Rising Inclination Towards Plant-Based
Flavoured Milk is Propelling the Market Growth
Rising health and nutrition
awareness has been a significant driving force behind changes in consumer
behaviour and preferences across various industries, including the food and
beverage sector. Consumers today are more conscious of their health and
well-being, leading them to make more informed choices about the products they
consume. The widespread availability of information through the internet and
social media has empowered consumers to educate themselves about nutrition and
health. People can easily access information about the nutritional content of
products, dietary guidelines, and the impact of various ingredients on their
health. Moreover, awareness of the environmental impact of food choices has led
to a surge in interest in sustainable and plant-based diets. Consumers are now
considering not only their health but also the health of the planet when making
food decisions. The growing interest in plant-based diets and dairy
alternatives has driven consumers to seek out plant-based milk options,
including vegan flavoured milk. Manufacturers have been investing in research
and development to create a wide range of tasty and innovative vegan flavoured
milk products. These options cater to various tastes and preferences,
attracting a broader consumer base.
Expansion of Dairy Industry, Rising
Disposable Income and Social Media Influence is Driving the Market Expansion
The expansion and modernization
of the dairy industry have facilitated the production and distribution of flavoured
milk products on a larger scale, making them more accessible to consumers.
Moreover, as more people move to urban areas, the demand for convenient and
ready-to-drink beverages like flavoured milk has grown. Urban lifestyles often
involve time constraints, leading consumers to choose quick and accessible food
and beverage options. In addition, single-serve packages and ready-to-drink
bottles have gained popularity due to their ease of consumption, especially
among busy urban populations. Creative and attractive packaging designs can
influence consumer buying decisions. Packaging innovations like resealable
bottles, tetra packs, and eco-friendly options have also contributed to the
market growth. Also, economic growth and increasing disposable incomes in many
regions have led to higher spending on convenience and indulgence products like
flavoured milk. Furthermore, social media platforms play a crucial role in
promoting food and beverage trends, including flavoured milk products.
Influencers and online food communities can drive interest and demand for
specific brands and flavours., thus driving the market growth.
Novel Product Developments are
Strengthening the Market Progress
Major market players are focusing
on research and development activities in order to create products that meet
the customer demand a enhance their portfolio. They are also implementing
various market strategies such as mergers, acquisitions and new product
launches in an attempt to gain a competitive edge in the market. For instance, Clover
Sonoma, a renowned California-based dairy producer, is taking proactive steps
to cater to the growing demand for flavoured and lactose-free milk products. In
May 2023, the company had introduced three delightful new flavours - Chocolate,
Strawberry, and Vanilla - to its popular "Clover the Rainbow Milk with a Splash
of Flavour" product line. Additionally, following the success of Smoodh in
India's dairy beverage category, beverage giant Parle Agro had introduced a
delightful version to its disruptive flavoured milk line - Smoodh Hazelnut
Chocolate, in July 2022. The new product is the fourth addition to their
popular dairy beverage line. The new Smoodh Hazelnut Chocolate is a healthful,
energy-boosting, nourishing drink made by mixing the tempting flavour of
top-quality hazelnuts and chocolate and combined with the benefits of milk. Furthermore,
Dairy Farmers Classic introduced a variety of limited-edition flavoured milks,
including Dairy Farmers Classic Ruby Chocolate, in May 2022. Ruby Chocolate was
joined by Dairy Farmers Classic Mint Chocolate, a refreshing, moreish flavour
combination, and Dairy Farmers Classic Choc Chip Cookie, which offers
outstanding chocolate and cookie flavours.
High Costs, Expanding Adoption of Veganism
and Presence of Healthier Alternatives are Likely to Hamper the Market
Development
The expansion of the vegan
population worldwide presents a significant challenge to the growth of the
flavoured milk market. Additionally, the increasing prevalence of lactose
intolerance acts as a compelling factor hindering market growth and may lead to
the shutdown of operations in certain regions, becoming the primary restraint
for the flavoured milk market throughout the forecast period. Apart from this,
flavoured milk faces competition from other healthier beverages, such as
natural fruit juices, smoothies, and fortified plant-based milk options, which
are perceived as better choices for health-conscious consumers. Furthermore, flavoured
milk products can be relatively more expensive than regular milk or other
beverages, making them less affordable for price-sensitive consumers. All these
factors are likely to be responsible for the impediment of the flavoured milk
market during the forecast period.
Danone SA, Hiland Dairy, The
Hershey Company, Dean Foods, The Coca-Cola Company, BSA SA, The Farmer's Cow,
Saputo Inc., Grupo Lala, Saputo Inc., Meiji Holdings Co. Ltd. are some of the prominent
market players operating in the global flavoured milk market.
Rising Consumer Health Awareness and Demand
for Flavoured Beverages is Impacting the Market Growth
North America is anticipated to
hold a significant share in the flavoured milk market owing to the growing
consumer awareness about living a healthy lifestyle, rising disposable income,
superior milk preservation technologies, and packaging designs. On the other
hand, Asia Pacific is also expected to witness a substantial growth in the
flavoured milk market during the forecast period. This growth can be attributed
to the rising demand for nutritious drinks, healthy diets, and unique flavour
beverages. Significant milk producers and major beverage companies are
increasing flavoured milk production in the region. Rising innovations and the
introduction of new flavoured milk based on consumer preferences drive market
expansion even further. The major countries, such as India and China, are
generating the most dairy farms in the area, expanding market size. Additionally,
rising consumer demand for sugar-free and fat-free goods is propelling Asia
Pacific market share. Furthermore, Europe is anticipated to experience a
significant growth in the flavoured milk market. This growth is influenced by rising
demand for artificial colouring as well as organic and natural products. The
use of simple packaging to enhance product shelf life also contributes to
market expansion.
The report provides a detailed
overview of the flavoured milk market insights in regions including North
America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and
Africa. The country-specific assessment for flavoured milk market has been
offered for all regional market share, along with forecasts, market scope estimates,
price point assessment, and impact analysis of prominent countries and regions.
Throughout this market research report, Y-o-Y growth and CAGR estimates are
also incorporated for every country and region, to provide a detailed view of
the flavoured milk market. These Y-o-Y projections on regional and
country-level markets brighten the political, economic and business environment
outlook, which are anticipated to have a substantial impact on the growth of
the flavoured milk market. Some key country and region included in the flavoured
milk market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Flavoured Milk Market Research Report
Covers In-depth Analysis on:
·
Flavoured milk market segments
·
Flavoured milk market dynamics
·
Flavoured milk market value and share analysis
·
Recent trends, restraints, opportunities in flavoured
milk market
·
Companies & competition involved flavoured
milk market
·
Latest technologies in flavoured milk market
·
Supply chain and value chain flavoured milk
market
·
Flavoured milk market sales and distribution
strategies
Flavoured Milk Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Flavoured milk industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on flavoured milk market forecast
by countries
·
Essential information to enhance market position
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