Growing health awareness pushes global Yogurt market growth significantly by 2023

Author : Acumen Research and Consulting

The process of bacterial fermentation of milk is required to prepare Yogurt; a part of dairy food industry. Yogurt has various applications, principally in the food and beverage industry. It is often looked upon as a taste enhancer thus finds uses in various deserts and multiple cuisines all around the world. Additionally, there are many health benefits attached to Yogurt which has increased its usage rapidly in the recent times owing to the growing heath concerns and consciousness amongst people especially in the developing nations. The growing lactose intolerance has made Yogurt a much sought after alternative for people who are enthusiastic about eating dairy leaving to expansion of retail market of Yogurt in many regions.

With the rising demand of Yogurt in emerging economies ensure great opportunities for market expansion. However; certain challenges that the Yogurt market is facing is pertaining to the additives and artificial ingredients that are commonly added to Yogurt defeating the health purpose of Yogurt; discouraging consumers to opt for it, consequently limiting its market growth.

The disposable income of the population in emerging nations coupled with the increasing health awareness has pushed the demand for Yogurt significantly. According to estimates, in the forecast period of 2017 to 2023 the global Yogurt market is supposed to grow at a CAGR of around 4.6%, the end of which period the market value will cross $107 billion.

Here are some more points that explain about the global Yogurt market:

  • Majority of the developing nations are eating more yogurt than they did three years ago according to a consumer perception survey.
    Emerging nations including South Korea and India have people eat yogurt considering the health awareness in these regions.
  • Developing nations in the European region will contribute to greater market growth as the population there has higher per person consumption rate of yogurt.
  • China dominates yogurt consumption followed by India. The individual consumption rate in Asia- Pacific is is higher than North America and Europe.
  • The major players in the global yogurt market include Arla Foods Amba, Britannia Industries Limited, Chobani, LLC; Danone, General Mills, Inc. (Yoplait), Gujarat Cooperative Milk Marketing Federation (Amul), Lactalis Group, Nestle S.A., Parmalat S.P.A., and Saputo Inc. among others.

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