Europe Dairy Based Beverages Market - Growth, Trends, and Forecast (2018 - 2023)
The market of dairy based beverages in Europe is growing at a fast rate as people are paying more attention to their health. European countries favor a lot for dairy based beverages, as they tend to be the largest importers of dairy products. Denmark is the largest producer of milk and Germany is consuming more dairy based beverages as the young generation incorporates dairy in sally diet. Europe market of flavored milk is the major focus for gaining the growth in this sector.
Growing consumer interest in the health benefits of dairy consumption in Europe is driving market growth. These products include reduced cholesterol and saturated fat or added nutritive components, such as calcium magnesium, antioxidants, Omega 3, fiber, protein, phytosterol etc. Health benefits of probiotic drinks especially improvement of digestion and immune system is attracting consumers of all age groups. Another factor driving the growth of the European dairy based beverages market is rising medical cost, which is forcing the population to go for preventive measures and maintain good health. The availability of dairy alternatives is restraining the dairy based beverage market growth. Key competitors to milk and dairy products now are milk alternatives, such as coconut milk, almond milk, flax milk, and other juices that provide the same health benefits.
The European dairy beverage market is segmented by type, packaging and by sales channels. By type the dairy beverage market is segmented into standard white milk, flavored milk, drinking yoghurt, functional milk, and others. Standard white milk holds the highest share in the global dairy beverage market. However, due to rising competition of standard white milk with plant- dairy alternatives, food manufacturers are focusing more on the functional and probiotic drinks, which would offer additional health benefits compared to standard milk. Omega-3, fibers, bioactive compounds, and phytosterol are some of the functional components added to dairy beverage. By packaging type, the dairy based beverage market has been categorized into can, while by sales channel, the dairy- market has been segmented into convenience stores, supermarkets/hypermarkets, mass merchandisers, drug stores, food services/sports nutrition chain vending, and others.
Russia and Germany are the fastest growing economic in the region and driving the dairy based beverages market in Europe. Denmark is the major producer in the region. The region is expected to witness moderate to high growth rate during the forecast period.
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