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Flavored Dairy Market Segmented By dairy product type such as Milk, Yogurt, Cheese, Ghee, Butter, Ice-cream, Buttermilk, Lassi, Basundi, and Shrikhand in Liquid, Solid and Semisolid form type
The dairy products are produced from the milk of mammals such as cattle, buffalo, goat, sheep, and camel. Flavors are used in the dairy product either to alter or to improve the taste by adding a particular ingredient. Flavored dairy products are the source of calcium and vitamin D, Vitamin B2, B3 and B12. The Milk and Cheese segments are collectively expected to dominate among product type segment of the global flavored dairy market.
Owing to the rise in consumer preference for chocolate, vanilla and strawberry flavors in the dairy products, these three segments are collectively anticipated to lead among the flavor type segment. On the other hand, food and beverage industry is expected to hold maximum market share in terms of value and volume among the end use industry segment. The global flavored dairy market is anticipated to witness significant CAGR during the forecast period.
Factors expected to drive the demand are increasing consumer disposable income, and increase in consumer awareness regarding healthy benefits of the flavored dairy products. Furthermore, change in lifestyles and taste preferences of the consumer is expected to propel the demand for flavored dairy products. Also, growing food and beverage industries is anticipated to fuel the demand for flavored dairy products.
However, reduced milk trade in some countries Argentina and Brazil is expected to limit the growth of the global flavored dairy market.
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Based on the geographies, the global flavored dairy market is segmented into five key regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia pacific is anticipated to hold the maximum market share in terms of revenue among the regions.This is due to the increasing demand for flavored dairy products such as milk, yogurt, buttermilk, shrikhand, and basundi in India, China, and Indonesia.
Owing to the presence of the large number of dairy product manufacturers in Switzerland, France, Germany, and the UK, increase in consumer disposable income, and rise in consumer demand for flavored dairy products, the Europe flavored dairy market is expected to witness healthy CAGR over the forecast period.
North America is expected to exhibit lucrative growth for flavored dairy market owing to the increase in R&D, production and consumer demand for cheese and yogurt in Canada. The U.S. dairy industry is sixth largest in the world in terms of milk production, hence it is expected to contribute favorably to the North America flavored dairy market. Latin America and MEA are anticipated to show modest growth rate throughout the forecast period. This is attributed to the rise in health awareness and demand for nutritious and healthy food, and changing lifestyle in Brazil, GCC countries, and South Africa.
Some of the major players identified in the global flavored dairy market include
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