Flavored Milk Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.23 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Flavored Milk Market Analysis
The global flavored milk market is forecasted to register a CAGR of 5.23% during the forecasted period.
- As consumer preferences continue to evolve, manufacturers in the global flavored milk market are introducing new and innovative products to capture a significant market share. This includes developing locally-preferred flavors, offering fruit-flavored varieties to appeal to younger consumers, and introducing flavored milk with enhanced functional properties to meet the needs of the population.
- In response to the increasing awareness of the importance of maintaining a healthy diet, companies are offering low-sugar and fat-free varieties of flavored milk products, as well as organic flavored milk and low-calorie sweeteners. Additionally, with rapid urbanization and increasing disposable incomes, companies are introducing on-the-go flavored milk to cater to consumers' busy lifestyles and need for convenience.
- Despite the growth opportunities, the increasing vegan population worldwide presents a challenge to the flavored milk market's growth. Moreover, incidences of lactose intolerance worldwide may act as a restraint to the market.
- Overall, the flavored milk market is driven by the rising demand for non-alcoholic, ready-to-drink beverages. As such, companies must continue to innovate and adapt their products to meet changing consumer preferences and market trends.
Flavored Milk Market Trends
Surging Demand for Ready-To-Drink Beverages
- Flavored milk is a type of ready-to-drink milk that is processed with added flavors such as chocolate, banana, vanilla, and others. This type of milk is known for its nutritional benefits and longer shelf life due to the pasteurization process. With the busy lifestyles of individuals, there has been an increase in demand for convenient and healthy beverages, especially among parents looking for nutritional RTD-flavored milk for their children. The popularity of chocolate-flavored milk among kids has made it a popular choice among parents to fulfill their children's milk requirements.
- The flavored drink manufacturers are focused on making the packaging of the product more convenient and attractive, especially for the younger population. They are also incorporating innovation in their products by introducing organic flavored milk without any artificial ingredients. The combination of natural products and convenient packaging has increased the demand for flavored milk in the market.
- For instance, in 2021, Yeo Valley, one of the largest organic brands in the United Kingdom, launched a range of flavored milk made from organic milk. The products were made available in two flavors, namely chocolate, and raspberry, and were free from any artificial sweeteners, colors, or flavors. This move by Yeo Valley is an example of how manufacturers are catering to the growing demand for organic and natural products in the market.
Asia-Pacific is expected to be the largest market
- The Asia-Pacific region dominates the flavored milk market, with a growing demand for healthier and more nutritious food options. India, the largest milk producer globally, contributes to this trend, leading to an increase in innovation and experimentation of new flavors in flavored milk. The region's efficient and sustainable dairy production practices have also influenced market growth. Additionally, manufacturers are catering to consumers' specific needs, such as low or no-sugar and fat-free options.
- The growing retail industry, improved health awareness, and rising demand for healthy alternatives to carbonated drinks and ready-to-drink beverages are further driving the market growth. To meet consumers' demands for convenient and single-serving options, manufacturers are creating small packaging products that provide nutrition. Regional players are investing in research and development to understand changing consumer demands and extend their product portfolio. For example, Wings Group Indonesia, a leading FMCG company in Indonesia, offers ultra-high temperature (UTH) milk in chocolate and strawberry flavors, expanding its ready-to-drink product portfolio.
Flavored Milk Industry Overview
The flavored milk market is characterized by intense competition, as a few global players, including Nestlé S.A., The Hershey Company, Danone SA, and Saputo Inc., compete with regional players such as Dean Foods and Hiland Dairy. The market is fragmented due to its dynamic nature. To gain a competitive edge, companies are implementing strategies such as mergers and acquisitions, new product innovations and launches, expansions, and partnerships. In addition to these strategies, companies are also competing by introducing new flavor variants and using attractive packaging to lure customers. Regional players have significant opportunities to gain a competitive advantage, provided they focus on substantial innovation at the ingredient and packaging levels to meet the changing demands of customers.
Flavored Milk Market Leaders
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Nestlé S.A.
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Saputo Inc.
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Dean Foods
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The Hershey Company
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Danone SA
*Disclaimer: Major Players sorted in no particular order
Flavored Milk Market News
- September 2022: Godrej Jersey expanded its product portfolio and launched a new flavored milk Nutty Badam in the market.
- February 2022: a2 Milk Co., a premium milk company, and The Hershey Co., America's milk chocolate brand, launched their new co-branded chocolate flavored milk. This natural chocolate milk contains nutrition combined with taste.
- August 2021: Parle Agro, the beverage company in India, diversified its product range into a dairy category by launching a range of flavored 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 costing INR 10 (USD 0.14).
Flavored 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 Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Nestle SA
6.3.2 Meiji Holdings Co. Ltd.
6.3.3 The Hershey Company
6.3.4 The Coca Cola Company
6.3.5 The Farmer's Cow
6.3.6 Dean Foods
6.3.7 Danone SA
6.3.8 Hiland Dairy
6.3.9 Dana Dairy Group
6.3.10 Saputo Inc
6.3.11 Godrej Group
6.3.12 Parle Agro Private Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Flavored Milk Industry Segmentation
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 refrigerated product.
The global flavored milk market is segmented 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 |
| Geography | |||||||||
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Flavored Milk Market Research FAQs
What is the current Flavoured Milk Market size?
The Flavoured Milk Market is projected to register a CAGR of 5.23% during the forecast period (2024-2029)
Who are the key players in Flavoured Milk Market?
Nestlé S.A., Saputo Inc., Dean Foods, The Hershey Company and Danone SA are the major companies operating in the Flavoured Milk Market.
Which is the fastest growing region in Flavoured Milk Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Flavoured Milk Market?
In 2024, the Asia Pacific accounts for the largest market share in Flavoured Milk Market.
What years does this Flavoured Milk Market cover?
The report covers the Flavoured Milk Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Flavoured Milk Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Flavored Milk Industry Report
Statistics for the 2024 Flavored Milk market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Flavored Milk analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
