Transparency Market Research
A beverage can be defined as a nourishing pleasant drink that can be either alcoholic or non-alcoholic. The type of beverage consumed depends on the season. Most diary beverages are non-alcoholic although some fermented beverages may contain small quantity of alcohol or carbon dioxide. Milk beverages are generally based on whole milk, byproducts such as skim milk, buttermilk, and whey. In recent times, greater emphasis is being given to the economic utilization of dairy industry byproducts especially since they contain valuable milk solids.
The global milk beverages market is expected to witness steady growth rate in the near future. Growing consumer interest in the health benefits of dairy consumption is driving the milk beverages market. Milk beverage contains reduced cholesterol and saturated fat and added nutritive components such as calcium, magnesium, antioxidants, Omega 3, fiber, protein, phytosterol etc. which are more healthy and nutritious compared to other beverages. Health benefits of probiotic drinks that help in improvement of digestion and immune system is attracting consumers of all age groups. Additionally, increased medical cost is forcing people to opt for preventive measures and maintain good health. However, availability of alternatives such as non-dairy based drinks is restraining the growth of the milk beverages market. Various milk and non-milk based supplements such as capsules, protein bars, chocolates, health supplement powders etc. are increasingly becoming popular among young millennials.
One of the latest trends in the global milk beverages market is the shift in demand from traditional milk based beverages to plant based alternatives. The shift is due to perception toward plant based alternative beverages being healthier compared to traditional milk beverages. Consumers are now shifting toward nut- and legume-based milk alternatives including soy, rice, coconut, and almond beverages. In addition, more flavors are available in non-dairy milk such as banana, cassava, oats, and potatoes etc. which has resulted in increased demand for plant based milk beverages.
The milk beverages market can be segmented based on beverage type, fermentation type, packaging, distribution channel, and region. Based on beverage type, the global milk beverages market can be segmented into dairy beverage and non-dairy beverage. Dairy beverage is natural milk and is generally obtained from cows, goats, camels etc. whereas non-dairy beverage is plant based milk such as soy milk, almond milk, coconut milk, rice milk etc. Based on fermentation type, milk based beverages can be segmented into fermented and non-fermented milk based beverages. Fermented milk based beverages can be further segmented as yoghurt and acidophilus milk. Non-fermented milk based beverages can be further bifurcated as chocolate milk, sterilized flavored milk, and flavored milk. Other types of milk beverages are milk shakes, buttermilk based beverages, whey based beverages etc. Milk shakes can be segmented as mango shake, banana shake, and milk shake with other fruits. Buttermilk based beverages can be segmented as sweet buttermilk, and buttermilk with spices. Whey based beverages can be segmented as wheyvit, chocolate whey milk beverages, and other whey drinks. By packaging, the milk beverages market can be segmented as paper based, glass bottle, plastic bottle, and cans & cartoons etc. Based on distribution channel, the milk beverages market can be segmented into online and offline distribution channel. The offline distribution channel can further be sub segmented as supermarkets & hypermarkets, convenience store, health food store, etc. Based on region, the milk beverages market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Some of the prominent players operating in the milk beverages market includes Blue Diamond Gmilk Beverages Inc. (the U.S.), Earth's Own Food Company Inc. (Canada), Eden Foods Inc. (the U.S.), Living Harvest Foods Inc (the U.S.), Anand Milk Producers Union Limited (India), South East Bottling & Beverage (the U.S.), Krafts Foods group Inc. (the U.S.), The Functional Beverage Co. (Australia), and Arla Foods (Denmark). All these players compete with each other with respect to new product expansion, technological advancements etc. in order to gain a competitive edge in the milk beverages market.
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