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.
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.
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.
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