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  • Published On : Oct 2021
  • Code : CMI1461
  • Industry : Consumer Goods
  • Pages : 120
  • Formats :

Definition of Market/Industry:

Yogurt is food produced by bacterial fermentation of milk. These bacteria’s 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 enhance digestive system functioning.

The global yogurt market is estimated to be valued at US$ 139.1 billion in 2021 and is expected to exhibit a CAGR of 10.0% over the forecast period (2021-2028).

Recent Developments:

  • In June 2020, Kerry, a taste and nutrition company, has announced that it will be expanding its nutritional plant protein range, which will broaden the company's scope of proteins for food and beverages which is inclusive of but not limited to yogurt, among others.
  • In 2020, AYO Almondmilk Yogurt was launched by AYO FOODS, LLC which reportedly enlivened with organic strawberries, organic blueberries, organic peaches, and organic Madagascar Vanilla, offering a smooth, clean flavor and likely the only almond milk yogurt available in the market.
  • In 2019, the first Icelandic-style yoghurt will be available in the United States. Siggi's, which has been owned by Groupe Lactalis since 2018, has developed a plant-based yoghurt made from a proprietary blend of coconut, macadamia, and pea protein and boasts a high nutritional value.

Asia Pacific held dominant position in the global yogurt market in 2020, accounting for 33.5% share in terms of value, followed by Western Europe and MEA, respectively. 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.

Figure 1. Global Yogurt Market Value (US$ Bn), by Region, 2020

Yogurt  | Coherent Market Insights

Drivers:

The versatile nature of the yogurt and availability of yogurt in different forms is driving the market growth. Yogurt is consumed widely in all types of meals from breakfasts to lunch and to dinner. Moreover, it is available in different taste i.e. plain, flavored, with toppings, etc. which is again driving market growth of the yogurt. Moreover, the consumption of yogurt is not limited to particular meals or consumers. This is another major factor propelling the market growth of the yogurt over the forecast period.

The easy availability of key ingredients used in the preparation of yogurt is projected to foster market growth. Fruits, milk, sugars, stabilizers, flavors and bacterial culture, are some of the key ingredients used for yogurt and all these ingredients are easily available at the regional level. Convenience in procuring ingredients coupled with the increasing development of the new product by major producers is again projected to propel the market growth of the yogurt in the near future. 

Market Opportunities

Growing demand for low fat & fat-free yogurt by health conscious consumers is expected to serve key growth opportunities in the near future. Improving living of standard and increasing purchasing power of the consumers is encouraging consumers to spend on healthy food products. Also, the growing prevalence of lifestyle disorders such as obesity, cardiovascular, and diabetes is further anticipated to drive such health food products, thereby augmenting the market growth of the yogurt.

The expansion of the retail industry around the globe is increasing product availability. This is expected to offer potential market opportunities in the near future. According to the India Brand, Equity Foundation retail industry reached US$ 950 billion in 2018 at a CAGR of 13 percent 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 the expansion of the retail industry is expected to foster market growth. 

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Yogurt Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 139.1 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 10.0% 2028 Value Projection: US$ 280.8 Bn
Geographies covered:
  • Regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Middle East & Africa (MEA)
Segments covered:
  • By Form: Set, Strained/Greek, Drinking, & Frozen
  • By Type: Fruit, Regular/Plain, Low Fat & Fat Free, & Flavoured
  • By Distribution Channel: Hyper/ Super Market, Retail Stores, Convenience Stores, & Online
Companies covered:

General Mills, Inc., Nestle SA, 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.

Growth Drivers:
  • Increasing population
  • Growing awareness regarding health benefits of yogurts 
Restraints & Challenges:
  • Presence of artificial ingredients

Market Trends

The adoption of advanced packaging technology for yogurt among key manufacturers is contributing to the market growth of yogurt. For instance, barrier technology is one such advanced solution. The barrier technology helps in extending the shelf-life of the product by blocking the light without the need to refrigerate it. This packaging also supports the market growth in low-income regions as well as at remote locations, where refrigerated distributor channels are not present, e.g. in various African and Southeast Asian countries.

Flavored Greek yogurt is gaining popularity among health-conscious consumers and this is projected to propel the market growth of the yogurt over the forecast period. For instance, in March 2017, Danone India Pvt. Ltd, the yogurt maker, has introduced its brand of Greek yogurt. Danone’s Greek yogurt, priced at Rs35 for an 80-gram cup, and is available in India in blueberry and mango flavors.

Figure 2. Global Yogurt Market Share, By Form, 2020

Yogurt  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Drinking in Form segment held dominant position in the market and accounted for 44.4% share in the global yogurt market in 2020. The segment is expected to reach US$ 127.9 billion in 2028 owing to wide availability of drinking yogurt.
  • Increase in awareness among people for losing weight is a vital factor escalating the market growth, also rising expansion of retail market, increasing awareness amongst people about health benefits of the yogurt, rising awareness about healthy food, increasing young population base which is health conscious, growing consumer indulgence for exotic flavours, coupled with significant investments by manufactures are the major factors among others driving the yogurt market briskly.

Market Restraints

The presence of artificial additives & ingredients in yogurt that has an adverse effect on human health is restricting product consumption. This factor is expected to hamper the market growth of the yogurt.

Lactose intolerance is more likely to eliminate the yogurt from their diet. Lactose intolerance do not have the ability to digest protein present in milk and this leads to symptoms such as nausea, bloating, stomach pain, and gas. Thus, the growing prevalence of lactose intolerance people is projected to hamper the market growth.

Competitive Section:

Company Names 

  1. General Mills, Inc.
  2. Nestle SA
  3. Danone
  4. Yakult Honsha Co., Ltd.
  5. Ultima Foods Inc.
  6. Chobani, LLC
  7. Sodiaal
  8. Muller UK & Ireland Group LLP
  9. Kraft Foods Group, Inc.
  10. Rainy Lanes Dairy Foods Ltd.

Recent Developments

In November 2019, Chobani launched oat-based yogurts, traditional Greek yogurt with the popular cereal grain on the bottom, as well as oat milk for coffee shops.

Yogurt, pronounced 'yoo-zure', is a dairy food made by the process of bacterial fermentation of plain yogurt. The active bacteria used in making yogurt are called probiotics. Probiotic bacteria exist in the digestive tract and in the intestine. These good bacteria are usually supplied by natural yogurt that is often sold in stores. Commercial yogurt contains sugar, starch, vitamins, and other additional elements such as calcium, bromelain, vitamin K, potassium, and magnesium.

Market Dynamics:

Increasing population and growing awareness regarding the health benefits of yogurts among consumers is expected to foster growth in the market. Increasing launch of variety in flavor is again projected to augment growth of the market. For instance, in June 2021, Chobani has launched two new flavors of zero sugar yogurt: Mixed Berry and Strawberry. It has only natural ingredients, 60 calories (per 5.3oz), and zero sugar. 

On the other hand, the increasing lactose intolerance population and the presence of artificial ingredients in yogurt are expected to hinder growth of the market. 

Key features of the study:

  • This report provides in-depth analysis of the yogurts market, and provides market size (US$ Billion & KiloTons) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global yogurts market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include , General Mills, Inc., Nestle SA, 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global yogurts market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global yogurts market

Detailed Segmentation:

  • Global Yogurt Market, By Form:
    • Set
    • Strained/Greek
    • Drinking
    • Frozen
  • Global Yogurt Market, By Type:
    • Fruit
    • Regular/Plain
    • Low Fat & Fat Free
    • Flavoured
  • Global Yogurt Market, By Distribution Channel:
    • Hyper/ Super Market
    • Retail Stores
    • Convenience Stores
    • Online
  • Global Yogurt Market, By Region:
    • North America
      • By Form
        • Set
        • Strained/Greek
        • Drinking
        • Frozen
      • By Type
        • Fruit
        • Regular/Plain
        • Low Fat & Fat Free
        • Flavoured
      • By Distribution Channel
        • Hyper/ Super Market
        • Retail Stores
        • Convenience Stores
        • Online
      • By Country
        • Canada
        • U.S.
    • Europe
      • By Form
        • Set
        • Strained/Greek
        • Drinking
        • Frozen
      • By Type
        • Fruit
        • Regular/Plain
        • Low Fat & Fat Free
        • Flavoured
      • By Distribution Channel
        • Hyper/ Super Market
        • Retail Stores
        • Convenience Stores
        • Online
      • By Country
        • U.K.
        • France
        • Germany
        • Rest of Europe
    • Asia Pacific
      • By Form
        • Set
        • Strained/Greek
        • Drinking
        • Frozen
      • By Type
        • Fruit
        • Regular/Plain
        • Low Fat & Fat Free
        • Flavoured
      • By Distribution Channel
        • Hyper/ Super Market
        • Retail Stores
        • Convenience Stores
        • Online
      • By Country
        • China
        • India
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Latin America
      • By Form
        • Set
        • Strained/Greek
        • Drinking
        • Frozen
      • By Type
        • Fruit
        • Regular/Plain
        • Low Fat & Fat Free
        • Flavoured
      • By Distribution Channel
        • Hyper/ Super Market
        • Retail Stores
        • Convenience Stores
        • Online
      • By Country
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • By Form
        • Set
        • Strained/Greek
        • Drinking
        • Frozen
      • By Type
        • Fruit
        • Regular/Plain
        • Low Fat & Fat Free
        • Flavoured
      • By Distribution Channel
        • Hyper/ Super Market
        • Retail Stores
        • Convenience Stores
        • Online
      • By Region
        • Middle East
        • Africa
  • Company Profiles
    • General Mills, Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Nestle SA
    • Danone
    • Yakult Honsha Co., Ltd.
    • Ultima Foods Inc.
    • Chobani, LLC
    • Sodiaal
    • Muller UK & Ireland Group LLP
    • Kraft Foods Group, Inc.
    • Rainy Lanes Dairy Foods Ltd.
    • African Key Players
    • Parmalat S.p.A.
    • Juhayna Food Industries
    • Clover S.A. (Pty) Ltd.
    • Chi Limited
    • Brookside Dairy Limited
    • Sameer Agriculture & Livestock Limited
    • Lausanne Dairies (Pty) Ltd
    • Jesa Farm Dairy Ltd

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global yogurt market size is estimated to be valued at US$ 139.1 Billion in 2021 and is expected to exhibit a CAGR of 10.0% between 2021 and 2028.
Growing awareness regarding health benefits of yogurt and increasing population are the factors fuelling growth of the market.
The Drinking in form segment is the leading component segment in the market.
Increasing lactose intolerance population and presence of artificial preservative in yogurt is expected to hinder growth of the market.
Major players operating in the market include, General Mills, Inc., Nestle SA, 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.
Asia Pacific region is expected to hold dominant position in the market over the forecast period. The growth of the market in the region is driven by its probiotic range of products, its ability to improve metabolism, enhance digestion, and support the immune system.

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