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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. Market growth relies on several factors, including the health benefits of yogurt, the introduction of sugar-free and high-protein variants, and the increasing popularity of Greek yogurt. Yogurt is widely recognized for its probiotic properties and its role in supporting gut health, which drives its consumption among health-conscious consumers. The launch of sugar-free and high-protein yogurt options caters to the needs of consumers seeking healthier alternatives, including Greek yogurt. Additionally, the growing preference for Greek yogurt, known for its rich texture and higher protein content, further fuels market expansion. These factors collectively contribute to the market's growth, reflecting the evolving preferences and health consciousness of consumers worldwide. It also includes an in-depth analysis of market trends and analysis, market growth analysis, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market offers a variety of dairy products known for their homogenization and fermentation processes, providing healthy digestion and beneficial for conditions like Type 2 diabetes, colorectal cancer, and osteoporosis. Yogurt is popular for aiding weight loss and fat loss, supporting the immune system, and regulating high blood pressure and bad cholesterol levels. Increased awareness about its benefits has boosted its popularity, especially among those seeking to lose weight. The retail market offers a range of options, considering factors like lactose content for lactose-intolerant people. Brands like Yakult are known for their natural ingredients and lack of artificial additives or hormonal treatments, reflecting a broader trend of health awareness among consumers.
The growing consumption of Greek yogurt is driving the market growth. Consumers are increasingly seeking out healthy snack and meal options, including Greek yogurt. Greek yogurt is particularly popular as a meal replacement due to its higher protein and calcium content compared to regular yogurt.
Many vendors are capitalizing on this trend by marketing Greek yogurt as an effective meal replacement and snack choice. For example, Fage offers Fage Crossovers, which are Greek strained yogurt blends with various toppings. As the trend towards meal replacement and snacking continues to grow globally, the demand for yogurt is expected to increase significantly in the forecast period.
The increasing use of superfruits in yogurts is a key trend influencing the market growth. A rise in health issues like diabetes, obesity, and allergies has prompted consumers to prioritize healthy eating habits. They are transitioning from artificial ingredients to natural products that provide additional health benefits.
Additionally, manufacturers are incorporating superfruits like acai, goji berry, noni, pomegranate, and grapes into their products due to their perceived healing properties attributed to their high antioxidant levels. Consequently, as superfruits gain popularity, it is expected that more vendors will introduce Greek yogurt variants containing these superfruits in the forecast period.
The increasing product recalls may impede market growth. Product recalls can significantly damage a company's reputation, erode consumer trust, and impose financial and operational burdens. These recalls typically happen when products are believed to pose health risks due to contamination or mislabeling.
For example, in March 2021, Danone recalled three yogurt products due to a potential metal contamination. As a result, product recalls are likely to impede the market's growth in the forecast period.
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 and forecasting strategies.
Market 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 research report also includes detailed analyses of the competitive landscape of the market and information about 20 market 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 share growth by the spoonable yogurt segment will be significant during the forecast period. Spoonable yogurt is meant to be spooned or squeezed. It is generally sold in cups or tubes. The various applications of spoonable yogurt, including food and salad dressings, have made it popular among consumers.
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The spoonable yogurt segment was valued at USD 62.20 billion in 2018. The increasing popularity of Greek yogurt is driving the growth of the spoonable yogurt segment. Moreover, the introduction of flavored yogurts will also drive the segment's growth. Many vendors have launched low-fat and high-protein products in recent years. For instance, Chobani offers a natural ingredient-based yogurt. Therefore, the spoonable yogurt segment is expected to grow during the forecast period.
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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. The growth of the market will be driven by the growing number of product launches, the rise in the number of organized retail outlets, the preference for a healthy lifestyle, and the increasing popularity of flavored yogurt beverages. China, India, Australia, Vietnam, Japan, and New Zealand are the key countries in with a high growth potential.
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 market offers a diverse range of options, from traditional dairy-based to modern non-dairy-based products, including pasteurized milk and set yogurt. It caters to various preferences, including snacks, desserts, and protein-rich sports drinks, appealing to those losing weight or seeking hormonal treatment. Yogurt is available in various forms such as yogurt drinks and frozen yogurt, sold in different retail channels like supermarkets/hypermarkets, independent retailers, specialist retailers, and convenience stores.
Furthermore, raw materials such as cow and goat milk, along with bacterial cultures and fruits, contribute to its taste and nutritional value. The market thrives on product innovations and offers various yogurt fortified product brands, aligning with consumer trends toward health and wellness, especially for breakfast consumption. The affordability of yogurt contributes to its popularity, reflecting the standard of living and influence of Western culture.
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 Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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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