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The India flavoured milk industry is anticipated to rise significantly in the forecast period owing to the increasing health awareness among consumers, rising disposable income, growing milk production, robust growth of India’s economy, and changing consumer preference towards nutritional drinks. The growing demand for new and innovative flavours, such as chocolate, strawberry, vanilla, pista, kesar-badam, and others is further aiding the demand for flavoured milks.
The increasing R&D activities and new product launches by the leading domestic players have significantly contributed to the market expansion in the country. Mother Dairy, which is the leading milk supplier in Delhi-NCR, introduced butterscotch haldi flavoured milk, which will help the consumers boost their immunity amidst the rising cases of COVID-19. The new flavour was introduced in June 2020, when the COVID-19 cases were rapidly rising in India. Looking forward, the butterscotch haldi flavoured milk is likely to witness a growth in demand owing to the increasing consumer preference for nutrition products and the possibility of the second wave of the pandemic.
Further, Amul, which is a popular flavoured milk brand in the country, launched turmeric latte, an immunity booster beverage around the same time to target health-conscious customers. The product demand is also expected to witness a robust growth owing to the rising demand for traditional immunity boosters, with turmeric, in the country. Thus, such developments are likely to augment the industry growth in the coming years. Meanwhile, the increasing efforts by the leading global players operating in the flavoured milk industry, such as The Hershey Company (NYSE: HSY) and Nestlé S.A (SWX: NESN), to expand their business in developing regions are expected to further boost product innovations, thus, aiding the industry growth further.
Market Breakup by Flavour, Distribution Channel, and Region:
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The major players in the India flavoured milk market are Mother Dairy Fruit & Vegetable Pvt. Ltd., Heritage Foods Limited, Gujarat Cooperative Milk Marketing Federation Ltd., Parag Milk Foods Ltd, and Nestlé S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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