Global Yogurt Market To Be Worth Over $107 Billion by 2023: Acumen Research and Consulting
Author: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Yogurt Market
(Type: Set Yogurt, Greek Yogurt, Yogurt Drinks, Frozen Yogurt; Distribution Channel: Supermarkets/Hypermarkets, Independent Retailers, Specialist Retailers, Convenience Stores, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast 2023”, forecasts that the global market for yogurt is expected to grow at a CAGR of around 4.6% from 2017 to 2023 and reach the market value of over $107 billion by 2023.
Yogurt belongs from dairy food industry and is prepared from the bacterial fermentation of milk. It is majorly consumed by food and beverage industry as a key ingredient in several deserts and cuisines for enhancing taste. Usually yogurt is prescribed as a healthy diet intake by nutritionist and dietitians. Health benefits related with the consumption of yogurt and growing awareness among individuals for losing weight are the prime factors driving the growth of this market. Other factors associated with the growth of this market are expansion of retail market in several regions and lower or no lactose content for lactose intolerant people those are enthusiastic to eat dairy products. However, artificial ingredients and additives, often added to yogurt discourage its use among people preferring natural diets, thus limiting the market growth. Growth in demand for yogurt in emerging nations owing to the rise in disposable income as well as increase in health awareness are expected to provide numerous opportunities for the expansion of global yogurt market.
Demand From Emerging Nations Expected To Support Market Growth
According to a consumer perception survey undertaken in six different countries, namely Brazil, China, France, Poland, Turkey and the U.S., majority of citizens in developing nations such as Brazil, China, and Turkey are reported to be eating more yogurt currently than they did three years back. Similarly, people living in other emerging countries such as India, South Korea, Saudi Arabia, and more are becoming aware towards the health benefits of yogurt and adopting it as snack or dessert in lunch or dinner. The European population has higher per person consumption of yogurt and hence developing nations in the region will lead the market growth. These factors indicate the increase in demand for yogurt in developing nations during the analysis period and represents great opportunity for market expansion.
Emerging Economies Held Highest Share in Asia- Pacific
The yogurt market is anticipated to grow significantly in Japan and China during the forecast period owing to the increase in demand for flavored yogurt in these countries. China dominates the yogurt consumption followed by India. In addition, it is observed that individual consumption rate is comparatively higher in Asia-Pacific regions as compared to North America or Europe. Introduction of new variations in flavors with low fat products combined together also shall result in future growth opportunity for yogurt market in these regions.
Some of the key players operating in the global yogurt market, profiled in the report 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.