According to the latest report by IMARC Group, titled “Yogurt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global yogurt market size reached US$ 38.7 Billion in 2018. Yogurt is a dairy product made by the bacterial fermentation of milk. It is an excellent source of protein as it contains all the nine essential amino acids. It also consists of riboflavin and vitamin B12, phosphorus and selenium. Owing to the presence of these nutrients, coupled with a lower calorie content, yogurt has emerged as a popular alternative to ice-cream and other milk-based desserts. Nowadays, it is available in the market in both plain and flavored variants such as blueberry, raspberry, mango and strawberry.
Global Yogurt Market Trends:
The consumption of yogurt is known to aid in combating diarrhea and constipation, protecting against colorectal cancer, lowering the risk of type 2 diabetes, maintaining blood pressure and improving immunity. The growing awareness about these health benefits and rising health-consciousness, especially among the urban and young consumers, has led to a shift toward nutrient-rich snacks. This trend has further prompted several key players in the industry to introduce functional products, such as yogurt variants with a lower content of fats, cholesterol and sugar. They have also launched flavored and fruity products, along with innovative packaging solutions, which has created a larger consumer-base, in turn, catalyzing the market growth. Looking forward, the market value is projected to reach US$ 51.2 Billion by 2024, growing at a CAGR of 4.8% during the forecast period (2019-2024).
- Based on the product type, the report finds that set yogurt represents the most popular product type, accounting for the majority of the global market share. Some of the other products include Greek yogurt, yogurt drinks and frozen yogurt.
- The market has been segregated based on the flavor into strawberry blend, vanilla, plain, strawberry and peach. Amongst these, vanilla is the most preferred flavor among consumers worldwide.
- On the basis of the distribution channel, supermarkets and hypermarkets represent the largest distribution channel. Convenience stores, specialty stores and online are some of the other popular distribution channels.
- Region-wise, the European Union enjoys the leading position in the global market. Other major regions include North America, Eastern Europe, Latin America and others.
- The competitive landscape of the market has also been examined with some of the key players being Lactalis Group, General Mills Inc., Nestlé, FrieslandCampina, Danone and Yili Industrial Group Co. Ltd.
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