Yogurt refers to one of the most popular dairy products which is prepared by fermenting milk using bacteria, namely, Streptococcus thermophilus and Lactobacillus bulgaricus. The milk used in this process is procured from cows, goats, camels, water buffalos, yaks, mares or ewes. Yogurt is a rich source of nutrients like protein, calcium, magnesium, phosphorus, potassium and vitamins. As a result, it offers several health benefits which include improving metabolism, digestive system as well as immune system. Yogurt is available in various forms to the consumers such as dessert, beverages, meal replacement and protein-rich sports drinks. According to IMARC Group, the global yogurt market reached a volume of 13 Million Tons in 2017, growing at a CAGR of around 1.2% during 2010-2017.
One of the major changes witnessed in the dietary habits of the consumers is the increasing use of yogurt in the preparation of dishes such as olive biscuits, tandoori potatoes, cilantro-lime yogurt dip, garlic-herb butter, etc. Apart from this, yogurt is also becoming one of the widely preferred dairy products amongst the lactose intolerant populace. There has also been a rise in the availability of authentic, organic, clean label and flavoured yogurt, consequently expanding the consumer-base of the yogurt market across the globe. Some of the other factors such as inflating income levels, altering food habits of the consumers and rapid urbanisation have contributed towards the overall consumption of yogurt. Looking forward, the yogurt market is further expected to reach a volume of 14 Million Tons by 2023, at a projected CAGR of more than 1.1% during 2018-2023.
Segmentation on the basis of type and flavour
There are different types of yogurt available in the market such as set yogurt, Greek yogurt, yogurt drinks and frozen yogurt. Set yogurt represents the most popular type of yogurt as it is widely used in the preparation of various delicacies as well as dips. Mounting purchasing power coupled with hectic schedules of the consumers have led them to rely upon takeaways which are often served with dips.
Based on flavour, the yogurt market is segmented into strawberry blend, vanilla, plain, strawberry and peach. Presently, strawberry blend yogurt is mostly favoured by the consumers as they are willing to try out new flavours. Moreover, due to a shift in the consumer preferences towards organic dairy products, manufacturers are introducing numerous product variants in different flavours for widening their product portfolio.
Supermarkets/Hypermarkets hold the largest share
Yogurt is distributed through various channels including supermarkets/hypermarkets, convenience stores, specialty stores and online. Currently, supermarkets and hypermarkets exhibit a clear dominance in the market. This can be accredited to the emergence of the supermarket shopping culture, particularly in the emerging regions. Moreover, the expansion of convenience stores on account of their availability at all hours and reachable locations has contributed towards the market growth. Whereas, the consumers are 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 services along with easy payment methods to the consumers.
The European Union dominates the market
Region-wise, the yogurt market is divided into North America, European Union, Eastern Europe and Latin America. Amongst these, the European Union presently accounts for the majority of the total market share. This can be attributed to the numerous advantages associated with yogurt which has risen health consciousness among the consumers.
The global yogurt market is highly fragmented in nature with the presence of various regional as well as international manufacturers who compete in terms of quality and prices. These manufacturers are making efforts for introducing new products in the market by employing innovative technologies. Some of the major 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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