South Korea Condensed Milk Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Dairy and Non-Dairy/Plant-Based), By Category (Sweetened Condensed Milk and Unsweetened Evaporated Milk), and South Korea Condensed Milk Market Insights, Industry Trend, Forecasts to 2035

South Korea Condensed Milk Market Insights Forecasts to 2035

• The South Korea Condensed Milk Market size is Expected to Grow at a CAGR of around 5.5% from 2025 to 2035
• The South Korea Condensed Milk Market size is expected to hold a significant Share by 2035

According to a Research Report Published by Spherical Insights & Consulting, the South Korea Condensed Milk Market Size is Anticipated to Grow at a CAGR of 5.5% from 2025 to 2035. The market is driven by rising demand for condensed milk in cafés, desserts, and home baking applications. Also driven by growing consumer interest in convenient, shelf-stable, and plant-based dairy alternatives.

Market Overview

The South Korea condensed milk market represents dairy and non-dairy products including sweetened condensed milk and unsweetened evaporated milk, used in drinks, desserts, baking, and processed foods. These goods are made by extracting water from milk, which results in a thick substance that may be stored for an unlimited period of time (as long as the can is sealed). They contain a lot less water than milk. The South Korea Condensed Milk market is continuing to grow, driven by increasing café culture, home baking, and convenience. Consumers increasingly desire dessert and specialty beverages made using condensed milk, which encourages higher consumption. While sweetened condensed milk from dairy is the primary ingredient, there are niche plant-based versions beginning to be marketed towards health and lactose intolerant consumers, and could become more popular. Condensed milk is largely met through imports, and there is nearly no local production. Consumer demand is heading towards shelf stable, versatile dairy options, so the South Korea Condensed Milk Market should continue to grow steadily to 2035.

Report Coverage

This research report categorizes the market for the South Korea condensed milk market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea condensed milk market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea condensed milk market.

Driving Factors

The South Korea condensed milk market is driven by the high demand from cafes, bakeries, and home kitchens for sweetened condensed milk used in beverages, desserts, and baked goods. The establishment of cafe culture as well as the trend of cooking at home has greatly increased consumption. Furthermore, consumers are showing more interest in shelf-stable and convenient dairy products that have a long usability. In addition, the introduction of plant-based products into the market is attracting lactose-intolerant consumers as well as health-conscious consumers, widening the appeal and application of products and usage in many consumer segments.

Restraining Factors

The South Korea condensed milk market is restrained by issues like dependence on imports, which carry a high risk of supply and price fluctuations. The health concerns regarding sugar and fat content in sweetened condensed milk are also inconsistently restricting demand. Finally, the rise in popularity of plant-based and low-calorie substitutes for dairy-based products may broaden the market challenges.

Market Segmentation

The South Korea condensed milk market share is classified into product type and category.

• The dairy segment held the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea condensed milk market is segmented by product type into dairy and non-dairy/plant-based. Among these, the dairy segment held the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. It rests on its historical placement in flavoring traditional desserts, baking, coffee and commercially-produced food. But, with the increase of Lactose intolerant diets and vegan based diets, the non-dairy market space is coming on strong.

• The sweetened condensed milk segment dominated the market share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea condensed milk market is segmented by category into sweetened condensed milk and unsweetened evaporated milk. Among these, the sweetened condensed milk segment dominated the market share in 2024 and is expected to grow at a significant CAGR during the forecast period. A traditional product that is composed of cow's milk and sugar. This product is a workhorse of coffee shops, baking, and desserts. It is a strong market segment as it is still familiar and ubiquitous.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea condensed milk market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Arla Foods
• Nestle
• FrieslandCampina
• Fonterra
• Danone
• Lactalis
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea condensed milk market based on the below-mentioned segments:

South Korea Condensed Milk Market, By Product Type

• Dairy
• Non-Dairy/Plant-Based

South Korea Condensed Milk Market, By Category

• Sweetened Condensed Milk
• Unsweetened Evaporated Milk