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The yogurt market size is forecast to increase by USD 41.5 billion at a CAGR of 5.86% between 2023 and 2028. The market is experiencing significant growth, driven by the health benefits associated with its consumption. Hormonal treatment and health awareness have led consumers to prefer healthier food options, making yogurt a popular choice. The market is witnessing a trend towards the production of Set yogurt, Greek yogurt, and Yogurt drinks, as they offer higher protein content and a thicker texture. Frozen yogurt continues to be a favorite due to its refreshing nature. Both Plain and Flavored yogurts are gaining popularity, with the latter witnessing a due to the addition of superfruits and other natural flavors. The market, however, faces challenges such as product recalls due to contamination issues, leading to a decline in consumer trust. Both Dairy-based and Non-dairy-based yogurts are witnessing growth, with the latter catering to consumers with lactose intolerance or vegan preferences. Overall, the market is expected to continue its growth trajectory, driven by consumer preferences for healthier food options and innovation in product offerings.
The global dairy product market is witnessing significant growth due to the increasing consumer preference for yogurt as a versatile and nutritious food item. Yogurt is produced through the fermentation of pasteurized milk using specific bacteria strains, resulting in a product rich in proteins, calcium, and probiotics. The product finds applications in various sectors, including beverages, snacks, meal replacement, desserts, protein-rich sports drinks, and more. Yogurt offers numerous health benefits, such as promoting healthy digestion, aiding in weight loss and fat loss, and boosting the immune system. It has been linked to reducing the risk of health conditions like type 2 diabetes, colorectal cancer, osteoporosis, high blood pressure, and bad cholesterol.
Moreover, the growing health awareness among consumers is driving the demand for yogurt in the retail market. The production process of yogurt involves homogenization, which ensures a smooth and consistent texture. However, some consumers prefer natural, lactose-free, or low-sugar options, leading to the emergence of lactose-free yogurt and yogurt alternatives like soy or almond yogurt. The market is also witnessing the trend of minimally processed, additive-free yogurt, with companies like Yakult, Danone, Nestle, and Chobani leading the way. The use of artificial additives and hormonal treatment in yogurt production is a concern for some consumers, and companies are addressing this by offering more natural and organic options.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The spoonable yogurt segment is estimated to witness significant growth during the forecast period. Spoonable yogurt, a thick and creamy dairy product, is gaining significant traction in the market due to its numerous health benefits and versatility. This type of yogurt, which is meant to be spooned or squeezed, is available in various forms, including Greek yogurt and yogurt drinks. The frozen and refrigerated versions of spoonable yogurt are also popular. The health-conscious consumer trend has been instrumental in driving the growth of the spoonable market. Greek yogurt, in particular, has gained immense popularity due to its high protein content and probiotics. The increasing demand for Greek yogurt has led to an expansion of flavored options, catering to diverse consumer preferences.
Moreover, the market for spoonable yogurt is segmented into plain and flavored varieties, with the latter accounting for a larger share due to the growing consumer inclination towards indulgent and sweetened options. The dairy-based and non-dairy-based versions of spoonable yogurt are also gaining traction, with the former dominating the market due to its traditional appeal and the latter catering to the lactose-intolerant and vegan population. The market for spoonable yogurt is expected to witness steady growth in the coming years, driven by increasing health awareness and an expanding product portfolio.
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The spoonable yogurt segment was valued at USD 62.20 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific (APAC) region is experiencing significant growth due to various factors, including the increasing preference for hormonal treatment for health issues and rising health awareness. The market is segmented into spoonable and drinkable yogurt, with Greek yogurt and yogurt drinks gaining popularity. Major markets in APAC with high growth potential include China, India, Australia, Vietnam, Japan, and New Zealand. The growing number of product launches, the rise in the number of organized retail outlets, and the increasing popularity of flavored yogurt beverages are among the major factors driving the market in these countries. The APAC market is fragmented, with many regional and global companies catering to the demand for dairy-based and non-dairy-based yogurt.
Moreover, the key players in the market include COYO, DSG, Fonterra, Meiji, and Danone. International dairy companies are also tapping into the market due to the growing demand for yogurt in India and other countries. The market is expected to continue its growth trajectory, driven by the health benefits associated with yogurt consumption and the increasing popularity of frozen yogurt.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The health benefits of yogurt is the key driver of the market. The market has experienced significant growth due to increasing consumer awareness regarding health and nutrition. Yogurt, a fermented milk product, is produced by adding Lactobacillus bulgaricus and Streptococcus thermophilus cultures to milk, resulting in the production of lactic acid. This lactic acid coagulates milk proteins, thickens the milk, and imparts a sour taste. Yogurt is a nutrient-dense food, rich in protein, calcium, and potassium. It is particularly beneficial for those seeking to lose weight due to its satiating properties. Moreover, it is suitable for lactose-intolerant individuals as the lactose content is significantly reduced during the fermentation process. Brands like Yakult, Danone, Nestle, Chobani, and others dominate the retail market. However, the use of artificial additives and ingredients remains a concern for some consumers.
The increasing use of superfruits in yogurts is the upcoming trend in the market. The market is experiencing growth due to the rising health consciousness among consumers. With an increase in health issues such as diabetes, obesity, and lactose intolerance, there is a growing demand for healthier food options. As a result, consumers are shifting towards natural and additive-free products. This trend is particularly noticeable in the retail market for yogurt, where brands such as Yakult, Danone, Nestle, Chobani, and others are catering to this demand. In response, these companies are incorporating natural ingredients, including superfruits and berries like acai, goji berry, noni, pomegranate, and grapes, into their yogurt offerings. For lactose-intolerant individuals, lactose-free or low-lactose yogurt options are also gaining popularity.
Increasing product recalls is a key challenge affecting the market growth. The market in the retail sector has experienced significant growth due to its association with weight loss and health benefits. However, product recalls can hinder market expansion, negatively impacting a company's reputation, consumer trust, and financial and operational stability. Such recalls occur when products are perceived as potential health hazards, often due to contamination or undeclared allergens. For example, Danone, Nestle, Chobani, Yakult, and other prominent brands have faced recalls due to contamination concerns, including the presence of metal or other foreign substances. These incidents can erode consumer confidence and loyalty, leading them to switch to alternative brands. Moreover, lactose-intolerant individuals must be cautious when consuming yogurt with high lactose content, which may trigger adverse reactions. To mitigate risks, manufacturers must ensure transparency in their ingredients and production processes, avoiding artificial additives and maintaining rigorous quality control measures.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agropur Dairy Cooperative - The company offers yogurts under the brands iOGO and Olympic.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a significant segment of the dairy product industry, driven by the increasing health awareness and the growing preference for nutritious and convenient food options. The production of yogurt involves the fermentation of pasteurized milk using bacterial cultures. Homogenization is used to ensure a uniform texture. Yogurt is consumed as a beverage, snack, meal replacement, dessert, protein-rich sports drink, and more. The health benefits of yogurt are numerous, including promoting healthy digestion, aiding in weight loss and fat loss, boosting the immune system, and helping manage conditions such as type 2 diabetes, colorectal cancer, osteoporosis, high blood pressure, and bad cholesterol.
Moreover, the yogurt comes in various types, including set yogurt, Greek yogurt, yogurt drinks, frozen yogurt, plain, and flavored. The retail market for yogurt includes supermarkets/hypermarkets, independent retailers, specialist retailers, and convenience stores. The market is driven by consumer preferences for natural, lactose-free, and non-dairy-based options, as well as the increasing popularity of raw materials such as cow's milk, goat's milk, fruits, and bacterial cultures. Product innovations, such as the use of artificial additives and hormonal treatment, are also shaping the market. The standard of living and health and wellness trends in Western culture have led to an increase in the consumption of yogurt for breakfast and as a snack. The taste, texture, and nutritional value of yogurt continue to be key factors in consumer preferences. The market is expected to grow further due to the increasing awareness of the health benefits of yogurt and the expanding product offerings from major players such as Danone, Nestle, Chobani, and Yakult.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.86% |
Market growth 2024-2028 |
USD 41.5 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.48 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Ireland, Australia, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agropur Dairy Cooperative, Arla Foods amba, Chobani Global Holdings LLC, COFCO Corp., COYO Pty Ltd., Danone SA, DSG Consumer Partners, EHRMANN SE, Emmi Group, Fage International SA, Fonterra Cooperative Group Ltd., General Mills Inc., Lactalis American Group Inc., Maple Hill Creamery LLC, Meiji Holdings Co. Ltd., Nestle SA, Sovos Brands Inc., The Hain Celestial Group Inc., Unternehmensgruppe Theo Muller, and Yeo Valley Organic Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Flavor
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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