The latest report by IMARC Group titled, “Flavoured Milk Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, critically examines the flavoured milk market in India. Flavoured milk refers to a ready-to-drink dairy product which is prepared by mixing milk, sugar, emulsifiers and numerous flavours such as rose, chocolate, banana and vanilla. It contains the same essential nutrients as plain milk which include calcium, protein, vitamin D, vitamin A, vitamin B12, potassium, phosphorus, riboflavin and niacin.
Flavoured milk has gained popularity in India on account of its numerous benefits. It offers ease of convenience, longer shelf-life and can be consumed directly without any need of boiling. Moreover, it contributes only 4% of the added sugar to the consumers as compared to the soft drinks and non-carbonated sweetened beverages, which contain around 40% of the added sugar. According to the report, the market reached a value of INR XX Billion in 2017, exhibiting a CAGR of more than 23% during 2010-2017.
Highlights of the flavoured milk market in India:
- The market is driven by consumers’ changing preferences and hectic lifestyles in the country.
- Maharashtra represents the leading market, accounting for the majority of the share.
- The market is expected to reach a value of nearly INR 56 Billion by 2023.
In India, the demand for ready-to-drink packaged beverages is on the rise owing to consumers’ hectic lifestyles, changing preferences and increasing disposable incomes. As consumers are unwilling to compromise on taste and health, the Indian flavoured milk market has grown on account of its nutritional value. In addition, manufacturers have introduced low-fat and fat-free flavoured milk to attract the health-conscious consumers. Apart from this, regional flavours such as elaichi, kesar, badam and thandai have also been introduced to widen the consumer-base in the country. Further, government is supporting the development and enhancement of dairy products in India, leading to the market growth. Two other factors driving the growth of the flavoured milk market in India are expanding distribution channels and product innovations. Looking forward, the market is anticipated to reach a value of nearly INR 56 Billion by 2023, growing at a CAGR of XX% during 2018-2023.
The report has evaluated the market across fifteen major states of India, along with providing a thorough analysis of the current and historical value and volume trends, and market forecast. Currently, Maharashtra is the leading market, accounting for nearly XX% of the total share. It is followed by Tamil Nadu and Uttar Pradesh. Apart from this, an analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are GCMMF, Mother Dairy, KMF, CavinKare and TN Cooperative.
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