Yogurt Market size is heading towards growth phase with 4.62% CAGR through 2026
The increase in disposable income coupled with unbalanced consumer eating habits to drive the yogurt market growth over the forecast period 2020-2026.
Further, swelling availability of flavored yogurt particularly in emerging regionsto be a major factor supporting the growth of ice cream and frozen dessert market worldwide.
In addition, increasing awareness among the consumersrelating to the aids of yogurt. For example, it consists of probiotics to boost the immune system, calciumto drive the yogurt market demand.
Furthermore, rapidly changing lifestyle influenced the younger generations across the globe, adaptation of newer products such as yogurts, probiotics drinks, etc to boost the market trends.
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Moreover, buying yogurt online to witness substantial growth during the forecast period 2020-2026. As well, increasing internet penetration and the urge of consumers towards convenience purchasing of the product influence positively for online purchasing of yogurt.
The availability of high nutritional valueincluding high protein, probiotics, vitamins, minerals in different types of yogurts, particularly in greek yogurt is the key factor that led to increase adoption of greek yogurt among consumers.
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Europe and North America to appear as a major consumerof Yogurts followed by the Asia Pacific region
Europea tolead the major share for the yogurt marketfollowed by North America, owing to the widespread consumption of yogurt by customers in this region as a snack and dessert.
The introduction of new variants in flavors coupled with offering low-fat products to fuel theyogurt market demandin both North America and Europe.
In addition, leading dairy companies are acquiring yogurt makers to expand their presence and market operations worldwide. For example, in 2019, the Lactalis group acquired Brattleboro yogurt maker to develop star brands, strengthen national distribution, and secure topflight quality for customers.
Whereas, inemergingnations of the Asia Pacific region, China leads the market share in terms of yogurt consumption followed by India.
The mountingaccessibility of numerous fruit-flavored yogurt in these countries by means of health benefits to support the demand forseasoned frozen yogurts and flavored yogurt drinks in the coming years.
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Novel product portfolio to trigger key trends across the yogurt market players
Collaboration, development of innovative approaches by key companies to boost yogurt market growth. For instance, in 2020, Califia Farms completed a landmark US$225 million financing in the latest Series D funding round.
Further, Siggi’s entered into the kid’s yogurt market recently. In addition, in 2020, Forager Project, LLClaunched six new plant-based products that include high protein yogurts.
Additionally, in 2020, Lyrical Foods, Inc. (Kite Hill) launched coconut milk-based yogurtsto satisfy emerging yogurt snacking needs and to continue to expand Kite Hill portfolio.
Moreover, Harmless Harvest, Inc. launched dairy-free coconut yogurt in 2020. As well, Danone S.A.to make yogurt ‘vibrant’ in 2020 with new launches.
Lately, in 2019, Chobani launched oat-based yogurts, traditional Greek yogurt with the popular cereal grain.
Major key players contributing to the Yogurt market share include General Mills, Inc, Nestle SA, Chobani LLC, China Mengniu Dairy Company Limi, Danone S.A., Grupo LALA, Schreiber Foods, Muller UK & Ireland, Grupo Alpura, and DeutschesMilchkontorGmbh among others.
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