Global Flavoured Milk Market to Reach US$ 68.8 Billion by 2024

As per the latest report by IMARC Group, titled “Flavoured Milk Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global flavoured milk market size reached US$ 43.2 Billion in 2018. Flavoured milk represents one of the most popular dairy-based beverages and consists of milk, sweeteners, preservatives, food colourings, and artificial or natural flavours. It is pasteurized through the ultra-high-temperature (UHT) treatment, which gives it a longer shelf-life than conventional milk. Moreover, it is considered as a good alternative of regular milk; especially for those who do not prefer drinking plain milk. Although it has the same nutritional value as regular milk, it is relatively more appealing to consumers.

Global Flavoured Milk Market Trends:

Flavoured milk offers nutrients, such as calcium, vitamins, proteins, potassium and carbohydrates, which assist in strengthening the bones and muscles. It also comprises small amounts of sugar that enhances the palatability of these drinks, thereby improving the overall nutritional intake among the non-milk drinkers. Moreover, numerous variants of flavoured milk are currently available in the market, including vanilla, mango, chocolate and strawberry. Apart from this, unlike regular milk which needs to be boiled before consumption, flavoured milk can be consumed directly without the requirement of boiling. This makes it suitable for individuals who have hectic schedules. Further, manufacturers are increasing their marketing initiatives through various advertising media, such as newspaper and television, to enhance product awareness among consumers in untapped markets. Looking forward, the market value is projected to reach US$ 68.8 Billion by 2024, expanding at a CAGR of 8.1% during 2019-2024.

Market Summary:

• Based on the flavour, the market has been segregated into chocolate, fruit, vanilla and others. At present, chocolate represents the most popular flavoured milk variant.
• On the basis of the packaging, the market has been classified into paper, plastic, glass and metal. Amongst these, paper-based packaging accounts for the majority of the total market share.
• The market has been analysed on the basis of the distribution channel into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. Currently, supermarkets and hypermarkets exhibit a clear dominance in the market.
• Region-wise, Asia Pacific represents the largest market for flavoured milk across the globe. This can be attributed to the inflating income levels, increasing health consciousness and rising demand for healthier alternatives of carbonated beverages and other ready-to-drink products. Other major markets include North America, Latin America, Western Europe, Africa and Eastern Europe.
• The competitive landscape of the market has been examined in the report along with the detailed profiles of the key players operating in the industry. Some of these players are Nestlé SA, Danone, Arla Foods amba, Yili Industrial Group Co. Ltd., Dean Foods and China Mengniu Dairy Co. Ltd.

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