According to the latest report published by Credence Research, Inc. “Global Yogurt Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global yogurt market was valued at 36,500.1 Kilo Tons in 2017, expected to grow at a CAGR of 3.5% from 2018 to 2026.
Yogurt is a food product that is made by bacterial fermentation of milk. Yogurt has been consumed for more than a thousand years. Despite its heritage, yogurt consumption remains to be at par with other food items in today’s world. Yogurt has become a staple food among consumers and considered as a suitable meal replacement. Per capita yogurt consumption has doubled over the past decade and the introduction of varieties of yogurt has helped in the retention of the existing customer base and has attracted new customers as well.
Rising demand for healthy food products is one of the major factors responsible for the market growth of yogurt. Yogurt is rich in calcium, a mineral that is imperative for the development of stronger bones and teeth. Yogurt is high in vitamin B, phosphorus, magnesium and potassium, nutrients that are essential for regulating blood pressure. Moreover, yogurt is also high in protein content, which is essential for high metabolism. Additionally, frequent product developments is another factor pushing demand for yogurt. Yogurt consumption has undergone a significant change with consumers demanding various flavors, which has led the manufacturers to focus more on including various flavors with yogurt in order to make them more appealing. Extensive research & development has led to the introduction of plant-based yogurt, which is another key factor driving the demand for yogurt among consumers. However, yogurt has high fat and sugar content, even more than fruit juices and soft drinks, which increases the risk of obesity. Sugar is used as a sweetener to neutralize the sourness of lactic acid.
Based on product type, strained yogurt accounted for the major market share in 2017, followed by unstrained yogurt. Greek yogurt, which falls under the strained yogurt category, is fairly popular among consumers, especially in Europe and North America. Greek yogurt has become prominent in U.S. after Chobani LLC, debuted with their line of Greek yogurt back in 2005. Since then, Greek yogurt has become a favorite among U.S. consumers, leading several other manufacturers to bring out their own brands of Greek yogurts. Based on distribution channel, supermarkets dominated the global yogurt market due to the wide availability of different types of yogurts in supermarket chains, followed by high consumer inclination towards this mode of channel for the purchase of grocery products. Based on source, the plant segment expected to garner the fastest growth during the forecast period due to increasing consumer inclination towards plant-based food products. Plant-based yogurts are a great way to include calcium, protein and fiber in daily diet. Such yogurts are made from almond milk, soy milk and coconut milk among others.
Europe dominated the global yogurt market in 2017 and expected to retain its leading position throughout the forecast period. Countries such as Germany, France, Netherlands, Ireland and Turkey have the highest per capita consumption of yogurt. France recorded yogurt consumption of close to 20 kilograms per capita in 2017. Asia Pacific expected generate the fastest growth during the forecast period from 2018 to 2026, with China, Japan, and India leading the market.
Browse the full report Global Yogurt Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/yogurt-market
Key players operating in the global yogurt market include Groupe Danone S.A., Chobani LLC, General Mills Inc., Grupo LALA, Nestle S.A., Amul Milk Union Ltd., Arla Foods, Groupe Lactalis, Muller Milk & Ingredients, Yakult Honsha Co. Ltd., Mother Dairy Fruits & Vegetables Pvt. Ltd., and Britannia Industries Ltd. among others