Whilst increasing commodity prices and rising inflation are expected to place downward pressure on volume growth opportunities for milk, and will likely see increasing numbers of consumers trading down to private label in standard milk categories, the strong innovation pipeline for premium brands in flavoured milk drinks, such as Lewis Road Creamery, is expected to drive retail volume growth in this category over the forecast period. Lewis Road Creamery’s strategic advantages are its comparatively small organisational size and agility, which enable it to be able to respond to changing consumer preferences faster than the likes of larger competitors, such as Fonterra and Goodman Fielder.
The dairy industry is one of New Zealand’s biggest emitters of greenhouse gases, and despite the country’s reputation as a major dairy producing nation, the rise of conscious consumerism is seeing many consumers limit or cease their intake of dairy products such as drinking milk products. This trend started to emerge over the review period, and has been a key contributor to weak retail volume growth in drinking milk products in 2022.
While New Zealand has been subject to high levels of inflation in 2022, this is likely to only be the start of the cost-of-living pressures to be faced by consumers over the forecast period. Whilst levels of inflation are expected to ease off from the beginning of the forecast period, a key driver of this is expected to be rising interest rates, with the Reserve Bank of New Zealand expected to raise the Official Cash Rate to 3% by 2023.
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Understand the latest market trends and future growth opportunities for the Drinking Milk Products industry in New Zealand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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Drinking Milk Products
This is the aggregation of flavoured milk drinks, milk and powder milk. Note: Plant-based drinking milk products should be excluded from this category and tracked under plant-based milk. Except for plant-based powder milk that should be tracked within the core dairy category of powder milk.See All of Our Definitions
This report originates from Passport, our Drinking Milk Products research and analysis database.
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