Global Yogurt Market
The global yogurt market is expected to grow at a CAGR of 4.5% during the forecast period. The increasing awareness of the health benefits of yogurt acts as a catalyst to the growth of this market. Companies like General Mills, Chobani LLC, and Dannon Company are the major shareholders in the marketplace, accounting for more than 60% of the global demand.
General Mills has created a variety of exotic new flavors of yogurt and ice cream, such as Häagen-Dazs green tea almond stick bars and Yoplait Custard.
Skinny Cow has introduced a new brand look and a simplified recipe for its guilt-free frozen snacks, and expand the product line of frozen yogurt bars.
Stonyfield yogurt announced the launch of products with 25 percent less sugar. The company aims to continually provide healthier food both for consumers and the planet.
The rise in disposable income, along with a shift in the eating habits of consumers, is expected to drive the growth of this market. The increase in awareness of the health benefits of yogurt is also a key driver of this market. As it is rich in calcium and protein, some of the health benefits of yogurt include boosting the immune system, combating diarrhea and constipation, etc. The increasing availability of flavored yogurt is also a driver of this market. The rise in the cost of production poses a threat to the market. The growing demand from developing countries due to the greater involvement of the organized sector would provide a further boost to the industry’s growth.
The global yogurt market is segmented on the basis of product type into regular yogurt and fat-free yogurt. The regular yogurt contributes more revenue due to the greater adaptability. However, the increasing awareness regarding the consumption of healthy food supports the growth of the fat-free yogurt market. The global yogurt market is further segmented on the basis of form into set yogurt, yogurt drinks, Greek yogurt, and frozen yogurt. The set yogurt is more popular than the others and contributes a higher revenue. The yogurt drinks and frozen yogurt are further segmented into regular and flavored. The global yogurt market is also segmented on the basis of distribution channel into supermarkets/hypermarkets, convenience stores, grocery stores, online, and others.
The yogurt market has been geographically segmented into North America, Europe, South America, Africa, and Asia-Pacific. Europe is the major contributor in terms of revenue, followed by Asia-Pacific. In the Asia-Pacific region, China dominates the market, followed by India. The yogurt market is expected to grow substantially in China and Japan during the forecast period due to the rise in demand for flavored yogurt in these countries.
The market for yogurt is highly fragmented. The vendors compete for innovation, pricing, and distribution. The increased adoption of western style and taste has triggered demand among the younger consumers, which encourages companies to innovate new product variants targeting this group. Some of the major players in the market include-
China Mengniu Dairy
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Volume of the global yogurt market
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