India Milk-Based Beverages Market– Opportunities & Forecast, 2019-2026
Milk-based beverages are RTD (ready to drink) products which provides an essential source of nutrition to consumers. It is one of the most active functional drink that offers all major nutrients similar to unflavoured milk such as protein, calcium, vitamin D, vitamin A, vitamin B12, potassium, phosphorus, riboflavin and niacin. Milk-based beverages are further classified into flavoured milk beverages and fermented milk beverages.
The India milk-based beverages market is projected to reach USD 5,273.9 million by the end of 2026, growing at a CAGR of 25.5 % during the forecast period 2019-2026. The key factors propelling the market growth include increasing consumer focus towards health coupled with rising disposable income. Furthermore, increasing awareness of nutritional benefits of healthy ready-to-drink milk-based beverages among consumers will boost the India milk-based beverages market. Milk-based beverages contain various essential nutrients such as protein, calcium, vitamin A, potassium and other nutrients which plays a major role in the growth and development of individuals. Moreover, increasing hectic lifestyles of working population along with the rising health-consciousness among consumers is expected to fuel the growth of the India milk-based beverages market during the forecast period. In addition, the consumption of milk in India is on the rise, the production of milk increased from 112.2 million tonnes in 2008-2009 to 176.3 million tonnes in 2017-2018 as per the national dairy development board.
Based on the product type, flavoured milk type captured the significant market share in 2018 and it is expected to grow at the fastest growth rate during the forecast period owing to increase in demand for flavoured milk together with availability of a wide range of flavoured milk beverages such as chocolate, mango, vanilla and others. In addition, younger generation is switching to healthy beverages from unhealthy carbonated beverages will further increase the demand for milk-based beverages.
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Based on packaging, paper-based packaging accounted for the largest market share in 2018 unlike plastic and glass jugs, paper-based packaging doesn’t let in much light. As UV light can degrade vitamins A and D and riboflavin, paper-based packaging will preserve more of the healthy nutrients in milk and increase its shelf life. Moreover, paper-based packaging is cost-effective, and it also comes in a variety of sizes and it is lightweight.
Based on the distribution channel, convenience stores dominated the market in 2018 as these stores are easily accessible and provides better options to the consumers however, online stores are projected to grow at the fastest growth rate during the forecast period as online retail has grown steadily as a percentage of total retail sales.
Based on the fat content, low-fat is expected to grow at a highest CAGR as consumer preference for low-fat milk-based products is increasing considerably. The consumers are becoming more health-conscious and thus are preferring low-fat products.
Various notable players operating in the market, include Nestle India Limited, Amul (Gujarat Co-operative Milk Marketing Federation Ltd.), Mother Dairy Fruit & Vegetable Pvt. Ltd., Sunfeast (ITC Limited), Milma (Kerala Co-operative Milk Marketing Federation Ltd), Britannia Industries Limited, Vio (The Coca-Cola Company), Heritage Foods Limited, The Hershey Company, Nandini (Karnataka Co-operative Milk Producers Federation Ltd.), among others. Prominent players are focusing on introducing new flavoured milk-based beverages with low fat content to increase their presence in the India Milk-Based Beverages Market.
Key Market Developments:
In 2019, Heritage foods limited launched a diversified range of drinks for health which includes new variations of Lassi named Sabja Lassi and Ragi Lassi. Through this launch, the company strengthened its product portfolio and its value.
In 2018, ITC Ltd expanded its dairy product portfolio under the brand Sunfeast Wonderz. The Sunfeast Wonderz Milk comprises of ready to drink beverages include fruit n milk mango, fruit n milk mixed fruit, classic vanilla and kesar badam in Southern India.
In 2018, Coca-Cola India Pvt. Ltd expanded its existing portfolio of beverages i.e., flavored milk to provide more choice to consumers in Bangalore.
The India milk-based beverages market segmented into product type, packaging, fat content, distribution channel. Based on product type, the market is segmented into flavoured milk beverages and fermented milk beverages. Flavoured milk beverages are further segmented into chocolate, strawberry, vanilla, mango, and others and fermented milk beverages are further segmented into lassi, chach and others. Based on packaging, the market is segmented into paper-based, plastic-based, glass-based and metal-based. Based on fat content, the market is segmented into low-fat and whole milk. Based on distribution channel, the market is segmented into online stores, supermarkets, convenience stores and others.
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Key questions answered in this research report:
- At what pace is India milk-based beverages market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in India milk-based beverages market? What will be the impact of drivers and restraints in the future?
- What are the various product types of India milk-based beverages market and how they are poised to grow?
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