The flavored milk market is projected to secure a valuation of USD 3,511.20 million in 2023, and is anticipated to rise to USD 6,529.38 million by 2033. The market is estimated at a CAGR of 6.4% during the forecast period.
The growing demand for healthy drinks, natural ingredients, beverages, and exotic tastes is propelling market growth. The increasing adoption of flavored milk by generation-Z consumers to maintain a healthy lifestyle is flourishing the market share further. Growing consumer awareness of premium beverages and lactose-free milk is surging the demand for flavored milk.
The manufacturers are enhancing milk quality by adding organic ingredients, artificial colors, and fruit extracts, which in turn fuel the market expansion. The adoption of flavored milk is increasing due to its added nutrients, such as vitamins, calcium, iron, and potassium. Rising demand for standardized and high-quality drinks drives the food & beverages sector during the forecast period.
The innovation of refrigerated flavored milk to extend the shelf-life of products is spurring market opportunities. Around 65% of people in America suffer from improper digestive systems, which upsurges the market growth further. Various campaigns promoting health and fitness freak lifestyle are accelerating the demand for flavored milk. Recently, the innovation of Tetra packaging for storing beverages to maintain their quality, texture, and taste is boosting the market size.
How the Market Growing in Developing Countries?
Developing countries such as India and China are expanding their revenue by increasing the production of flavored milk. As one of the prime milk producers, India upsurges its revenue through milk production. It is also one of the significant milk exporters in the globe. The farmers and animal husbandry owners are making massive output by supplying milk to the international market.
With the increasing urbanization and changing lifestyle, consumers are preferring lactose-free milk to avoid digestive problems, which in turn advances the market in these countries. Hence, the manufacturers are innovating separate addition flavored milk for those consumers who face problems related to digestion. By adding these factors, we must be sure that Asia Pacific is significantly growing the flavored milk market.
Key Takeaways:
- The flavored milkmarket is expected to have a valuation of US$ 6,529.38 million by 2033.
- With a CAGR of 6.4%, the global market is expected to increase from 2023 to 2033.
- The United States flavored milk marketis anticipated to secure a significant share through 2033.
- In the historical period, the market captured a CAGR of 6% between 2017 and 2022.
- In the historical period, the market was worth US$ 3,312.45 million between 2017 and 2022.
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Competitive Landscape:
The prominent vendors are expanding the market with their innovative products and investing vast amounts in research and development. These players provide unique products to their consumers as per their requirements, and are increasing the sales of flavored milk. Their marketing strategies are mergers, agreements, partnerships, acquisitions, and product launches.
Key Players in the Market:
- Yili Industrial Group Company Limited
- Mengniu Dairy Company Limited
- Gujarat Cooperative Milk Marketing Federation Limited
- Mother Dairy Fruit and Vegetable Private Limited.
- Parle Agro
- Nestle
- Arla Foods
- Danone
- Dean Foods
Recent Developments in the Market:
- In September 2020, FrieslandCampina acquired Nutricima- a dairy company, to develop milk products, including ready-to-drink flavored milk, evaporated milk powder.
- In August 2019, Nestle added a new flavor to ready-to-drink milk. The company launched fruit-flavored milk in Indian cities, including Mumbai, Delhi, and Pune.
- In September 2019, Dairy Plus Milk Blends introduced lactose-free milk, adding oats and almonds flavor.
- In 2020, Wings Group announced its new launch, ultra-high temperature milk, adding chocolate flavor to expand its business portfolio.
Flavored Milk Market Segmentation by Category
By Type:
- Dairy Based
- Plant Based
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Store
- Specialist Stores
- Online Retail Stores
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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