South Korea Dry, Condensed and Evaporated Milk Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Dry Milk Powder, Condensed Milk, and Evaporated Milk), By Application (Household, Bakery & Confectionery, Beverages, Infant Nutrition, Foodservice, and Others), and South Korea Dry, Condensed and Evaporated Milk Market Insights, Industry Trend, Forecasts To 2035

South Korea Dry, Condensed and Evaporated Milk Market Insights Forecasts to 2035

• The South Korea Dry, Condensed and Evaporated Milk Market Size is Expected to Grow at a CAGR of around 4.3% from 2025 to 2035
• The South Korea Dry, Condensed and Evaporated 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 Dry, Condensed and Evaporated Milk Market Size is Anticipated to Grow at a CAGR of 4.3% from 2025 to 2035. The market is driven by rising demand for long shelf-life, easy-to-store dairy products in households and foodservice. Growth in home cooking, bakery use, and online grocery channels further supports market expansion.

Market Overview

The South Korea dry, condensed and evaporated milk market is gradually increasing, driven by the change in eating habits of consumers and increased usage in retail and foodservice. Dry milk powder's long shelf life and ease of storage make it the most favored one. Sweetened condensed milk is used in various traditional and contemporary desserts, and baked goods. Evaporated milk is utilized in food preparation, sauces, and ready-to-eat foods. With increasing health consciousness and demand for high-protein, calcium-enriched dairy, these lines are being used by consumer groups ever more. In addition, smaller household sizes and growing penetration of online food shopping are also supporting growth in these lines. Imports continue to be pivotal in meeting demand, with international suppliers constituting the cornerstone of supply stability.

Report Coverage

This research report categorizes the market for the South Korea dry, condensed and evaporated 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 dry, condensed and evaporated 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 dry, condensed and evaporated milk market.

Driving Factors

South Korea dry, evaporated and condensed milk market is spurred by increasing demand for shelf-stable, high-protein dairy ingredients for home preparation, baking, and beverage applications and for foodservice. Increasing popularity of Korean-style desserts and cafe beverages, increasing trend towards single-person dwelling, and online availability of dairy powder and milk cans are propelling the market. Increasing consumer recognition of convenience and nutritional benefit of these products in home preparation and foodservice are propelling growth.

Restraining Factors

Market faces various restraints due to growing consumer trend towards plant-based milk products and impression that canned or dried milk is less fresh. Price volatility and dependence on imports by world dairy markets can also have an impact on supply and cost stability. Lack of knowledge of uses of evaporated milk and condensed milk by some consumer segments can hinder market penetration.

Market Segmentation

The South Korea Dry, Condensed and Evaporated Milk Market share is classified into product type and application.

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

The South Korea dry, condensed and evaporated milk market is segmented by product type into dry milk powder, condensed milk, and evaporated milk. Among these, the dry milk powder segment held the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. It holds large share due to its wide use in home cooking, infant nutrition, and foodservice. It is appreciated for its long shelf life, and nutritional value, making it ideal for households and bakeries.

• The bakery & confectionery segment dominated the market share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea dry, condensed and evaporated milk market is segmented by application into household, bakery & confectionery, beverages, infant nutrition, foodservice, and others. Among these, the bakery & confectionery segment dominated the market share in 2024. This segment holds dominant share as cakes, cookies, and Korean sweets use condensed or dried milk to provide flavor and texture. Milk products such as these contribute sweetness and richness to sweets, hence their popularity among bakeries and dessert companies across the country.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea dry, condensed and evaporated 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

• Seoul Dairy Cooperative
• Maeil Dairies Co., Ltd.
• Binggrae Co., Ltd.
• Namyang Dairy Products Co., Ltd.
• Lotte Food Co., Ltd.
• Nestlé S.A.
• Fonterra Co-operative Group
• Arla Foods
• Morinaga Milk Industry Co., Ltd.
• FrieslandCampina
• 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 dry, condensed and evaporated milk market based on the below-mentioned segments:

South Korea Dry, Condensed and Evaporated Milk Market, By Product Type

• Dry Milk Powder
• Condensed Milk
• Evaporated Milk

South Korea Dry, Condensed and Evaporated Milk Market, By Application

• Household
• Bakery & Confectionery
• Beverages
• Infant Nutrition
• Foodservice
• Others