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Written by Business News » Updated on: September 19th, 2024
IMARC Group, a leading market research company, has recently released a report titled "Flavoured Milk Market Report by Flavour (Chocolate, Fruit, Vanilla, and Others), Packaging (Paper Based, Plastic Based, Glass Based, Metal Based), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the flavoured milk market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global flavoured milk market size reached US$ 56.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 97.8 Billion by 2032, exhibiting a growth rate (CAGR) of 6% during 2024-2032.
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Factors Affecting the Growth of the Flavoured Milk Industry:
Expanding Appeal of Flavored Milk Among Consumers:
The increasing consumer demand for value-added dairy products contributes to the growth of the flavoured milk market. Consumers are increasingly seeking dairy products that offer nutritional benefits beyond basic nutrition. Flavoured milk is fortified with essential vitamins and minerals, making it an attractive option for consumers looking for healthful, ready-to-drink (RTD) options. The appeal is broad-ranging, combining the nutritional benefits of milk, such as high-quality protein, calcium, and vitamin D, with appealing flavors that satisfy the palate. This shift towards nutrient-rich, value-added beverages among health-conscious consumers and parents looking for nutritious beverage choices for their children is supporting the market growth.
Balanced Indulgence of Flavours and Healthy Lifestyle:
With a growing emphasis on healthy lifestyles, consumers are increasingly gravitating towards products that offer health benefits without compromising on taste. Flavoured milk, often positioned as a healthier alternative to sugary carbonated drinks, is strengthening the market growth. In line with this, the availability of low-fat, reduced-sugar, or fortified options catering to the health-conscious segment, providing a balance of indulgence and nutrition is aiding in market expansion. Additionally, the increasing awareness of dietary needs and a shift towards more informed consumption choices, emphasized by a broader consumer preference for fortified foods and beverages (F&B) is propelling the market growth.
Product Diversification and Evolving Consumer Preferences:
Innovative product diversification in flavours and formulations to captivate interest and meet evolving consumer preferences is acting as another significant growth-inducing factor. Besides traditional chocolate and strawberry flavours, the market includes a variety of exotic, seasonal, and limited-edition flavors, which appeal to adventurous consumers seeking new taste experiences. Moreover, the integration of functional ingredients, such as probiotics, added fibers, and plant-based alternatives, reflects the industry’s response to the personalized nutrition trend. This innovation in product offerings enhances consumer choice and reinforces the position of flavoured milk as a versatile and enjoyable beverage option, thereby supporting the market growth.
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Flavoured Milk Market Report Segmentation:
By Flavor
Chocolate flavour dominates the market due to its universal appeal and widespread acceptance as a preferred milk flavour among consumers of all ages, offering a classic taste that blends well with milk.
By packaging
On the basis of the packaging, the market is categorized into paper-based, plastic-based, glass based, and metal-based.
By Distribution Channel
Supermarkets and hypermarkets represent the largest segment as they offer a wide variety of flavoured milk brands and packaging options, catering to consumer preferences for one-stop shopping convenience.
Regional Insight:
Asia-Pacific enjoys the leading position in the market, driven by a large consumer base, increasing urbanization, rising disposable incomes, and a growing inclination towards Western-style dairy products among the younger population.
Global Flavoured Milk Market Trends:
The expanding café culture, with flavoured milk being used in popular beverages like flavoured lattes and milkshakes, catering to the varying demand of café-goers and millennials, is strengthening the market growth. Concurrently, the introduction of lactose-free and plant-based flavoured milk varieties catering to the growing vegan and lactose-intolerant populations is providing an impetus to the market growth. Besides this, strategic marketing and the adoption of convenient, on-the-go packaging formats that cater to the busy lifestyles of consumers are creating a positive outlook for market expansion. Furthermore, seasonal and festive flavour innovations creating excitement and attracting consumers seeking novel and limited-time offerings are boosting the demand and sales of flavoured milk.
Top Companies Operated in Flavoured Milk Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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