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 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.
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.
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