November 2022, Market Research Future has published a Report on the Global Flavored Milk Market
The sale of flavored milk is growing exponentially on account for the growing demand among the consumers for a variety of dairy beverages. Many key players in beverages market are investing in R&D so as to focus on product development which enriches the flavors in flavored milk. Moreover, flavored milk is gaining popularity across the globe, as the demand for healthy food & beverages has been increasing in recent years. These factors will support the flavored milk market, estimated to grow at the rate of about 4.60% from 2020 to 2027.
The global flavored milk market is witnessing an impressive growth over the last few years. This is attributed to the shifting consumer preferences among the population of both developed and developing economies. Also, increasing disposable income of the consumers is anticipated to be the significant reason for the growth of the flavored milk market during the forecast period. Additionally, key players in the global flavored milk market are emphasizing more on bringing up new flavors to extend the product line.
Also, the companies are inclined to increase their footprints across the world by acquiring local and regional players. Apart from that, the companies are introducing their products in the developing economies in order to penetrate the untapped market. However, high calorie and fat content in flavored milk may hamper the growth of the market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.60% of flavored milk market during the forecast period, 2020-2027.
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The global flavored milk market is segmented into flavor, packaging material, and distribution channel.
On the basis of the flavor, it is segmented into chocolate, vanilla, butterscotch, strawberry, and others. Among all the flavor’s, the chocolate segment holds the major market share followed by the vanilla segment.
On the basis of the packaging material, it is segmented into plastic, glass, paper, metal, and others. Among all the packaging types, the plastic segment is dominating the market.
On the basis of the distribution channel, it is segmented in store-based and non-store based. Among both, the store-based distribution channel is dominating the market.
The major players in flavored milk market
The global flavored milk market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the global flavored milk market followed by North America. India and China being the highest milk producing countries are driving the growth of Asia Pacific market. Furthermore, emerging economies such as China, India, Japan, Australia, and the Latin American countries, offers ample opportunities for expansion to the major players.
The North American flavored milk market is projected to grow at a steady pace in the review period. Increasing consumption of flavored milk in form of beverages in this region is driving the growth of the market. Innovations and technological advancements is boosting the growth of flavored milk in rest of the world.