The innovations in flavors introduced by the industry leaders have created avenues of growth in the flavored milk market. Market Research Future (MRFR) has revealed in its latest study that the global flavored milk market is projected to thrive steadily during the forecast period 2017 to 2024.
Increased count of product offerings as a response to the changing consumer preferences has retained the revenue creation for market participants over the years. The trend is likely to continue across the assessment period. The global flavored milk market is consolidated with the presence of national, regional, and international organizations competing to gain more traction.
The changes observed in the lifestyle of the population will fuel Flavored Milk market Forecast growth as flavored milk offers nutrition to the consumers with enhanced taste. Meanwhile, the booming food & beverage sector is also likely to boost sales in the flavored milk market.
Dairy-based beverages have gained popularity among the consumers, and it is expected to resonate strong growth opportunities for flavored milk market expansion throughout the projection period. Other factors responsible for favoring the market growth and expansion are longer shelf life, increasing demand for ready-to-drink milk-based beverages, and thriving confectionary industry among others.
By flavor, the global flavored milk market is segmented into chocolate, vanilla, butterscotch, strawberry, and others. Among these, the chocolate segment is likely to remain highly lucrative throughout the review period trailed by the vanilla segment.
By packaging material, the flavored milk market has been segmented into plastic, glass, paper, metal, and others. The plastic segment is projected to dominate the global market followed by the metal segment. The ease of handling and logistics offered by the segments will fuel demand in the market.
By distribution channel, the flavored milk market is segmented into store-based, and non-store based. The store-based segment will hold the maximum share of the market over the forecast period.
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By region, the global flavored milk market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific currently dominates the global flavored milk market. The trend is likely to continue through the assessment period. The growth of the market in the region is attributable to the factors such as rising population, increasing disposable income, high consumption of milk products, increasing awareness about the nutritional value of the product, etc. Furthermore, the presence of emerging markets such as China and India is likely to have a positive impact on the market expansion.
North America market can be characterized as a matured market and will exhibit steady growth over the next couple of years. The growth of flavored milk market in Europe can be ascribed to the rising count of health-conscious population and presence of key players.
Rest of the World is estimated to hold limited share in the market. However, certain regions in the RoW market will hold immense potential for growth during the projection period.
The key players profiled by MRFR in its report for drawing an insightful conclusion are Nestle S.A. (Switzerland), Arla Foods Amba (Denmark), Danone (France), Associated Milk Producers, Inc. (U.S.), Bright Food (Group) Co., Ltd.(China), Dean Foods Company (U.S.), Koninklijke FrieslandCampina NV (the Netherlands), Grupo Lala, S.A.B. de C.V. (Mexico), Dairy Farmers of America, Inc. (U.S.), and Amul Industries Pvt Ltd. (India) among others. The strategies employed by the key players for gaining control over the flavored milk market include flavor innovations, expansion of product portfolios, acquisitions & mergers, etc.
In August 2018, Coca-Cola India, a leading food & beverage company, has announced its comeback in the dairy products segment. The company had launched its dairy-based beverage brand, Vio, in 2016 but took the flavored milk products off the shelves due to poor response from consumers.
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