Flavored Milk Market to Witness Increase in Revenues by 2017-2022
Prepared by blending milk, natural or artificial flavorings, colorings, and sugar, flavored milk is usually pasteurized by using the ultra-high temperature (UHT) treatment. This process further renders the flavored milk with longer shelf life as compared to plain milk. A variety of flavored sweetened syrups, or powders are available in the market, which can be added to plain milk for providing flavored taste.
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Positive perceptions of consumers about various health benefits are influencing growth of the flavored milk market around the world. Flavored milk market vendors are expanding their product portfolio by introducing new flavors, to attract consumer interests. For example – Prairie Dairy Farms has launched two new flavored milk products in March 2016, and Lewis Road Creamery has introduced the flavors vanilla, and coffee in its flavored milk in 2015. Good packaging increases the shelf-life of flavored milk products, as well as serves as a platform to market the products. Flavored milk market vendors are focusing more on attractive packaging, in order to increase their product visibility, and leveraging the curiosity of consumers for attracting their attention. For instance – Fonterra has launched triple layered bottles for its flavored milk products. The interior and exterior layers of these bottles are opaque, with black middle layers blocking out entire radiations of light, prolonging its shelf life.
A trend being observed in the global flavored milk market is the rise in vegan population, whose diet is favorable for animal rights. As vegan population opposes consumption of products derived from animals such as eggs, dairy products, and leather among others, the consumption of milk has been witnessing a decline over the past few years. In 2015, consumption of milk in Canada fell by approximately 25%, owing to the rise in vegan population. People are adopting the vegan diet as an ethical concern towards animals. This factor might tremendously impact prospects of flavored milk market in the near future. The global flavored milk market is at a nascent phase, with consumption of flavored milk being comparatively lower than other drinks, for example – carbonated soft drinks. Even though the flavored milk market experiences a sluggish expansion at present, demand will gain an uptick in the foreseeable future. The global flavored milk market is estimated to account for over US$ 50,000 Mn revenues by 2022-end.
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Traditional Grocery Retailers will Remain Dominant in the Global Flavored Milk Market
On the basis of sales channel, although traditional grocery retailers are estimated to remain dominant in the global flavored milk market, sales of flavored milk in modern grocery retail segment will continue to register the highest CAGR through 2022. Non-grocery retailers are expected to be the second largest sales channel for flavored milk by 2022-end.
Tin and can packaging will remain preferred among consumers in the global flavored milk market, with sales poised to reach nearly US$ 20,000 Mn in revenues by 2022-end. Tin and can packaging is estimated to account for over one-third share of the flavored milk market during 2017 to 2022. PET bottles will remain the second most lucrative packaging in the flavored milk market. Sales of flavored milk packed in cartons are expected to register a comparatively higher CAGR than those packed in PET bottles through 2022.
Chocolate Flavored Milk to Remain Sought-after in the Flavored Milk Market
Chocolate flavored milk are anticipated to remain sought-after in the global flavored milk market. Sales of chocolate flavored milk will surpass US$ 10,000 Mn in revenues by 2022-end. Between coffee, and vanilla flavored milk, revenues from vanilla flavored milk will remain higher, while sales of coffee flavored milk will register a faster expansion through 2022.
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Key players operating in the global flavored milk market are Danone, Nestlé S.A., Fonterra Co-operative Group Limited, China Mengniu Dairy Company Limited, Dairy Farmers of America, Inc., Koninklijke Friesland Campina N.V., Dean Foods Company, Morinaga Milk Industry Co., Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., National Dairy Development Board, Inner Mongolia Yili Industrial Group Co., Ltd., and Grupo Lala, S.A.B. de C.V.
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