Milkshake Market Research Report By Flavors (Chocolate, Vanilla, Strawberry, Coffee, Peanut Butter), By Base Ingredients (Dairy, Soy, Almond, Coconut, Rice), By Type (Hand-Shaken, Blended, Frozen, Pulpy, Frappe), By Mix-Ins (Fruits, Nuts, Chocolate Chips, Caramel, Syrups), By Packaging (Cups, Bottles, Cartons, Cones, Sticks) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Milkshake Market Overview

Milkshake Market Size was estimated at 15.81 (USD Billion) in 2022. The Milkshake Industry is expected to grow from 16.38(USD Billion) in 2023 to 22.6 (USD Billion) by 2032. The Milkshake Market CAGR (growth rate) is expected to be around 3.64% during the forecast period (2024 - 2032).

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Milkshake Market Trends Highlighted

The Milkshake Market is constantly evolving, with new trends and innovations emerging regularly. Some of the most important market trends include a growing demand for healthier and more natural ingredients, as well as an increasing popularity of milkshakes as a meal replacement.Key market drivers include the rising popularity of milkshakes among health-conscious consumers, the increasing adoption of milkshakes as a convenient and nutritious meal replacement, and the growing demand for premium and innovative milkshake flavors.Opportunities to be explored or captured in the Milkshake Market include the development of new and innovative milkshake flavors, the expansion into new markets, and the development of new products and services that cater to the specific needs of health-conscious consumers.

Milkshake Market Drivers

Rising Popularity of Milkshakes as a Convenient and Refreshing Beverage

One of the main reasons that sparked a considerable uproar of milkshakes among consumers is their convenience and taste, and the ability to provide a powerful energy burst. With the ongoing changes in the environment that make people live at a faster pace, the need for quick and portable foods and refreshments has skyrocketed. Since a classic milkshake is a mix of milk, ice cream, and flavorings, it is a delicious, invigorating, and refreshing snack that can be consumed on the go.Additionally, they are available in multiple flavors and with additional flavors, which also makes them very customer-friendly. In fact, there is a growing number of shops and cafes, and even grocery and convenience stores that offer a variety of milkshakes to their clients on a regular basis.

Growing Health Consciousness and Demand for Plant-based Milkshakes

The rising health awareness among consumers has impacted the overall milkshake market. Consumers have become well versed in the health issues related to the consumption of high-fat and sugar-added milkshakes which led to the booming of the plant-based milkshakes. The plant-based milkshakes are made of plant-based milk such as almond milk, soy milk, and oat milk, which are healthier and do not compromise taste. The Milkshake Market Industry is now providing an array of plant-based milkshakes depending on consumer choice along with additional nutrients and vitamins.

Expansion of Milkshake Parlors and Franchises

Milkshake parlors and prominent franchises are among the key developments that have prompted the growth of the Milkshake Market Industry. The targeted development offers commercial spaces where milkshake fans can enjoy products with various tastes and flavors and vibrant combinations. The development is further driven by the franchising pursued by numerous milkshake companies seeking to penetrate new markets. The growing number of well-known milkshake franchises and enterprises in both international and local contexts increases the possible presence and allures milkshakes have.

Milkshake Market Segment Insights

Milkshake Market Flavors Insights

The Milkshake Market is segmented by Flavors into Chocolate, Vanilla, Strawberry, Coffee, and Peanut Butter. The Chocolate segment occupied the highest market share of 38.6% in 2023. The high share is attributed to the popularity of the flavor and the indulgence effect of Chocolate. The Vanilla segment is closely followed by the Chocolate segment, with a market share of 32.1%. The reason for the high share is attributed to the flexibility of the flavor and the mix-ins. The Strawberry, Coffee, and Peanut Butter flavors also had high market shares.The shares are attributed to the specific consumer target and the flavor taste. The Chocolate Milkshake segment will have the highest share for the whole forecasted period. The reasons for the past and future growth are the popularity with the children and young adults. The other reason is the invention of the new Chocolate flavors by the leading Milkshake companies. The Vanilla Milkshake segment will have a higher CAGR of 3.5%. The justification is that it is a classic flavor that caters to all consumer tastes. At the same time, the Strawberry Milkshake segment will have a CAGR of 3.2% due to the increased popularity of fruit-flavored drinks.The Coffee Milkshake segment will have the lowest rate of 3.1%. The justification is that the number of artisan cafes and local coffee shops that offer Milkshakes increased tremendously. The flavor is also gaining popularity with time. The Peanut Butter Milkshake segment is projected to have the lowest growth rate. The projection is attributed to the limited consumer target and the availability of the other favorably known flavors. The Milkshake Market is projected to maintain a considerable growth rate. The growth is projected in the next ten years.The market growth will be determined mainly by the flavors. The main factor is the increased demand of consumers today for a meal that is both sweet and rich in all flavors. The justification is that the Milkshake Companies provide various flavors, and they are coming up with new flavors. The companies are also improving their distribution methods. The methods will include packaged milk, RTD formats, and in bulk.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Milkshake Market Base Ingredients Insights

There is the largest share in the Milkshake Market revenue which is Dairy, since milkshakes are a traditional beverage from dairy ingredients and it gained popularity. This appears to be USD 7.4 billion in 2023. Next comes a vegan and a lactose-free alternative, which is Soy and Almond milk or soy milk and almond milk, which are USD 2.2 billion and USD 1.9 billion in 2023, respectively. Finally, a smaller share, but with a rising tendency, is taken by Coconut and Rice milk since they are products for a specific diet or cuisine. Hence, the market value is USD 1.1 billion and USD 0.85 billion in 2023.These are the values of the Milkshake Market segmentation, which shows what causes the market to rise due to different or specific preferences.

Milkshake Market Type Insights

The type segment is a crucial aspect of the Milkshake Market segmentation. It categorizes the market based on the distinct types of milkshakes available. Each type caters to specific consumer preferences and taste profiles. The key types covered in this segment include Hand-Shaken, Blended, Frozen, Pulpy, and Frappe. Hand-shaken milkshakes have gained popularity due to their perceived freshness and customizable nature. Consumers appreciate the ability to tailor their milkshakes to their liking, leading to a steady demand for Hand-Shaken milkshakes.Blended milkshakes, on the other hand, offer a creamy and smooth texture, making them a popular choice among milkshake enthusiasts. Their ease of preparation and versatility have contributed to their consistent presence in the market. Frozen milkshakes have carved out a niche for themselves with their ability to provide a refreshing and icy treat. Their thick and frozen consistency appeals to consumers seeking a cold and satisfying indulgence. Pulpy milkshakes have emerged as a unique offering, incorporating fruit pulp into their composition. This fusion of flavors and textures has resonated with consumers, driving the growth of Pulpy milkshakes.Frappe milkshakes, characterized by their iced coffee base blended with milk and ice, have gained traction among coffee lovers and those seeking caffeinated refreshments. The Milkshake Market revenue is expected to witness significant growth over the coming years, driven by the rising popularity of milkshakes as a convenient and indulgent snack or dessert option. The market segmentation into types allows manufacturers and industry stakeholders to target specific consumer preferences and develop tailored products and marketing strategies, contributing to the overall growth of the Milkshake Market.

Milkshake Market Mix-Ins Insights

The mix-ins segment plays a significant role in the Milkshake Market revenue generation, with consumers seeking diverse and flavorful options. Fruits, nuts, chocolate chips, caramel, and syrups dominate the mix-ins landscape, offering a wide range of taste profiles and textures. Fruits, such as strawberries, bananas, and blueberries, contribute a significant share to the Milkshake Market segmentation, appealing to health-conscious consumers. Nuts, including peanuts, almonds, and walnuts, add a crunchy texture and nutty flavor, while chocolate chips remain a classic and popular choice, particularly among younger consumers.Caramel, with its rich and sweet taste and syrups, available in various flavors like chocolate, strawberry, and vanilla, further enhances the milkshake experience. The increasing demand for premium and indulgent milkshakes is driving the growth of the mix-ins market. Consumers are willing to pay a premium for unique and customizable milkshakes that cater to their taste preferences. As per Milkshake Market data, the mix-ins segment is projected to witness steady growth in the coming years, with continued innovation and the introduction of new flavors and combinations.

Milkshake Market Packaging Insights

The Milkshake Market segmentation by Packaging into 'Cups', 'Bottles', 'Cartons', 'Cones', and 'Sticks' provides valuable insights into the industry. Cups held the largest market share in 2023, accounting for over 45% of the Milkshake Market revenue due to their convenience, low cost, and portability. Bottles are projected to witness significant growth over the forecast period, owing to their ability to preserve the milkshake's freshness and flavor for longer durations. Cartons are gaining popularity as an eco-friendly alternative to traditional packaging options, while Cones remain a popular choice for on-the-go consumption.Sticks, a relatively new entrant to the market, are expected to gain traction due to their innovative design and ease of use.

Milkshake Market Regional Insights

The regional landscape of the Milkshake Market showcases distinct market dynamics and growth trajectories across various geographical segments. North America is anticipated to maintain its dominant position in the market, driven by the presence of established players, a high concentration of milkshake parlors, and a growing consumer preference for convenience food options. Europe is expected to follow closely, with a significant market share attributed to the popularity of milkshakes as a dessert and snack in countries like the UK, France, and Germany.The Asia-Pacific region is projected to witness substantial growth, fueled by rising disposable income, increasing urbanization, and the growing popularity of milkshakes among the younger population. South America and the Middle East and Africa (MEA) regions are anticipated to contribute a smaller yet steadily growing share of the Milkshake Market revenue, driven by the increasing availability of milkshakes in retail outlets and the growing adoption of Western habits.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Milkshake Market Key Players And Competitive Insights

The Milkshake Market is highly competitive, with each player implementing unique strategies to gain a competitive edge. The development of the Milkshake Market is attributed to the increasing consumer demand for convenience and indulgence, as well as the rising popularity of quick-service restaurants and cafes. However, a major factor driving the growth of the Milkshake Market is the increasing investment in research and development by the major players to introduce innovative and differentiated products that cater to the changing consumer habits. Moreover, the major players are focusing on new distribution channels and forming alliances to expand their brand identity across the globe. Notably, the major players presently dominate the Market implementation of whole milk products and low-priced products. Moreover, the submission of milkshake products by the major players is expected to drive extraordinary growth over the next 5 years.

The key competitor in the Market is Danone, with the highest revenue and market share among its peers. Danone is a multinational company based in France with operations in the United States. Danone’s subsidiary and major competitor in the milkshake market in the United States is Stonyfield Organic. Stonyfield Organic offers diverse milkshake products, including organic whole milk smoothies and organic whole milk Greek yogurt smoothies. Danone is the leading player in the organic milkshake product lines, and the demand for organic products has increased over the last five years. Danone’s valuable market presence and its well-established distribution needs provide the leading edge in milkshake products. Another key player in the Market is Nestlé, which is the largest food and beverage company.

Key Companies in the Milkshake Market Include

• Shake Shack


• Burger King


• Wendy's


• Five Guys


• Dairy Belle Freeze


• Carl's Jr.


• Rite Aid


• Dairy Queen


• Hardee's


• Arby's


• Sonic DriveIn


• Jack in the Box


• InNOut Burger


• McDonald's


• Culver's

Milkshake Market Industry Developments

The Milkshake Market is anticipated to register a CAGR of 3.64% over the forecast period 2024-2032, reaching a valuation of USD 22.6 billion by 2032. The rising popularity of milkshakes as a refreshing and indulgent treat, coupled with the increasing availability of innovative flavors and toppings, is driving market growth. The expansion of quick-service restaurants (QSRs) and cafes, which offer milkshakes as a key menu item, is also contributing to the market's growth.Recent news developments include the launch of new milkshake flavors by major players such as McDonald's and Wendy's. Additionally, the growing trend of plant-based diets has led to the introduction of vegan and dairy-free milkshakes, catering to the increasing demand for healthier options.

Milkshake Market Segmentation Insights

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  Milkshake Market Flavors Outlook

  
  
  
  
  • Chocolate
  
  
  • Vanilla
  
  
  • Strawberry
  
  
  • Coffee
  
  
  • Peanut Butter
  
  
  
  


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  Milkshake Market Base Ingredients Outlook

  
  
  
  
  • Dairy
  
  
  • Soy
  
  
  • Almond
  
  
  • Coconut
  
  
  • Rice
  
  
  
  


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  Milkshake Market Type Outlook

  
  
  
  
  • Hand-Shaken
  
  
  • Blended
  
  
  • Frozen
  
  
  • Pulpy
  
  
  • Frappe
  
  
  
  


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  Milkshake Market Mix-Ins Outlook

  
  
  
  
  • Fruits
  
  
  • Nuts
  
  
  • Chocolate Chips
  
  
  • Caramel
  
  
  • Syrups
  
  
  
  


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  Milkshake Market Packaging Outlook

  
  
  
  
  • Cups
  
  
  • Bottles
  
  
  • Cartons
  
  
  • Cones
  
  
  • Sticks
  
  
  
  


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  Milkshake Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa