Wide Scope of Application to Escalate Southeast Asia Evaporated Filled Milk Market Growth during 2020–2028

According to our latest market study on “Southeast Asia Evaporated Filled Milk Market Forecast to 2028 – COVID-19 Impact and Analysis – by Source (Cow, Goat, and Buffalo), Packaging Type (Carton, Cans, and Bottles), and Distribution Channel (Supermarkets And Hypermarkets, Convenience Stores, Online Retail, and Others),” the market was valued at US$ 89.07 million in 2020 and is projected to reach US$ 134.35 million by 2028; it is expected to grow at a CAGR of 5.4% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Evaporated filled milk is a blend of skim milk, vitamins, stabilizers, and vegetable oils. It contains vegetable oils or fats from other sources instead of animals. Animal fat contains a high proportion of cholesterol; therefore, evaporated filled milk is mainly preferred by consumers whose diet plan comprises cholesterol-free items.

Evaporated filled milk is used to impart creaminess and nutritious flavor to food products. It has wide applications in making dairy products, bakery and confectionery products, and beverages. Evaporated filled milk is mainly used in recipes that require full-cream milk. It is a healthier choice that adds richness and texture to the taste of food and drinks. Evaporated filled milk has a thicker consistency that makes it suitable for making various products, such as coffee and tea. In Southeast Asia, evaporated filled milk is used in making cakes, ice creams, and desserts to provide a creamier and thicker mouthfeel. It is also used in the making of savory dishes, such as curries. Thus, the wide applications of evaporated filled milk propel its demand in Southeast Asia.

A few of the major key players operating in the Southeast Asia evaporated filled milk market are Alaska Milk Corporation; Goya Foods, Inc.; Nestle; The Thai Dairy Industry Co., Ltd.; Malaysia Dairy Industries Pte Ltd.; Grace; Daily Foods Co., LTD.; PT Culina Gemilang Indonesia; Fraser and Neave, Limited; and FairPrice. The major market players are focused on business strategies to increase the presence and consumer base across the region.

Impact of COVID-19 Pandemic on Southeast Asia Evaporated Filled Milk Market

Southeast Asia has faced many challenges, such as economic decline, reduced out-of-home consumption, and supply chains disruptions, due to the COVID-19 outbreak. The rising number of COVID-19 infected cases in Southeast Asia compelled many countries in the region to introduce strict measures to control the outbreak. Amid the crisis, the imposition of lockdowns, travel bans, and shutdown of production facilities hindered economies and industries in various countries. Due to the outbreak, the dairy industry is one of the significant industries suffering from severe disruptions, such as supply chain breaks and production plants shutdown. The supply chains disruptions put restrictions on imports to Southeast Asia from major exporters. The COVID-19 outbreak pandemic has also increased unemployment rate and negatively impacted consumer spending across the region. All these factors have affected the dairy industry in a negative manner in the region. Lockdowns and restaurant closures have resulted in an increase in the number of meals prepared and consumed at home. This has propelled the demand for products, such as evaporated filled milk, that are required to make dairy and bakery products, confectionary, and desserts at home.

The report includes the segmentation of the Southeast Asia Evaporated Filled Milk Market as follows:

By source, the Southeast Asia evaporated filled milk market is segmented into cow, goat, and buffalo. By packaging type, the market is segmented into carton, cans, and bottles. By distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. By country, the market is segmented into Indonesia, Malaysia, Thailand, Philippines, Vietnam, and the Rest of Southeast Asia.