut milk, ready curry soup, virgin coconut oil, desiccated coconut, and likewise.
- Vega Foods is known for supplying a huge range of pre-packed food products as well as beverages like canned foods.
“Dairy-free evaporated milk has been sourced from cereals, seeds, nuts, and cereals. They include soy, almond, coconut, and hemp”, says an analyst from Future Market Insights.
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What does the Report encompass?
- The research study is based on type (conventional dairy-free evaporated milk and organic dairy-free evaporated milk), and by application (supermarket, convenience store, online store, and likewise).
- With applications like cookies, cake, pies, the global dairy-free evaporated milk market is likely to grow on a good note in the near future.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
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