Australia Condensed Milk Market Report and Forecast 2025-2034

Australia Condensed Milk Market Outlook

The Australia condensed milk market size is expected to grow at a CAGR of 4.1% between 2024 and 2032.

Key Takeaways

• As per industry reports, Australia has a population of approximately 2.5 million individuals who adhere to vegan or vegetarian lifestyles, representing a significant segment of the populace. Specifically, 6% of Australians identify as vegan, showcasing a growing trend towards plant-based diets.

• According to industry report estimates, roughly 4% of the Australian population grapples with lactose intolerance, a condition more commonly observed in women than in men, with a ratio of three to one. Moreover, there is an observed increase in lactose intolerance among women, particularly those aged 25-34, while prevalence remains stable among men.

Condensed milk, a product derived from milk with water removed and sugar added, is witnessing a surge in demand, fuelled by various factors. The trend towards dairy-free alternatives, driven by increased awareness through campaigns and social media, is a significant contributor. Moreover, the lactose-intolerant community is embracing these products, enabling them to enjoy desserts without limitations. Additionally, individuals with a sustainable mindset prefer vegan and non-dairy options due to ethical concerns about animal cruelty while playing an important role in the Australia condensed milk market development.

The condensed milk market is poised for substantial growth in the foreseeable future, buoyed by several advantages associated with non-dairy products. Plant-based dairy imports and exports have notably increased, underscoring the market's expansion. The increasing awareness regarding skim condensed milk is also a driving force, expected to further propel market growth.

Condensed milk finds extensive use in desserts and bakery items, imparting a creamy texture and sweetness to finished products. It contains essential nutrients such as calcium, potassium, magnesium, and vitamin A, promoting bone health. However, the market faces challenges from substitutes like regular milk, evaporated milk, and cream of coconut, which offer similar consistency and sweetness.

Despite these substitutes, condensed milk remains an integral ingredient in various culinary traditions worldwide, particularly in Asian and Latin American cuisines. It serves as both sugar and syrup in baked goods and is commonly used in confectionery items like candies, cakes, and milk sweets.

The condensed milk market in Australia is expected to thrive due to consumer demand for products with longer shelf life and higher quality. The introduction of cost-effective options and the versatility of sweetened condensed milk, which maintains freshness even after opening, are anticipated to further drive market growth.

Market Segmentation

Australia Condensed Milk Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Dairy Based

• Non-Dairy Based

Market Breakup by Product Type

• Flavoured

• Skimmed

• Part Skimmed

• Sweetened

• Unsweetened

Market Breakup by Packaging Type

• Bottles

• Tubes

• Cans

Market Breakup by Application

• Confectionary

• Food and Beverages

• Bakery

• Others

Market Breakup by End Use

• Household

• Commercial

Market Breakup by Distribution Channel

• Supermarkets & Hypermarkets

• Convenience Stores

• Online

• Specialty Stores

• Others

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Western Australia

• Australian Capital Territory

• Others

Competitive Landscape

Key players in the condensed milk in Australia process and manufacture products to support the end users in the market.

• Nestlé SA

• Dr. Peanut Australia

• Saputo Dairy Australia Pty Ltd.

• The Natural Foods Trading Company (NFTC)

• Others

Key Highlights of the Report