Dairy Beverages Market Analysis Incredible Possibilities, Growth Analysis and Forecast To 2027
Market
Highlights
The dairy industry is growing worldwide
due to changing consumer preferences and increasing purchasing power. The 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. 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.
The global dairy
beverages market analysis 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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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).
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.
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.
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