Flavoured Milk Industry Overview
| Study Period: | 2018 - 2028 |
| Fastest Growing Market: | North America |
| Largest Market: | Asia Pacific |
| CAGR: | 5.23 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Flavoured Milk Market Analysis
The global flavored milk market is forecasted to grow at a CAGR of 5.23% during the forecast period (2022 - 2027).
The COVID-19 pandemic hit the food and beverage market during the initial phase, but the industry did not see a decline because of the rising demand for different products in the market. The different companies manufacturing flavored milk took advantage of the situation and prepared products catering to changing consumer demand. For instance, in 2020, Amul launched a new flavored milk having tulsi and ginger. These drinks were prepared to boost immunity of individuals during the COVID-19 pandemic.
New developments in flavors and packaging are observed to be trending in the global flavored milk market, with companies introducing locally-preferred flavors. Additionally, there is a preference for fruit flavors among youngsters, which has led manufacturers to create new product innovations. Further, companies are also launching flavored milk varieties with enhanced functional properties to suit the need of the population.
Moreover, they are offering low-sugar and fat-free varieties of flavored milk products in order to tap into the increased diabetic and health-conscious population. Considering the opportunity posed by busier lifestyles and the need for convenience, companies are introducing on-the-go flavored milk in order to increase their offerings and customer base. The growth of the market is driven by the rising demand for non-alcoholic beverages, specially the ready-t-drink beverages.
Flavoured Milk Industry Segments
Flavored milk refers to the sweetened dairy beverage which consists of milk as the main ingredient, along with other flavor and sweetening ingredients. It is generally sold as pasteurized, ultra high temperature treated, and refrigirated product. The global flavored milk market is segmneted on the basis of type, distribution channel, and geography. On the basis of type, the flavored milk market is segmented as dairy based, and plant based. On the basis of distribution channels, the market is segmented as supermarkets/ hypermarkets, convenience stores, online retail stores, and other distribution channels. Further, the segmentation is done based on geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Type | |
| Dairy Based | |
| Plant Based |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialist Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
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Flavoured Milk Market Trends
This section covers the major market trends shaping the Flavoured Milk Market according to our research experts:
Surging Demand for Ready-To-Drink Beverages
The fast-paced lifestyle of individuals have led to the surge in consumption of ready-to-drink beverages. Consumers are constantly looking for products that fulfill their dairy nutrition requirement, which they can have on-the-go. Owing to this trend, ready-to-drink product like flavored milk is much in demand among the consumers. Now-a-days, urban population is more interested in consuming flavored drink, as compared to carbonated drinks, because of the nutritional benefits associated with flavored milk. The flavored drink manufacturers are focused towards making the packaging convenient for the consumers to carry whereever they go, and attractive enough to attract younger population. Major players in the market are focused towards inducing innovation into their products by preparing organic flavoured milk, without having any artificial ingredients. Convenient packaging, coupled with natural product, is driving the demand for the product in the market. For instance, in 2021, Yeo Valley, the largest organic brand un the United Kingdom, launched a range of flavoured milk from organic milk. These flavored milks were made available in two flavors viz, chocolate, and raspberry, and do not contain any artificial sweetener, color, or flavor.
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Asia-Pacific Being The Largest Market For Flavoured Milk
Asia-Pacific holds larger portion of the market, followed by North America region. With consumers opting for healthier and more nutritious food alternative, the demand for flavored milk is growing the the region. This has led to innovation in terms of flavored milk and the experimentation of new flavors. Furthermore, factors, such as efficient and sustainable dairy production in these countries are impacting the market’s growth. Additionally, companies have understood the demand for functional ingredients in flavored milk in this region. Moreover, they are catering to low or no sugar, and fat-free offerings, which caters to the further needs of the consumers. The manufacturers are focused towards creating products which cater to single-serving with small packaging, providing nutrition to the consumers in a convenient manner. The regional players invest in research and development to understand the regional demand, and extend their product portfolio in line with consumer's changing demand. For instance, in 2020, Wings Group Indonesia, a leading FMCG company in Indonesia, launched its ultra-high temperature (UTH) milk, in chocolate and strawberry flavors, extending the companies ready-to-drink product portfolio.
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Flavoured Milk Market Competitor Analysis
The global flavored milk market is highly competitive with the presence of a few global players such as Nestlé S.A., The Hershey Company, Danone SA and Saputo Inc. and regional players like Dean Foods, Hiland Dairy, among others. Due to the dynamic nature of the market, it is fragmented. The companies are adopting strategies such as mergers and acquisitions, new product innovations and launches, expansions and partnerships. Companies also compete in terms of new variants of flavors and attractive packaging to attract the customers. There is ample scope for regional players to gain competitive advantage, provided that they bring in substantial innovation at ingredients and packaging levels, catering to the changing demands of customers.
Flavoured Milk Market Top Players
Nestlé S.A.
Saputo Inc.
Dean Foods
The Hershey Company
Danone SA
*Disclaimer: Major Players sorted in no particular order
Flavoured Milk Market Recent Developments
In 2022, a2 Milk Co., a premium milk company and The Hershey Co., America's No. 1 milk chocolate brand, launched their new co-branded chocolate flavored milk. This natural chocolate milk contains nutrition, combined with taste.
In 2021, Parle Agro, the beverage company in India, diversified its product range into dairy category, by launching a range of flavoured milk namely, Smoodh. This flavored milk is claimed to be one of its kind in the world, being available in 85ml Tetra Pak cartons and csting INR 10.
In 2020, Nestle launched its new plant-based ready-to-drink beverage version of Nesquik in Europe. This plant-based drink is prepared from oats and peas, and also has lower sugar content than the regular Nesquik.
Flavoured Milk Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Dairy Based
5.1.2 Plant Based
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Specialist Stores
5.2.4 Online Retail Stores
5.2.5 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Nestle SA
6.4.2 Meiji Holdings Co. Ltd.
6.4.3 The Hershey Company
6.4.4 The Coca Cola Company
6.4.5 The Farmer's Cow
6.4.6 Dean Foods
6.4.7 Danone SA
6.4.8 Hiland Dairy
6.4.9 BSA SA
6.4.10 Saputo Inc
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
Flavoured Milk Market Research FAQs
What is the study period of this market?
The Flavoured Milk Market is studied from 2018 - 2028.
What is the growth rate of Flavoured Milk Market?
The Flavoured Milk Market is growing at a CAGR of 5.23% over the next 5 years.
Which region has highest growth rate in Flavoured Milk Market?
North America is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Flavoured Milk Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Flavoured Milk Market?
Nestlé S.A., Saputo Inc., Dean Foods, The Hershey Company, Danone SA are the major companies operating in Flavoured Milk Market.
Flavoured Milk Industry Reports
In-depth industry statistics and market share insights of the Flavoured Milk sector for 2020, 2021, and 2022. The Flavoured Milk research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Flavoured Milk report PDF.
