LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global low-fat dairy beverages market to grow at a CAGR of over 3% during the period 2018-2022, according to their latest report.
This market research report segments the global low-fat dairy beverages market into the following applications, including low-fat milk and low-fat yogurt drinks and key regions, including the Americas, APAC, and EMEA.
In this report, Technavio highlights the introduction of new flavors as one of the key emerging trends driving the global low-fat dairy beverages market. The introduction of new flavors is one of the positive trends that can influence the growth of the global low-fat dairy beverage market, as it helps to keep the interest of the consumers alive. The launch of new flavors helps the market from maturing. The changing taste preferences of the consumers are setting the trend of experimenting with new flavors. In young consumers in the age group of 15 to 30 years, the taste preferences are evolving, thereby raising the demand for new and innovative flavors. Hence, players in the market are coming up with new flavors for their products. Thus, the introduction of new flavors will help in the growth of the market during the forecast period.
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In this report, Technavio analysts highlight the increasing health consciousness as a key factor contributing to the growth of the global low-fat dairy beverages market:
Increasing health consciousness
One of the major growth drivers for the global low-fat dairy beverages market is the increase in health consciousness among consumers, owing to the increasing instances of obesity and related diseases. Subsequently, this has intensified the demand for food and beverages that are low in fat and calories. This trend of being health conscious is gaining popularity, especially among consumers in the age group of 18 to 32 years.
According to a senior analyst at Technavio for non-alcoholic beverages, “Globally, the number of consumers indulging in fitness activities is rising and is expected to increase the demand for low-fat dairy beverages during the forecast period. Consumers are prepared to pay premium prices for products with various functional benefits. This increasing demand for food and beverages with low-fat content is expected to help the market’s growth during the forecast period.”
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Global low-fat dairy beverages market segmentation
Of the two major products, the low-fat milk segment held the largest market share in 2017, accounting for nearly 61% of the market. The market share for this product is expected to increase by 2022. The fastest growing product is low-fat yogurt drinks, which will account for nearly 22% of the total market share by 2022.
APAC was the leading region for the global low-fat dairy beverages market in 2017, accounting for a market share of nearly 38%. By 2022, APAC is expected to continue dominating the market.
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