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Press Release: Yogurt Market to Surpass US$ 255.3 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Yogurt is food produced by bacterial fermentation of milk. These bacteria are known as yogurt cultures and are produced by using cultures of streptococcus thermophiles and Lactobacillus bulgaricus bacteria. Yogurt is a popular fermented milk product and is gaining demand as a healthy food product as it plays an important role in fat loss and enhancing the functioning of the digestive system.
The global yogurt market accounted for US$ 115.4 Bn in 2019 in terms of value and is estimated to reach at US$ 255.3 Bn by the end of 2027 at a CAGR of 10%.
Drivers:
The versatile nature of yogurt and its in different forms is expected to drive the market growth. Yogurt is consumed widely in all types of meals from breakfast to lunch and to dinner. Moreover, it is available in different flavors such as plain, flavored, with toppings, etc. which is also driving growth of the yogurt market. Moreover, consumption of yogurt is not limited to particular age of customers, yogurt are consumed by almost every age group of customers. This is another major factor propelling the market growth of the yogurt during the forecast period.
The easy availability of key ingredients used in the preparation of yogurt is projected to facilitate the market growth. Fruits, milk, sugars, stabilizers, flavors and bacterial culture, are some of the key ingredients used in the manufacturing of yogurt and all these ingredients are easily available at the regional level. Convenience of procuring ingredients, coupled with the increasing development of new products by major producers is projected to propel the demand for yogurt in near future.
Figure 1. Global Yogurt Market, Revenue Share (%), By Region, 2019
Asia Pacific excluding Japan dominated the global yogurt market in 2019, accounting for 28.2% share in terms of value, followed by Western Europe and Middle East and Africa, respectively.
Market Restraints
The presence of artificial additives and ingredients such as gelatin and stabilizers in yogurt can have an adverse impact on human health, which in turn, is expected to hamper its consumption and the market growth.
Moreover, increasing incidence of lactose intolerance is likely to hamper demand for yogurt. Lactose intolerance is more likely to eliminate the yogurt from their diet. Individuals with lactose intolerance are unable to digest proteins present in milk and this leads to nausea, bloating, stomach pain, and gas. Thus, the growing prevalence of lactose intolerance is projected to hamper the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 115.4 Bn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 10.0% | 2027 Value Projection: | US$ 255.3 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
General Mills Inc., Nestle S.A., Danone, Yakult Honsha Co. Ltd., Ultima Foods, Inc., Chobani, LLC, Sodiaal, Muller UK & Ireland Group LLP, Kraft Foods Group, Inc., and Rainy Lanes Dairy Foods Ltd. African Players: Parmalat S.p.A., Juhayan Food Industries, Clover S.A. (Pty) Ltd., Chi Limited, Brookside Dairy Limited, Sameer Agriculture & Livestock Limited, Lausanne Dairies (Pty) Ltd., and Jesa Farm Dairy Ltd. |
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| Restraints & Challenges: |
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Market Opportunities
Growing demand for low fat and fat-free yogurt among health-conscious consumers is expected to serve as a key growth opportunity in near future. Improving standard of living and growing purchasing power among the population has led to an increase in demand for healthy food products. Also, the growing prevalence of lifestyle disorders such as obesity, cardiovascular, and diabetes is expected to drive demand for healthy foods, and thereby facilitate the market growth.
The expansion of the retail industry around the globe is increasing product availability. This is expected to offer potential growth opportunities to players operating in this market. According to the India Brand Equity Foundation, the retail industry in India reached US$ 950 billion in 2018 at a CAGR of 13%; and is expected to reach US$ 1.1 trillion by 2020. Moreover, revenue generated from online retail is projected to reach US$ 60 billion by 2020. Thus, expansion of the retail industry is expected to foster the market growth.
Figure 2. Global Yogurt Market – Opportunity Analysis
Market Trends/Key Takeaways
The adoption of advanced technology for packaging of yogurt is contributing to the growth of the global yogurt market. For instance, barrier technology is one such advanced solution which helps in extending the shelf-life of the product by blocking the light without the need for refrigeration. This type of packaging increases the demand for yogurt in the market, owing to convenience and ease of use offered by product.
Flavored Greek yogurt is gaining popularity among health-conscious consumers and this is projected to propel the market growth of the yogurt during the forecast period. For instance, in March 2017, Danone India Pvt. Ltd, one of the leading global nutrition and food product manufacturer in India, introduced its brand of Greek yogurt. Danone’s Greek yogurt is priced at Rs. 35 for an 80-gram cup, and is available in India in blueberry and mango flavors.
Figure 3. Global Yogurt Market, Revenue Share (%), By Form in 2019
The drinking segment dominated the global yogurt market in 2019, accounting for 44.10% share in terms of value, followed by Strained/Greek and set segment respectively
Global Yogurt Market - Impact of Coronavirus (COVID-19) Pandemic
The yogurt market is expected to witness growth during the pandemic as consumption of yogurt and other fermented foods rich in probiotics helps to improve immunity and reduce inflammation. Moreover, there is a surge in the demand for packed food products owing to increase in health and hygiene awareness among people globally. Thereby, the aforementioned reasons are some of the key factors expected to increase the demand for the yogurt over the forecast period.
Value Chain Analysis
Company Names
African Key Players
Recent Developments:
In November 2019, Chobani, one of the leading manufacturer of greek yogurt in America, launched oat-based yogurt, traditional Greek yogurt with the popular cereal grain on the bottom, as well as oat milk for coffee shops.
People all over the world are becoming more heath conscious and choosing healthy diet to maintain a healthy lifestyle. Yogurt, being a source of nutrients required for maintaining good health and several other benefits associated with it, is gaining preference among the population irrespective of age, gender and region. Further, over the years, the consumption of yogurt has gone from strength to strength at different meal occasions — from breakfast to lunch and supper to dinner, becoming the favourite among consumers from all age groups.
The availability of yogurt in different product forms, tastes, i.e. plain, flavoured, with toppings, etc. has helped the product to become a universal dairy product. Since yogurt is easy to swallow, it is considered as a key protein source for young children and elderly persons. The emergence of yogurt as a food product, consumption of which is not limited to particular meal time or consumers, is expected to drive its demand over the coming years
Moreover, strategies adopted by major players such as partnerships and merger & acquisitions are expected to facilitate market growth. For instance, in June 2016, General Mills entered a strategic sourcing partnership with Organic Valley, to assist the conventional dairy farms transition to certified organic products.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective
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