Flavored Milk Market: Demand Influenced due to Consumer Preference Fitting

Posted by Arslan on April 15th, 2019

A trend being observed in the global flavored milk market is the rise in vegan population, whose diet is favorable for animal rights. As vegan population opposes consumption of products derived from animals such as eggs, dairy products, and leather among others, the consumption of milk has been witnessing a decline over the past few years. In 2015, consumption of milk in Canada fell by approximately 25%, owing to the rise in vegan population. People are adopting the vegan diet as an ethical concern towards animals. This factor might tremendously impact prospects of flavored milk market in the near future.

The global flavored milk market is at a nascent phase, with consumption of flavored milk being comparatively lower than other drinks, for example – carbonated soft drinks. Even though the flavored milk market experiences a sluggish expansion at present, demand will gain an uptick in the foreseeable future. The global flavored milk market is estimated to account for over US$ 50,000 Mn revenues by 2022-end.

Traditional Grocery Retailers will Remain Dominant in the Global Flavored Milk Market

On the basis of sales channel, although traditional grocery retailers are estimated to remain dominant in the global flavored milk market, sales of flavored milk in modern grocery retail segment will continue to register the highest CAGR through 2022. Non-grocery retailers are expected to be the second largest sales channel for flavored milk by 2022-end.

Tin and can packaging will remain preferred among consumers in the global flavored milk market, with sales poised to reach nearly US$ 20,000 Mn in revenues by 2022-end. Tin and can packaging is estimated to account for over one-third share of the flavored milk market during 2017 to 2022. PET bottles will remain the second most lucrative packaging in the flavored milk market. Sales of flavored milk packed in cartons are expected to register a comparatively higher CAGR than those packed in PET bottles through 2022.

Chocolate Flavored Milk to Remain Sought-after in the Flavored Milk Market

Chocolate flavored milk are anticipated to remain sought-after in the global flavored milk market. Sales of chocolate flavored milk will surpass US$ 10,000 Mn in revenues by 2022-end. Between coffee, and vanilla flavored milk, revenues from vanilla flavored milk will remain higher, while sales of coffee flavored milk will register a faster expansion through 2022.

In terms of revenues, Europe is estimated to remain the most lucrative region for growth of the flavored milk market, and is expected to account for over one-fourth share of the flavored milk market during 2017 to 2022. Sales of flavored milk will register the fastest expansion in Asia Pacific excluding Japan (APEJ), to make APEJ the second largest region for the flavored milk market by 2022-end.

Competition Tracking

Key players operating in the global flavored milk market are Danone, Nestlé S.A., Fonterra Co-operative Group Limited, China Mengniu Dairy Company Limited, Dairy Farmers of America, Inc., Koninklijke Friesland Campina N.V., Dean Foods Company, Morinaga Milk Industry Co., Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., National Dairy Development Board, Inner Mongolia Yili Industrial Group Co., Ltd., and Grupo Lala, S.A.B. de C.V.

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