The Fluid Milk Market size is estimated to reach $190.4 billion by 2027, growing at a CAGR of 2.4% during the forecast period 2022-2027. Fluid milk can be demarcated beverage milk because it’s processed by industries to fabricate beverages such as low-fat, reduced-fat, and flavored milk. Primary processing activities include pasteurization in which milk is partially sterilized, and homogenization a process of distributing emulsified fat droplets throughout the milk. Following that fluid milk undergo vitamin fortification which aims at increasing the nutritional content of milk especially vitamin D and vitamin A. Fluid milk market outlook is quite captivating ascribing to the availability of a plethora of varieties like flavored milk and lactose-free milk. Many people turn aversive toward milk consumption due to intolerance if their bodies toward lactose. Therefore, beverage companies remove lactose content by adding enzymes like lactase which averts the signs of lactose intolerance. Proliferating nutritional needs and availability of several flavors are factors set to drive the growth of the Fluid Milk Industry for the period 2022-2027.
Fluid Milk Market Segment Analysis-By Type
The Fluid Milk Market based on the type can be further segmented into Skim milk, Reduced fat, Lactose-free milk, Fat-free and low-fat milk, whole milk. The whole milk segment held the largest share in 2021. The growth is owing to massive consumption in countries like India which is the 2nd most populous country in the world. The majority of the Indian population lives in rural areas where people are accustomed to drinking in its raw form without separating fat content. Further, around 80 million rural Indians are dependent on milk trade. On another hand, there is little to no industry set up in pastoral areas that can process the milk, lower availability of modern retail facilities in pastoral areas that sells processed milk. However, the processed milk segment is estimated to be the fastest-growing segment with a CAGR of 2.9% over the forecast period 2022-2027. This growth is owing to rising health awareness and knowledge among people regarding the fat content of foods, health benefits accompanied with fat-free milk are driving the growth of the processed milk segment.
Fluid Milk Market Segment Analysis-By Distribution Channel
The Fluid Milk Market based on distribution channel can be further segmented into Hypermarkets/Supermarkets, convenience stores, retail stores, online outlets. The supermarket segment held the largest share in 2021. The growth is owing to an increase in Supermarket/Hypermarkets outlets all over the works especially in both developed and developing countries. According to a report, there are around 42,505 supermarkets outlet in the US in 2021 which is 0.6% more as compared to the year 2020. However, the online retail platform segment is estimated to be the fastest-growing with a CAGR of 2.6% over the forecast period 2022-2027. This growth is owing to the soaring numbers of online retail outlets around the globe. There are around 14-22 million online retailers in the world as of now, and out of which 2 million are present in the US.
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Fluid Milk Market Segment Analysis-By Geography
The Fluid Milk Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held the largest share with 37% of the overall market in 2021. The growth in this segment is owing to the factors such as the presence of the biggest milk-producing countries, more disposable income to make such purchases. On another hand, the North American fluid milk market is also expanding due to the far-reaching network of modern retail outlets like supermarkets. a statistic shows that supermarkets accounted for around CAD $99-100 billion in 2020. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period 2022-2027. This growth is owing to growing food production facilities in Asian countries, presence of a massive vegetarian population who consumes milk. India is the biggest milk consumer in the world. In 2020 country gobbled up more than 81 million metric tons of cow milk alone. Furthermore, India has more than 400,000 supermarkets and the number is growing rapidly. The presence of giant retail companies like future group, reliance, Big Bazar is also owing to growth in the respective continent.
Fluid Milk Market Drivers
Prevailing acute and chronic illnesses, and health benefits associated are Anticipated to Boost Product Demand
Milk and dairy products are rich in calcium, phosphorous, and vitamin D that help in maintaining the health of bones. On another hand, milk exhibits antioxidants in itself which prevent the body from free radicals causing heart complications and cancer. Therefore, as acute and chronic illnesses around the globe are on the rise milk consumption is stretching. Around 31.5% of the US population is suffering from multiple chronic maladies. “WHO” report claims that around 70% of deaths are attributed to chronic conditions. Proliferation in chronic diseases ascribes mainly to smoking trends. A stat claimed that 14 out of 100 adults in the US are prone to smoking, and approximately 19 % of the world population smokes as of December 2021.
Eventful lifestyles of people and growing purchasing power are Expected to Boost Product Demand
Due to rapid modernization, people from pastoral areas are leaving agriculture mediums to earn living, and migrating to cities. People’s lives are becoming quite eventful as their overall living standards are changing. Therefore, ready-to-serve beverages are emerging as an appealing option. Furthermore, the purchasing power of people is soaring rapidly with prospering economies around the globe. The US per capita income in 2021 is around $69,375.40 and is expected to reach $75000 in 2022. Additionally, as developing countries like India are on their way to becoming $5 trillion economies by 2030 per capita income is anticipated to rise steadily.
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Fluid Milk Market Challenges
Increasing prices attributing to inflation, side effects linked with overuse of dairy products are Anticipated to Hamper Market Growth
Following the COVID-19 economies around the globe have taken a huge hit because of limited production and shutting down of industries in lockdown period as products’ demand was at its historic low. Inflation is ruling the economies of many western and Asian countries. Inflation in Pakistan has reached a massive 8.9% and is anticipated to rise furthermore in the future. Similarly, inflation in the US surged to 6.2 % in October 2021. Moreover, side effects associated with the overuse of milk such as inflammation, aging, digestion complication are anticipated to condense the growth of the respective market.
Fluid Milk Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fluid Milk Market. The top fluid milk market companies are
Dean Foods
Nestle
Danone
Saputo Inc
Land O’lakes
Dairy Farmers of America
Arla Foods
GCMMF- Gujarat Co-operative Milk Marketing
Fonterra Cooperative
Yilli Group
Recent Developments
April 12, 2017, French multinational company Danone has accomplished the acquisition process of soymilk producer WhiteWave after getting clearance from the European Commission. Danone paid $12.5 billion to complete the acquisition, and shareholders having a share in WhiteWave will get $56.25 per share. The following strategy would help in enhancing the market reach for North American region.
In January 2019, European Council modified the skimmed milk powder intervention rule to help the overall market. The amendments were seen in the so-called, Fixing Regulation. The said regulation measures of fixing certain aids and refunds which are related to the common market organization. The pressure on the market was rising, as close to 400,000 tons in 2017 were SMP thereby creating a negative medical pressure on the market.
April 30, 2021, in an attempt to expand its food and beverage business, Switzerland-based giant “Nestle” acquired famous supplement maker firm “The Bountiful Company.” Nestle paid 3.1 times the actual value of the Bountiful to complete the acquisition process. The total value of acquisition stands around $5.75 billion.
Key Takeaways
Geographically, the Asia-Pacific Fluid Milk Market accounted for the highest revenue share in 2021. Moreover, Asia-Pacific is poised to dominate the market over the period 2022-2027.
Augmentation in nutritional alertness among people is said to be the preeminent driver driving the growth of the Fluid Milk Market. Accruing prices are said to reduce market growth.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Fluid Milk Market report.
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