LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global flavored milk market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Arushi Thakur, an industry expert from Technavio, specializing in research on non-alcoholic beverages sector, says, “The global flavored milk market is at a nascent stage as the consumption is still low when compared to other drinks such as carbonated soft drinks. However, positive consumer perceptions about the various health benefits of milk are creating prospects for the consumption of flavored drinks across the world. In addition, factors such as rising health consciousness, demand for nutritious and healthy food, and changing lifestyles along with a change in consumer’s taste and preferences, are likely to boost the growth of the market.”
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The top three emerging trends driving the global flavored milk market according to Technavio food and beverage research analysts are:
- New flavors
- Packaging innovations
- Growing vegan population
New flavors
Another trend emerging in the market is the launch of products with new flavors. Vendors are expanding their flavor portfolio by releasing new flavors so as to keep alive the interest of consumers. In March 2016, Prairie Dairy Farms launched two new flavors for its Peeps flavored milk. In September 2015, Lewis Road Creamery introduced two new flavors, coffee and vanilla, for its flavored milk. In September 2014, Natrel introduced new flavors in its flavored milk segment such as maple, caramel latte, and dark chocolate. In September 2014, Nestlé added two limited edition flavors, thin mint and caramel coconut, for its Girl Scout flavored milk products.
“Some of the major markets for flavored milk are China, India, Japan, the US, and Brazil. Developing countries accounted for about 70% of the total flavored milk consumption in 2015, and this is expected to increase during the forecast period,” says Arushi.
Packaging innovations
Good packaging increases the shelf life of products and it also serves as a platform for marketing the products. Attractive packaging will increase the visibility of the products by attracting the attention of consumers' and increasing their curiosity. In August 2015, researchers from Agrindus, an agricultural firm in Sao Paulo, Brazil, found a new packaging innovation that can increase the shelf life of fresh milk. By adding silver-based micro-particles with bactericidal, antimicrobial, and self-sterilizing properties into the plastic packaging, the fresh milk could remain drinkable for up to 15 days compared to the current seven days. The new innovation is being used by two dairies in Brazil and the material has won approval from the US FDA for food packaging.
In November 2013, Al Ain Dairy in the UAE introduced an innovative packaging for fresh milk made of more than 60% renewable sources to lead the fight-back against environmental waste, while also giving consumers greater convenience and more choice. In April 2013, Fonterra launched triple-layered milk bottles for its fresh milk products. The inside and outside layers of the bottle are opaque white while the black middle layer blocks out 100% of light and helps to protect milk from light and keep it fresher for longer.
Growing vegan population
The growing vegan population is another trend that can affect the growth of the market during the forecast period. The vegan diet strongly favors animal rights, and vegan consumers do not consume or use any animal product such as eggs, dairy products, honey, leather, fur, silk, wool, and cosmetics and soaps derived from animal products. This can negatively impact the growth of the flavored milk market during the forecast period.
Due to the increase in vegan population, the milk consumption in Canada fell by about 25% in 2015. People are adopting vegan diets as a result of the ethical concern toward animals. Furthermore, people perceive a vegan diet to be healthy and prefer consuming more natural food products. According to PETA, in 2011, approximately 2.5% of the world population were vegans.
Browse Related Reports:
- Global Fresh Milk Market 2016-2020
- Global Milk Packaging Market 2016-2020
- Global Smoothies Market 2016-2020
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