COVID-19 Impact on Flavored Milk Market is projected to grow at a CAGR of 4.5% During Forecast Period 2020 to 2024
Global Flavored Milk Market is getting ample traction in the urban areas as people are growing fonder of packaged milk. This is also getting bolstered by rising disposable income that is providing the market with a new set of consumer base. Market Research Future (MRFR) predicts that the market would experience a 4.5% CAGR during the forecast period of 2019 to 2024. Among the factors discussed in the report, the impact of the demand for this type of product for its rich nutritional content can boost the market ahead. This will also support the rising level of health awareness. The rising demand for health beverages would help the market gain new grounds. But rising veganism and lactose intolerance can curb the growth curve.
Danone (France), Arla Foods Amba (Denmark), Nestle S.A. (Switzerland), Bright Food (Group) Co., Ltd (China), Associated Milk Producers, Inc. (US), FrieslandCampina NV (Netherlands), Dairy Farmers of America, Inc. (US), Dean Foods Company (US), Amul Industries Pvt Ltd (India), The Hershey Company (US), Grupo Lala, S.A.B. de C.V. (Mexico), Hiland Dairy (US), The Farmer’s Cow (US), Meiji Holdings Co. Ltd (Japan), and Saputo Inc. (Canada) are some of the major companies taking drastic measures to keep the global flavored milk market afloat. These companies are relying on tested methods like merger, acquisition, innovation, launching and branding strategies,tie-ups, and others. They are also developing an edge for themselves in the market by spending much for the research and development projects.
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In June 2020, the Sugar Association released a report based on consumer research that had its focus on grocery shoppers who are confused about the use of sugar substitutes in various packaged food items. This is also true for the flavored milk segment. Consumers want a clear understanding of the alternatives that are getting used in the segment.
In June 2020, Capital Peak Partners of Denver announced that the company would take charge of the Borden Dairy Co. From Dallas that filed for bankruptcy recently. Capital Peak announced that this is just like a change in the ownership where all the previous plans will be in motion, branches will be open, and there will be no lay offs. The company would not alter much of the Borden Dairy’s portfolio. This will be a good sign for Borden’s flavored milk.
Recent reports to analyze the impact of the COVID-19 revealed that the dairy business in India had taken a hit. This has halted the smooth growth of the market. Several companies have stated that they have experienced a disruption in their supply chain owing to which the market witnessed such a drop in the revenue.
Global Flavored Milk Market reveals the inclusion of segments like type, packaging type, and distribution channel for a better understanding of the market. These segments have studies on factors that are bolstered by figures, charts, and graphs.
By type, the global study on the flavored milk market includes vanilla, strawberry, chocolate, and others.
By packaging type, the global report on the flavored milk market has been segmented into cans, bottles & jars, and others.
By distribution channel, the report on the global flavored milk market includes store-based and non-store-based. The store-based segment includes convenience stores, hypermarkets & supermarkets, and others.
Asia Pacific would take charge of the global flavored milk market. The region would benefit from the rising disposable income and increasing consumer base. North America would witness the highest growth due to the evolving market of the US.
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