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.
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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.
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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.
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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.
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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