Dairy Beverages Market Worldwide Share, Growth, Key Players and CAGR of 5.5% by Foresight to 2024

Dairy Beverages Market Research Report by Type [Milk (Flavored Milk and Plain Milk), Buttermilk, Kefir and others], Packaging Type [Cartons, Bottles, Cans and others], Distribution Channel [Store-Based (Hypermarkets and Supermarkets, Convenience Stores and others) and Non-Store-Based] and Region [North America, Europe, Asia-Pacific and Rest of the World] – Forecast till 2024

Market Highlights

Global Dairy Beverages Market is expected to reach a market value of USD 91 Billion by 2024 at a CAGR of 5.5% during the period of 2019 to 2024. The dairy industry is growing worldwide due to changing consumer preferences and increasing purchasing power. A variety of dairy beverages have been introduced by companies with different characteristics and forms to cater to the demand for enhanced flavor and texture. The dairy based beverages market is monopolistically competitive in nature due to the presence of several vendors and customers in the market and limited barriers for the entry of new players. To overcome the challenges in such a competitive market, prominent players are focusing on product launches, partnerships, mergers & acquisitions, and expansions in terms of production capacity and geographic reach. This is expected to drive the demand for dairy beverages among consumers across the world.

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Key Developments

In June 2016, CavinKare Pvt. Ltd launched Cavin’s fruit milkshake, a ready-to-serve, dairy-based beverage. The fruit milkshake with honey comes in three variants—mango, apple, and guava.

In December 2018, ITC Limited expanded its dairy beverages portfolio; the company entered the ready-to-drink milk-based beverages market with the launch of Sunfeast Wonderz Milk.

Key Players

Some of the key players in the global dairy beverages market are Britannia Industries Limited (India), Mother Dairy Fruit & Vegetable Pvt Ltd (India), Arla Foods amba (Denmark), Lactalis Group (France), Parag Milk Foods Ltd (India), Borden, Inc. (US), ITC Limited (India), Organic Valley (US), Nestlé SA (Switzerland), Freedom Foods Group Limited (Australia), Grupo Leche Pascual SA (Spain), The Whitewave Foods Company (US), Dean Foods Company (US), The Kefir Company (New Zealand), and Gujarat Cooperative Milk Marketing Federation Ltd. (India).

Market Segment

The global dairy beverages market has been segmented by type, packaging type, distribution channel, and region.

Based on type, the global dairy beverages market has been segmented into milk, buttermilk, kefir, and others. The milk segment has further been divided into flavored milk and plain milk. The milk segment is projected to be the largest during the forecast period. The demand for plain and flavored milk is driven by their immense popularity and growing interest of consumers in the health benefits of milk-based beverages. Milk is considered probiotic and plain milk is used in various hot and cold beverages; moreover, there is a variety of flavored milk from which consumers can choose. The kefir segment is expected to register the highest growth rate during the review period owing to the changing eating patterns of consumers worldwide.

The global dairy beverages market has been segregated, by packaging type, into cartons, bottles, cans, and others. The cartons segment is projected to gain the majority share, in terms of revenue, of the global dairy beverages market. The segment is expected to maintain its dominance during the forecast period and register the highest CAGR due to the convenience offered by cartons in the consumption of dairy beverages.

By distribution channel, the global dairy beverages market has been segmented into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is projected to account for the larger market share due to the widespread availability of milk-based beverages in supermarkets and hypermarkets. Moreover, there is a higher preference for store-based channels as they provide a one-stop shopping experience. However, the non-store-based segment is projected to register the higher CAGR due to the increasing adoption of e-commerce in food & beverage retail.

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Regional Analysis

The global dairy beverages market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the global dairy beverages market owing to the large-scale production of dairy beverages in the region. Dairy-based beverages are preferred by consumers due to their enhanced taste, enriched flavor, and high nutrient content. The US and Canada are major consumers of dairy and RTD beverages, which boosts the growth of the dairy based beverages market in the region.

The market in Asia-Pacific is expected to be the fastest-growing due to the expanding food & beverage industry and changing consumer eating patterns in the region.

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