Global yogurt market is forecasted to reach USD 106.6 Bn by 2024, registering a CAGR of 4.5% during the forecasted period (2019 - 2024)
- Regular yogurt is a popular category, owing to its low price and widespread availability. Regular yogurts are readily available in both online and offline retail outlets. According to a recent survey, approximately, 45% of consumers picked breakfast as the time of day they usually consume regular yogurt products. In North America, consumers also prefer to have regular yogurt at lunch, and as an afternoon, a late morning, and a late night snack.
- Drinking yogurt is able to ideally meet consumers’ three key product demands: health and enjoyment, mobility, and convenience. As a practical alternative to yogurt cups and spoons, yogurt drinks come in recloseable carton packs or are provided with a handy drinking straw, making it an ideal snack for people on-the-go, a replacement breakfast, or the healthy in-between meal snack that neither crumbles nor makes a mess.
Scope of the Report
Global yogurt market is segmented by type into, regular yogurt and fat-free yogurt. By form, the global yogurt market can be segmented into, spoonable yogurt and drinkable yogurt. The spoonable yogurt product type segment is further sub-segmented into, set yogurt, greek yogurt, and frozen yogurt. By distribution channel, the global yogurt market is segmented into, hyper-markets/supermarkets, convenience stores, specialty stores, online stores, and others.
Key Market Trends
Growing Trend towards Indulgence to Increase Sales Revenue
With the growing trend towards indulgence, the global yogurt market is flourished with clean-label and flavored yogurt varieties. Apart from taste, flavor, and texture, balanced diet is the key attributes consumers are focusing on, which is pushing the demand for fat-free flavored yogurts. In this regards, Danone S.A. which is a French food-products corporation rolled out Light & Fit Greek nonfat yogurt with zero artificial sweeteners and Light & Fit regular nonfat yogurt with zero artificial sweeteners made with stevia leaf extract and cane sugar, in six different varieties - Mixed Berry, Black Cherry, Strawberry, Peach Mango, Coconut Cream and Vanilla.
Asia Pacific is the Fastest Growing Market
Consumption of yogurt across the Asia Pacific market is on the rise because of its probiotic range of products, its ability to improve metabolism, enhance digestion, and support the immune system. Yogurt is also consumed as dessert. It is offered in varieties, such as fruit yogurt, organic yogurt, and drinkable yogurt, which are well received by the consumers. For example, yogurt products are part of the Indian food culture and this is expected to continue in the forecast period, mainly due to its health benefits. Furthermore, China and Japan are among the largest markets for yogurts in the Asia Pacific, while Australia and India are experiencing a heightened awareness of yogurts’ health benefits, thus, driving its growth.
The yogurt market is a highly competitive market, with the presence of various international players. The major players of the market are extensively focusing on providing consumers with innovative and exotic flavors while including functional benefits in each of the yogurt product categories. Danone S.A., Chobani, LLC., General Mills, Inc., Nestl? S.A., and China Mengniu Dairy Company Limited are the major players in the global yogurt market.
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