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By 2020-end, the global market for flavored milk is projected to exceed US$ 50,000 Mn in revenues. The market is estimated to register a low single-digit CAGR through 2022. The global flavored milk market is at its nascent stage. Consumption of flavored milk is observed to be relatively lower than other drinks. However, the market will gain an uptick in the near future on the back of health benefits associated with flavored milk. A recent trend being witnessed around the world is the surge in vegan population. The vegan diet is being adopted by consumers as an ethical concern regarding animals. People with vegan diet oppose consumption of food items derived from animals including dairy products, eggs, and leather among others. Consumption of milk witnessed a decline of about 25% in Canada, owing to the hike in vegan population in 2015. This factor is expected to substantially impact growth of the global market for flavored milk.
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However, positive consumer perceptions regarding various health benefits associated with consumption of flavored milk are impacting its demand across the globe. Vendors of flavored milk are concentrating on expansion of their product portfolio by adopting key strategies such as introduction of new flavors in order to gain consumer interests. For instance – Lewis Road Creamery launched coffee & vanilla flavored milk in 2015, and Prairie Dairy Farms introduced two new flavored milk in March 2016. A good packaging results into longer shelf-life of products, while serving as a platform for marketing the products. Flavored milk producers are shifting their focus towards attractive packaging for increasing the visibility of their product, and leveraging consumer curiosity to attract their attention. Fonterra, a flavored milk producer, introduced triple layered bottles for packaging of its flavored milk. The inside and outside layers are opaque, and the middle layer is coated with black color for blocking radiations of light, which in turn enhances the shelf-life of flavored milk.
6 Key Estimations for the Global Flavored Milk Market
Chocolate flavored milk will remain sought-after among consumers in the market, with sales poised to surpass revenues worth US$ 10,000 Mn by 2022-end.
Tin & can packaging will remain preferred for flavored milk in the global market. Sales of tin & can packaged flavored milk are anticipated to account for nearly US$ 20,000 Mn revenues by 2022-end.
During 2017 to 2022, Europe will remain dominant in the global market for flavored milk, and will account for more than one-fourth market share in terms of revenues.
Flavored milk sales are expected to register the highest CAGR in Asia Pacific excluding Japan (APEJ) through 2022.
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Based on sales channel, traditional grocery retailers will remain dominant in the global market for flavored milk, with sales projected to register the fastest expansion through 2022.