The global dairy-based beverage market is projected to register a CAGR of 6.1% during the forecast period, 2020-2025.
- The market is mainly driven by the value of nutrition and functional properties of milk and the rising demand for probiotic drinks by health-conscious consumers. Also, recent launches of formulated functional products with new flavors have further fueled the global market, such as fortification of drinks with omega 3, collagen, aloe vera, plant sterols, and soy isoflavones. For instance, Morinaga Nutritional Foods Inc. launched a low-fat Japanese-style yogurt drink under its Alove brand in three flavors- original aloe vera, strawberry banana, and coconut in March 2018.
- However, rising demand for non-dairy based drinks and carbonated drinks due to lactose intolerance and other allergies is one of the factors restraining the global market for dairy-based beverages.
Key Market Trends
Rising Demand for Drinkable Yogurt
The demand for drinkable yogurt has been witnessed with an increasing trend in the past few years owing to its unique taste and its functional properties over other dairy-based beverages. These drinks provide a rich amount of nutrients, like vitamin D, calcium, potassium, magnesium, and vitamin A. They can, therefore, provide positive nutrition and help reduce nutrition deficiency. Also, the frequent product launches by the leading players such as aloe vera infused yogurt drinks and ragi infused yogurt drinks in the market have further boosted the dairy beverages market.
Asia-Pacific Remains the Fastest Growing Market
North America and Europe hold a major market share in the global dairy beverage market. Asia-Pacific is the fastest-growing market due to growing health concern issues, an increase in disposable income level, increasing number of working women population, and rising population are the key issues that lead to boosting the market. Probiotics, functional dairy and natural colors combined with Asia’s rapidly changing lifestyle and health needs are among the top factors driving industry growth in the region.
The global dairy beverage market is fragmented with small and large manufacturers. The market is highly competitive and dominated by major players. The market players in this market compete on the basis of added health benefits, product differentiation, category extension, and innovation in product and application. Some of the major companies operating in the global dietary supplements market are Nestle, Arla Foods amba, Chr Hansen, Danone and Morinaga Nutritional Foods, Inc. among others.
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