India Milkshake Market to Grow with a CAGR of 15.8% through 2031

The Indian milkshake market is expanding rapidly, driven by rising health consciousness, urbanization, growing demand for convenient beverages, flavor innovation, and increased accessibility through organized retail and digital channels.

According to TechSci Research report, “India Milkshake Market - By Region, Competition, Forecast & Opportunities, 2031F”, the India milkshake market was valued at USD 7.56 Billion in 2025 and is expected to reach USD 18.23 Billion by 2031 with a CAGR of 15.8% during the forecast period. The Indian milkshake market is witnessing steady growth, propelled by a combination of evolving consumer lifestyles, rising disposable incomes, and increasing exposure to global food trends. Urbanization and the expansion of organized retail have enhanced product accessibility, allowing consumers to explore diverse flavors and convenient ready-to-drink formats. The growing trend of snacking and on-the-go consumption has further encouraged the adoption of milkshakes as a quick, indulgent, and socially appealing beverage option. In addition, rising health consciousness has prompted manufacturers to innovate with functional formulations, such as protein-enriched, low-fat, and fortified milkshakes, positioning them as both nutritious and enjoyable.

However, despite these positive drivers, the market faces several challenges that could impact its growth trajectory. High competition from regional, unorganized, and local milkshake providers limits brand differentiation and pricing power for established players. Supply chain volatility, particularly fluctuations in milk and other dairy raw material prices, adds pressure on margins and production planning. Consumer awareness regarding sugar content, preservatives, and artificial additives is also increasing, creating a demand for transparent labeling and clean-label products, which may increase production costs. Furthermore, the seasonal nature of milkshake consumption in certain regions affects consistent demand, requiring brands to innovate with shelf-stable and off-season variants. Balancing innovation, affordability, and health-conscious offerings while managing cost pressures and competitive intensity remains critical for market players aiming to sustain long-term growth in India’s dynamic milkshake sector.

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India Milkshake Market is segmented into flavor, packaging, sales channel and region.

Based on flavor, banana milkshakes are emerging as a fast-growing flavor segment, driven by its natural sweetness, high nutritional value, and appeal among health-conscious consumers. These flavors are increasingly incorporated into ready-to-drink (RTD) offerings, milk parlour menus, and café-based specialty drinks. The rising trend of flavor innovation and fusion offerings, such as chocolate-banana or vanilla-coffee blends, is creating differentiation opportunities and driving growth among niche consumers seeking novel experiences. Overall, while chocolate continues to dominate in terms of market share, banana and other fruit-based flavors are expected to experience the fastest growth due to health and wellness trends combined with experimentation among younger demographics.

Based on sales channel, online stores and e-commerce platforms are witnessing the fastest growth among sales channels, driven by increasing digital literacy, smartphone penetration, and the convenience of home delivery. E-commerce allows consumers to access a wide range of flavors, premium offerings, and subscription-based deliveries, which is particularly appealing to millennials and working professionals. Digital promotions, app-based loyalty programs, and discounts further accelerate adoption of online milkshake purchases. In summary, while supermarkets and hypermarkets remain the largest revenue-generating channel, online stores and convenience-based outlets are emerging as the fastest-growing avenues due to lifestyle changes, convenience, and digital integration.

Based on region, South India is emerging as the fastest-growing region in the milkshake market, fueled by increasing urbanization, rising disposable incomes, and a shift toward health-conscious consumption. Cities such as Bangalore, Hyderabad, Chennai, and Kochi are witnessing a surge in organized retail, milk parlours, and online delivery platforms, expanding access to a wider consumer base. Fruit-based flavors like banana and mango are gaining popularity, reflecting local taste preferences and the focus on natural, nutritious ingredients. The growth of ready-to-drink milkshakes and protein-enriched variants is also higher in South India due to the younger demographic and fitness-oriented lifestyle trends. Rapid adoption of online channels and the proliferation of cafés offering innovative flavors contribute to the region’s faster growth compared to other parts of the country.

Major companies operating in the India milkshake market are:

• Gujarat Co-operative Milk Marketing Federation Ltd.
• Mother Dairy Fruit & Vegetable Pvt. Ltd.
• Super Milk Products Pvt. Ltd.
• Britannia Industries Ltd.
• CavinKare Pvt. Ltd.
• Karnataka Milk Federation (KMF)
• The ThickShake Factory Pvt. Ltd.
• Drunken Monkey Smoothies Pvt. Ltd.
• Frozen Bottle Pvt. Ltd.
• Makers of Milkshakes Pvt. Ltd. 

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“Sustainability has become a significant trend in the Indian milkshake market, with consumers increasingly conscious of the environmental impact of packaging and production practices. There is a growing preference for recyclable, biodegradable, and eco-friendly packaging materials such as cartons, pouches, and glass bottles, which reduce plastic usage and carbon footprint. Brands are responding by adopting sustainable sourcing practices for ingredients, reducing energy consumption in production, and promoting reusable or returnable packaging. Eco-friendly initiatives not only appeal to environmentally conscious consumers but also enhance brand reputation and differentiation in a competitive market. Retailers and e-commerce platforms are also supporting sustainable packaging by offering incentives for bulk purchases and eco-labeled products. Furthermore, sustainability trends align with the broader global movement toward corporate social responsibility and ethical consumption, reinforcing consumer trust and loyalty. As environmental awareness continues to rise, milkshake brands that prioritize sustainability in both product and packaging are likely to gain a competitive advantage, attracting a wider audience and fostering long-term market growth”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"India Milkshake Market, By Flavor (Vanilla, Strawberry, Chocolate, Banana, Others), By Sales Channel (Supermarkets and Hypermarkets, Convenience Stores, Milk Parlours, Online Stores, Others), By Packaging (Bottles, Pouches, Cartons, Others), By Region, Competition, Forecast & Opportunities, 2021-2031F”, has evaluated the future growth potential of India milkshake market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India milkshake market.

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