The global yogurt market was worth US$ 38.7 Billion in 2018. The market for yogurt is further projected to reach US$ 51.2 Billion by 2024, growing at a CAGR of 4.8% during the forecast period (2019-2024). Yogurt is a coagulated dairy product made by fermenting milk with yogurt cultures like Lactobacillus bulgaricus and Streptococcus thermophilus. It is a rich source of proteins, calcium, vitamins B6 and B12, riboflavin, potassium and magnesium. As a result of its high nutritional value, yogurt offers several health benefits. It helps in improving immunity, lowering the risk of type 2 diabetes, strengthening bones and teeth, preventing digestive problems, and lowering high blood pressure and bad cholesterol. In recent years, the manufacturers have also introduced a wide variety of probiotic, stirred, creamy and pulp-laced yogurt variants.
Global Yogurt Market Drivers:
- Yogurt has a low fat and sugar content due to which it is increasingly being preferred by health-conscious consumers. In line with this, manufacturers are offering fortified yogurt products with extra vitamins, minerals and fiber. For instance, Arla Foods has launched a fiber-rich yogurt variant that is high in proteins, low in fats and contains around 27% of the daily recommended intake of calcium.
- Convenient and innovative packaging formats offer various growth opportunities to the manufacturers. In line with this, they are introducing products such as self-contained froyo balls, squeezable tubes, and containers equipped with anti-choking cap that minimize spills and reduce potential safety hazards.
- The leading dairy companies are acquiring businesses to expand their presence and market operations worldwide. For example, Lactalis acquired the organic yogurt maker Stonyfield from Groupe Danone, and a US-based dairy brand called siggi’s which specializes in Icelandic style yogurt.
Breakup by Product Type:
- Set Yogurt
- Greek Yogurt
- Yogurt Drinks
- Frozen Yogurt
Currently, set yogurt represents the most popular product type, holding the largest market share. Set yogurt has a firm texture and gets fermented in less time as compared to other yogurt products. It is consumed as a dessert and used as an ingredient in various recipes.
Breakup by Flavors:
- Strawberry Blend
The market has also been categorized on the basis of flavors. Some of the popular flavors of yogurt include strawberry blend, vanilla, plain, strawberry, peach and others.
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
Amongst these, supermarkets and hypermarkets represent the largest distribution channel as these stores have a wide variety of products from numerous brands. Supermarkets and hypermarkets also offer access to cold storage which is essential for maintaining the shelf-life of perishable dairy products.
- European Union
- North America
- Eastern Europe
- Latin America
Region-wise, the European Union is the leading market, followed by North America. The European Union accounts for the largest market share as yogurt is widely consumed in the region as a snack and dessert. Other major regions include Eastern Europe, Latin America and Others.
The competitive landscape of the market has also been analyzed. It is characterized by the presence of numerous small and large manufacturers. Some of the leading players operating in the market are:
- Lactalis Group
- General Mills Inc.
- Friesland Campina
- Yili Industrial Group Co. Ltd.
Key Questions Answered in This Report:
- How has the yogurt market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global yogurt market?
- What are the major product types in the global yogurt market?
- What are the various distribution channels in the global yogurt market?
- What are the several flavors available in the global yogurt market?
- What are the price trends of yogurt?
- What are the various stages in the value chain of the yogurt market?
- What are the key driving factors and challenges in the yogurt market?
- What is the structure of the yogurt market and who are the key players?
- What is the degree of competition in the yogurt market?
- What are the profit margins in the yogurt market?
- What are the key requirements for setting up a yogurt manufacturing plant?
- How is yogurt manufactured?
- What are the various unit operations involved in a yogurt manufacturing plant?
- What is the total size of land required for setting up a yogurt manufacturing plant?
- What are the machinery requirements for setting up a yogurt manufacturing plant?
- What are the raw material requirements for setting up a yogurt manufacturing plant?
- What are the packaging requirements for yogurt?
- What are the transportation requirements for yogurt?
- What are the utility requirements for setting up a yogurt manufacturing plant?
- What are the manpower requirements for setting up a yogurt manufacturing plant?
- What are the infrastructure costs for setting up a yogurt manufacturing plant?
- What are the capital costs for setting up a yogurt manufacturing plant?
- What are the operating costs for setting up a yogurt manufacturing plant?
- What will be the income and expenditures for a yogurt manufacturing plant?
- What is the time required to break-even?