Yogurt is a dairy product made by the bacterial fermentation of milk using a culture of Streptococcus thermophilus and Lactobacillus bulgaricus. It is an excellent source of protein as it contains all nine essential amino acids. It is available in the market both as plain or with added flavours such as blueberry, raspberry, mango, strawberry, etc. A new research report by IMARC Group, titled “Yogurt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global yogurt market reached a volume of 13 Million Tons in 2017, registering a CAGR of around 1.2% during the year 2010-2017. The report further anticipates the market to reach a volume of 14 Million Tons by 2023, at a projected CAGR of more than 1.1% over the forecast period.
Global Yogurt Market Drivers/Constraints:
- The increasing availability of flavoured yogurt and the greater involvement of the organised sector, particularly in the developing countries, are the major factors driving the growth of the global yogurt market.
- The growing awareness among the consumers about the health benefits offered by yogurt, such as protecting against colorectal cancer, maintaining blood pressure, improving immunity, lowering the risk of type 2 diabetes, etc. is anticipated to propel the demand for yogurt across the globe.
- Some of the other major factors fuelling the market growth include changing eating habits, flourishing food and beverage industry and the escalating spending capacity of the consumers.
- The presence of preservatives and high sugar content in some of the yogurt variants has restricted their consumption among the consumers. This represents one of the major factors hampering the market growth.
On a geographical front, the European Union represents the leading market for yogurt due to the popularity of low-sugar varieties and the high disposable income of the consumers. Other major regions include North America, Eastern Europe, Latin America and others.
The global yogurt market is characterised by the presence of both small and large manufacturers who compete in terms of price, quality and innovation. Some of the leading players operating in the market are:
- Lactalis Group
- General Mills Inc.
- Friesland Campina
- Yili Industrial Group Co. Ltd.
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