Rockville, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Fact.MR in its latest study highlights the key growth factors, latest developments, opportunities & challenges, and market statistics to offer a better understanding of the global flavored milk market. It also sheds light on the key trends influencing the market growth through the segments including flavor, packaging, sales channel, and region.
The flavored milk market is projected to grow at a CAGR of 7% from 2023 to 2033. The market will be worth US$ 42 Billion in 2023 and is expected to reach US$ 82 Billion by the end of 2033. Rising preference for canned milk due to the increasing demand for high quality and durable packaging solutions is one of the key factors propelling the growth in the market.
Growing demand for health foods is likely to be the driving force for the expansion of the global flavor milk market during the forecast period. Customers are aware of the quality of the food they consume. Flavor milk is a rich source of calcium, protein, and vitamins. Therefore, they are moving towards consuming nutritious health-promoting products.
To extend shelf life and preserve the flavor of flavored milk, leading dairy companies are opting for products with silver-based micro particles with antibacterial and self-sterilizing properties. Hence, manufacturers are developing flavored milk that is adhering to the demand and requirements.
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Further, rising shift from unhealthy beverage options such as sodas and juices to flavour-enhanced milks due to rising health concerns is another factor accelerating the sales in the market. Demand for flavored milks containing fortified micronutrients is a key aspect to the revenue growth of the flavor milks market.
In addition to this, as consumption of ready-to-drink beverages and on-the-go dairy products is surging, key players are developing a wide variety of unique flavored milk to capitalize on this trend. Moreover, with veganism gaining traction across the globe, the demand for plant-based flavor is skyrocketing, especially in countries such as India, U.S., and U.K.
Key Takeaways:
- Demand for flavored milk is expected to rise at an impressive rate in Asia Pacific as individuals choose healthier and more nutritious food alternatives.
- The U.S. is expected to witness robust growth as consumption of vegan flavored milk is surging.
- South Korea flavored milk market is expected to grow strongly due to an expanding retail sector and increasing demand for ready-to-drink products.
- In terms of type, the chocolate flavor segment is expected to account for significant share, followed by coffee.
- Based on packaging, the tins & cans segment is currently dominating the market.
- With increasing eco-consciousness, the glass and PET bottles segment are expected to gain traction over the coming decade.
Growth Drivers:
- Growing awareness about dairy nutrition products is increasing the consumption of ready-to-drink beverages, propelling growth.
- Penetration of online platforms is expected to bolster the availability of flavored beverages, fueling the sales in the market.
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Competitive Landscape:
Flavor milk vendors are improving their product portfolios by introducing new flavors to attract consumers. They are also focusing on attractive packaging to surge awareness of their products and to adhere to the clean label trends.
Some of the leading players are collaborating with leading packaging brands and end users to gain revenue. They are also adopting a plethora of digital marketing strategies to create their brand awareness and establish their position in the industry.
For instance,
- In July 2022, leading flavored milk company, Parle Agro, unveiled its new flavoured milk, Hazelnut Chocolate and also launched a campaign for the new offering targeting consumers across India.
Key Companies Profiled by Fact.MR
- Dean Foods
- Danone SA
- Hiland Dairy
- Saputo Inc.
- The Hershey Company
- The Coca-Cola Company
- The Farmer's Cow
- BSA SA
- Saputo Inc.
- Grupo Lala
- Meiji Holdings Co. Ltd.
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More Valuable Insights on Flavored Milk Market
In its latest research, Fact.MR reveals significant factors estimated to boost the growth of the flavored milk market over the forecast period. The study also offers an in-depth study of the opportunities and growth drivers expected to propel sales of flavored milk through segmentation as follows:
Flavor:
- Chocolate
- Coffee
- Rose
- Vanilla
- Strawberry
- Others
Packaging:
- Cartons
- Glass Bottles
- PET Bottles
- Tins & Cans
Sales Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialist Stores
- Online Retail Stores
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Flavor Milk Market Report
- What will be the demand outlook for the flavored milk market during the forecast period?
- Which are the challenges faced in the flavored milk market?
- Which region will lead the growth in the flavored milk market during 2023-2033?
- What is the projected market valuation of the flavored milk market in 2033?
- Which are the factors driving the flavored milk market during 2023-2033?
- Which sales channel will generate maximum revenue in flavored milk market?
Explore Fact.MR’s Coverage on the Food & Beverages Domain
Camel Milk Market: Global sales of camel dairy products are currently estimated at US$ 1.34 Billion and are expected to grow at a CAGR of 4.1% through 2032. As an outcome, the camel milk market is projected to reach a market valuation of US$ 2.02 Billion by the end of 2032. The business is expected to benefit from the growing popularity of camel milk among lactose intolerant consumers due to its ease of digestion.
Enriched Milk Powder Market: Global consumption of enriched milk powder is projected to grow at a CAGR of 5.9% by 2032. Currently, the global fortified milk powder market has a revenue of US$ 8.63 Billion and is projected to reach US$ 15.38 Billion by the end of 2032. Regionally, North America fortified milk powder market is expected to hold mammoth’s share in the market.
Standard Milk Formula Market: The global standardized formula market is growing steadily and is expected to reach US$ 28.2 Billion by 2031. Growth in the market is underpinned by increasing reliance on infant formula as a suitable alternative to cow's milk. North America is expected to dominate the standard formula market, accounting for nearly 47% of revenue over the forecast period.
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