A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global yogurt market was worth USD 95.0 Billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 5.1%, earning revenue of around USD 136.2 Billion by the end of 2027. The increasing prevalence of obesity and growing health consciousness among the population are contributing factors to the growth of the yogurt market. Yogurt is considered a healthy and convenient food option, which contributes to its popularity worldwide. Furthermore, yogurt manufacturers' increasing investments and consumers' desire for exotic flavors have also been major factors driving the market. These factors are continuously increasing the growth of the yogurt market. However, the increased use of artificial ingredients in yogurt is one of the primary factors acting as a restraint and will continue to challenge the yogurt market over the projection period.
Growing Demand for Probiotic Food and Beverages is Driving the Global Yogurt Market
The prevalence of digestive disorders raises the demand for probiotic foods among people of all ages all over the world. Yogurt is the most popular probiotic food in both spoonable and drinkable forms. Probiotic yogurt has been linked to a variety of health advantages and may be good for those who are lactose intolerant. With consumers shifting towards digestive health-oriented products, the market for probiotic foods is growing significantly, thereby driving the growth of the global yogurt market.
The Easy Availability of Yogurt in a Wide Range of Flavors is Boosting Market Growth
Yogurt market growth is attributable to the availability of existing flavors and rising consumer interest in exotic flavors. This allows the manufacturers to innovate products with new flavors to meet the growing demand. Yogurt drinks come in a resealable carton pack with a convenient straw and are the perfect alternative to yogurt cups and spoons. This makes it an ideal snack for people on the go, as a replacement breakfast or a healthy snack in between meals.
Impact of COVID-19 in the industry
With the outbreak of the COVID-19 pandemic, the retail yogurt market recorded a big downfall due to grocery stockpiling and forceful lockdown. Due to the lockdown applied by the governments of many countries, consumers had to be at home and manage their foods themselves. Moreover, during the lockdown, people preferred to stick to healthy diets to keep their body and mind healthy during stressful times. Consequently, many consumers started consuming yogurt to enhance their gut health. A large surge in online sales of yogurt was also recorded during the shutdown due to a rise in activities on online grocery platforms.
Flavored Yogurt Segment Occupies the Largest Share of the Global Yogurt Market
Based on types, the global yogurt market is segmented into flavored, and non-flavored. The flavored yogurt segment holds the largest market share and is likely to maintain its dominance across the forecast period. The supremacy of the flavored category of yogurt is its pleasant taste and easy accessibility of the products in the stores. This segment has significant growth potential in the future because of the availability of a variety of flavors and textures of yogurt.
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North America is Expected to Witness Significant Growth in the Market During the Forecast Period
Based on regions, the global yogurt market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these regions, Asia Pacific accounted for the largest share in terms of market revenue. Due to a variety of factors, including rising product awareness, rising disposable income, intriguing flavors, and easy access to yogurt brands in emerging markets, the Asia-Pacific region has the largest market share. Yogurt products, for example, are a hallmark of Indian food culture, and this trend is likely to continue in the future, owing largely to yogurt’s health benefits. Furthermore, in the Asia-Pacific region, China and Japan are among the major markets for yogurt, while Australia and India are gaining awareness of yogurt's health benefits, which is fueling its growth. On the other hand, North America also accounted for a significant share in the global market. The rising demand for organic and low-fat yogurt among people drives the growth of Greek yogurt in North America.
The key players in the global yogurt market are Arla Foods amba, Britannia Industries Limited, Chobani, LLC, Danone S.A., FAGE International S.A., Frieslandcampina, General Mills Inc., YILI.COM INC., Müller UK & Ireland, Nestlé, Brownes Foods Operations Pty Ltd., Parmalat S.P.A., SODIAAL, Yakult, Yoplait USA INC and China Mengniu Dairy Company Limited and other key manufacturers.
The yogurt market is fiercely competitive, with many firms from around the world. Major players in the yogurt market emphasize providing consumers with unique flavors while also incorporating functional benefits in each yogurt category.
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