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Rockville, Dec. 07, 2022 (GLOBE NEWSWIRE) — Fact.MR in its latest study highlights the key growth factors, latest developments, opportunities & challenges, and market statistics to offer a better understanding of the global flavored milk market. It also sheds light on the key trends influencing the market growth through the segments including flavor, packaging, sales channel, and region.
The flavored milk market is projected to grow at a CAGR of 7% from 2023 to 2033. The market will be worth US$ 42 Billion in 2023 and is expected to reach US$ 82 Billion by the end of 2033. Rising preference for canned milk due to the increasing demand for high quality and durable packaging solutions is one of the key factors propelling the growth in the market.
Growing demand for health foods is likely to be the driving force for the expansion of the global flavor milk market during the forecast period. Customers are aware of the quality of the food they consume. Flavor milk is a rich source of calcium, protein, and vitamins. Therefore, they are moving towards consuming nutritious health-promoting products.
To extend shelf life and preserve the flavor of flavored milk, leading dairy companies are opting for products with silver-based micro particles with antibacterial and self-sterilizing properties. Hence, manufacturers are developing flavored milk that is adhering to the demand and requirements.
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Further, rising shift from unhealthy beverage options such as sodas and juices to flavour-enhanced milks due to rising health concerns is another factor accelerating the sales in the market. Demand for flavored milks containing fortified micronutrients is a key aspect to the revenue growth of the flavor milks market.
In addition to this, as consumption of ready-to-drink beverages and on-the-go dairy products is surging, key players are developing a wide variety of unique flavored milk to capitalize on this trend. Moreover, with veganism gaining traction across the globe, the demand for plant-based flavor is skyrocketing, especially in countries such as India, U.S., and U.K.
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Flavor milk vendors are improving their product portfolios by introducing new flavors to attract consumers. They are also focusing on attractive packaging to surge awareness of their products and to adhere to the clean label trends.
Some of the leading players are collaborating with leading packaging brands and end users to gain revenue. They are also adopting a plethora of digital marketing strategies to create their brand awareness and establish their position in the industry.
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More Valuable Insights on Flavored Milk Market
In its latest research, Fact.MR reveals significant factors estimated to boost the growth of the flavored milk market over the forecast period. The study also offers an in-depth study of the opportunities and growth drivers expected to propel sales of flavored milk through segmentation as follows:
Key Questions Covered in the Flavor Milk Market Report
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Enriched Milk Powder Market: Global consumption of enriched milk powder is projected to grow at a CAGR of 5.9% by 2032. Currently, the global fortified milk powder market has a revenue of US$ 8.63 Billion and is projected to reach US$ 15.38 Billion by the end of 2032. Regionally, North America fortified milk powder market is expected to hold mammoth’s share in the market.
Standard Milk Formula Market: The global standardized formula market is growing steadily and is expected to reach US$ 28.2 Billion by 2031. Growth in the market is underpinned by increasing reliance on infant formula as a suitable alternative to cow’s milk. North America is expected to dominate the standard formula market, accounting for nearly 47% of revenue over the forecast period.
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