Yogurt is one of
the most popular dairy products prepared by fermentation of milk by using bacteria
known as yogurt cultures. These bacteria produce lactic acid which later reacts
with the milk protein while providing smooth and creamy texture. Yogurt is
prepared by using milk sourced from different means including cows, goats,
camels, water buffaloes, yaks, mares and ewes. It is generally made of cow’s
milk as it is commonly available across the globe. Yogurt can be consumed in
various forms such as protein-rich sports drink, snacks, beverage, meal
replacement and dessert. It plays a vital role in the daily diet as it provides
numerous nutrients such as calcium, protein, Vitamin B-12, Vitamin B-2,
phosphorus, potassium and magnesium. In addition to this, yogurt offers various
health benefits which include improving digestive system as well as exhibiting positive
effects on metabolism, cardiovascular health and immune system. According to
IMARC Group, the global yogurt market reached a value of nearly US$ 81 Billion
in 2017. Looking forward, the yogurt market is further expected to reach a
value of around US$ 117 Billion by 2023, at a projected CAGR of more than 4%
during 2018-2023.
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Increasing health consciousness to drive the yogurt
market
There has been an
increase in awareness among the consumers regarding weight management and
health benefits offered by yogurt. This is one of the primary factors which has
been driving the yogurt market growth. In addition to this, it has become a
preferred dairy product among lactose intolerant people as it has a low lactose
content which has, in turn, contributed towards an augmented demand for yogurt
across the globe. There has also been a rise in the worldwide availability of
authentic, organic, clean label and flavoured yogurt resulting in a consequent
increase in the overall consumption of yogurt. Moreover, a major change in
dietary habits of the consumers has been noted where yogurt is being
increasingly used as a vital ingredient for the preparation of different dishes
such as cilantro-lime yogurt dip, garlic-herb butter, olive biscuits, tandoori
potatoes, etc. One of the other factors catalysing the global market growth of
yogurt include surging demand across emerging nations on account of rising health
consciousness as well as escalating levels of disposable incomes. However, harmful
hormonal treatment of the cows along with artificial additives and ingredients
added in the formulation of yogurt acts as a hindrance against the of the
global yogurt market growth.
Type Insights
Currently, there
are numerous types of yogurt available in the market including set yogurt,
Greek yogurt, yogurt drinks and frozen yogurt. Amongst these, set yogurt
represents the largest segment owing to the fact that it is being increasingly
used in various cooking recipe. In addition to this, there has been an increase
in the consumption of set yogurt in the form of a dessert.
Moreover, an
increase in the demand for Greek yogurt can be attributed to its various
nutritional benefits which include high levels of protein, calcium, fat,
Vitamin B12 and carbohydrates. Whereas, a significant rise in the availability
of numerous fruit flavoured yogurt which offers several health benefits has
been contributing towards an augmented demand for frozen yogurt and flavoured
yogurt drinks across the globe.
Flavour Insights
The yogurt market
analysis has also been done on the basis of different flavours which include strawberry
blend, vanilla, plain, strawberry and peach. Currently, strawberry blend is the
most popular flavour of yogurt available in the market. Moreover, the demand
for various flavours of yogurt has been increasing as the consumers have become
more willing to try out new flavours. In addition to this, there has been a
notable shift in the preference for organic dairy products on account of which the
manufacturers have been expanding their product portfolio by adding organic
yogurt in different flavours.
Distribution Channel Insights
There are various
means through which consumers can obtain different types of yogurt including supermarkets/hypermarkets,
convenience stores, specialty stores and online. Amongst these, supermarkets
and hypermarkets account for the largest yogurt market share. The yogurt market
trends which have been facilitating towards this growth include options to
choose from a variety of brands as well as the presence of premium products at
discounted prices.
In addition to
this, the demand for convenience stores has been increasing on account of their
availability at all hours and at reachable locations. Whereas, the consumers
have been increasingly purchasing yogurt from specialty stores as they provide
assurance of quality and also house premium products which are not easily
available in other stores. Online stores, on the other hand, have been attracting
more consumers as they offer straight-to-home service with easy payment methods
to the consumers.
Regional Insights
On a geographical
front, the yogurt market report has segregated the market into the European
Union, North America, Eastern Europe and Latin America. The European Union
currently exhibits a clear dominance, holding the majority of the total market share. This growth can be accredited
to myriad benefits offered by yogurt and an increase in health consciousness
among the consumers. On the other hand, the demand for yogurt across North
America has been increasing owing to the introduction of new variants in
different flavours and a significant change in lifestyles. Whereas, yogurt has
become popular in Eastern Europe and Latin America on account of increasing
adoption of western culture and a rapid rise in urbanisation rates,
respectively.
The nature of the
global yogurt market is highly fragmented with the presence of numerous small
and large-scale manufacturers who compete in terms of quality and prices. Over
the past few years, these manufacturers have been making efforts to introduce
new products by using innovative technologies. Some of the key players
operating in the market include Lactalis Group, General Mills Inc., Nestle,
FrieslandCampina, Danone and Yili Industrial Group Co. Ltd.
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About IMARC Group: IMARC Group is a leading market research and consulting company that
offers management strategy and market research worldwide. The company has done
multiple projects on the yogurt industry, which has enabled the clients to
successfully set up and expand their businesses. Some of the company’s
offerings include:
• Market Research
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• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation
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