Market Research Report
Flavored Milk Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Flavored Milk Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 110 Pages
Delivery time: 2-3 business days
Global Flavored Milk Market is forecasted to grow at a CAGR of 5.23% during the forecast period (2020 - 2025).
According to the U.S. National Library of Medicine, approximately 65 percent of the human population has a reduced ability to digest lactose post-infancy. Moreover, lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting more than 90 percent of adults in some of these communities. It is also common in people of West African, Arab, Jewish, Greek, and Italian descent. In these markets, lactose-free dairy products are witnessing immense popularity. Moreover, with rising awareness about a healthy lifestyle, products with low levels of lactose and sugar are considered to be healthier. There is a significant increase in the number of lactose-free products being launched in the market. Products with less lactose content and lactose-free dairy products, such as yogurt, milk, and cheese, are gaining traction in various counties across the globe. For instance, according to a report published by Agriculture and Agri-Food Canada, lactose-free dairy sales are forecasted to grow at a CAGR of 4.7% between 2012 and 2017.
According to Tetra Pak, Asia-Pacific had the largest consumption of flavored milk (in billion liters) among all regions across the globe. North America has the second-largest market, followed by Latin America. Although globally, there is an increasing demand for flavored milk. This led to innovation in terms of flavored milk and the introduction of new flavors. Furthermore, factors, such as efficient and sustainable dairy production in these countries are impacting the market's growth. Further, with increased product innovations, the markets for flavored milk in North America and Europe are witnessing high growth rates.
The global flavoured milk market is fragmented with the presence of a few global players such as Nestle S.A., Hershey's and Saputo Inc. Due to the dynamic nature of the market, it is highly competitive and fragmented. The companies are adopting strategies such as mergers and acquisitions, new product innovations and launches, expansions and partnerships. Companies also compete in terms of new variants of flavors and attractive packaging. There is ample scope for regional players to gain competitive advantage, provided that they bring in substantial innovation at ingredients and packaging levels.