The market for flavoured milk is expected to increase in value to US$ 3,511.20 million in 2023 and US$ 6,529.38 million in 2033. Over the course of the projection period, the market is expected to rise at a CAGR of 6.4%.
Flavoured milk contains a variety of vital nutrients such as calcium, potassium, vitamins, phosphorus, and protein. Additive-flavored milk is one of the healthiest food and beverage products on the market. The market benefits from the better health that customers enjoy as a result of living healthier lives. The global market for flavor-infused milk is growing as consumers prefer chilled milk products with longer shelf lives.
Though the industry is growing internationally, the use of flavor-infused milk is still relatively minor when compared to other beverages like energy drinks and carbonated soft drinks.
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Flavored Milk Market Driven by Growing Demand for Lactose-Free Dairy Products
The flavored milk industry is propelled by the rise in demand for lactose-free products globally. According to the research conducted by the United States National Library of Medicine, about 65% of the human population find it hard to digest lactose at adulthood. Inability to digest lactose at adulthood is common within West Africa, and East Africa and this factor is fueling the growth of flavored milk industry within the region.
Consumers’ Rising Demand for Healthy Food Products
The growing demand for healthy food products among consumers is a driving force expected to move the global flavored milk market forward over the forecast period. Consumers are conscious about the quality of food they consume; hence they are moving towards the consumption of health befitting products with high nutritive value. Also, consumers’ changing lifestyles are expected to drive the growth of flavored milk globally.
Flavored milk is a rich source of calcium, protein, vitamins and many more. Furthermore, consumers’ changing lifestyle is another factor fostering the growth of the industry globally. Rise in disposable income is a boost for the flavored milk industry. Developing nations like India and China with an emerging economy are raising the per capita income of individuals working. And this ix expected positively impact the global flavored milk industry especially in the Asia Pacific region where these countries are located.
Flavored Milk Market Restraint
The global flavored milk market is not without its challenges. With the rise in vegan population globally, the flavored milk market is expected to witness a decline in growth over the forecast period. Furthermore, the growing incidences of lactose tolerance is a strong force pulling the market backward and might foster the closure in some regions.
Flavored Milk Market: Region-wise Analysis
The Asia Pacific region is the largest market for flavored milk after topping the list for the region with the highest consumption of flavored milk. Rising disposable income and increasing population size are factors fueling the growth of the industry.
North America and Latin America is the second and third largest market for flavored milk. North America is expected to record a double-digit CAGR over the forecast period owing to the rise in consumption of flavored milk by kids. Other regions like Europe, Africa, and the Middle East are projected to witness a significant growth due to the steady rise in the demand for flavored milk.
Flavored Milk Market: Competitive Landscape
The global flavored milk industry is highly competitive and fragmented, with a few global players like Nestlé S.A., Hershey’s, and Saputo Inc. These companies are focusing on adopting new strategies such as new product innovations, merging local players to extend their products to regions where the flavored milk industry has no foothold. They are also offering low sugar and fat free varieties of flavored milk such as orange creme and strawberry creme so consumers can have a variety of choice to make.Other key players in the market include
- Yili Industrial Group Company Limited
- Mengniu Dairy Company Limited
- Gujarat Cooperative Milk Marketing Federation Limited
- Mother Dairy Fruit and Vegetable Private Limited.
Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Report Highlights
The research report presents a comprehensive assessment of market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data and projections with suitable set of assumptions and methodology. Research report provides analysis and information by categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies
Global Flavored Milk Market Segment Analysis
The global flavored milk industry can be segmented on the following basis:
By Type
- Dairy Based
- Plant Based
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Store
- Specialist Stores
- Online Retail Stores
- Others
