Flavoured milk is produced using milk, sweeteners, added flavours, colourings and preservatives, in order to enhance the taste. It is recognized as the second most acceptable dairy product worldwide and contains vital nutrients like calcium, protein, vitamins, etc. In addition to this, it comes in different variants as well as disparate milk types, such as fat-free, low-fat, etc. A new research report by IMARC Group, titled “Flavoured Milk Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a volume of 21.7 Billion Litres in 2017. The report further anticipates the market to reach approximately 28 Billion Litres by 2023, at a projected CAGR of around 4.5% over the forecast period.
- Currently, more than a half of the demand for flavoured milk comes from developing countries where the market is expanding constantly. Thus, manufacturers are shifting their focus towards emerging markets.
- Continuous introduction of innovative packaging and new product variants with enhanced nutritional value as well as new and unique flavours has attracted a large section of consumers. This represents another factor bolstering the market growth.
- Moreover, the factors that have been proactive in maintaining the growth of the global flavoured milk market include hectic schedules and disturbed eating patterns which have increased the global demand for convenient food and beverages such as flavoured milk.
- However, there are several factors that imped the market growth. Flavoured milk stands in a great competition to carbonated beverages. Further, a rise in the vegan population acts as another obstacle for the market growth.
On a geographical front, Asia-Pacific represents the leading market for flavoured milk, accounting for the majority of the market share. Within Asia-Pacific, China represents the largest consumer. Asia-Pacific is followed by Africa, Eastern Europe, Latin America, North America and Western Europe.
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The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
- Arla Foods
- Dean Foods
- China Mengniu Dairy
- Amul, Lactalis Parmalat
- Yili Industrial Group.
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