Bengaluru, Aug. 14 -- Consumer goods companies are increasingly looking to milk the potential of 'white gold', betting on one of the fastest-growing segments of India's ready-to-drink beverage market: milk-based drinks.

The category isn't new, but the way companies are selling it is changing. Hindustan Unilever Ltd, India's largest consumer goods company, and Varun Beverages Ltd, PepsiCo's largest bottler outside the US, are among those to have launched milk-based drinks that combine convenience with added protein and other functional benefits over the past two months.

The push reflects health-conscious consumers' shift towards products that fit increasingly on-the-go lifestyles, while quick-commerce platforms are making it easier for n...