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The global yogurt market size is projected to witness continuous rise over the forecast period, due to the rising consumption of yogurt across the globe. In recent years, industry players have focused more on experimenting and innovating a wide range of yogurt products to meet the changing consumer preferences. Yogurt products are having attributes such as organic, free from allergic ingredients, and dairy-free are gaining higher importance among the consumers.
According to the Ministry of Agriculture and Agri-Food Canada, per capita, yogurt consumption in Canada from the year 1993 to 2012 has increased strikingly. The escalation in awareness among consumers about several health benefits of consuming yogurt such as improved immune system, low risks of diabetes, reduced chances of colorectal cancer, weight loss, elimination of bad cholesterol, and others is expected to propel the growth of yogurt market during the forecast period.
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Yogurt is an ancient food that has been consumed by human beings for ages due to its significant health benefits. Streptococcus thermophiles and Lactobacillus bulgaricus are the two main bacteria cultures that are used in the preparation of yogurt.
Increased number of launches of modified yogurt products such as flavored yogurt and plant-based yogurt in the global market and significant marketing and promotional strategies adopted by global players will further propel the growth of the yogurt market during the forecast period. Moreover, increased sales of yogurt in developing countries due to the rising disposable income of people can accelerate the growth of the yogurt market. However, increased use of artificial ingredients in yogurt can pose negative health impacts that can restrict the growth of the yogurt industry in the forthcoming years.
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Among products, yogurt drinks are projected to grow swiftly in the upcoming years, owing to their increased global demand. The launch of innovative and flavored yogurt drinks by companies such as Mother Dairy and Benecol is predicted to continue contributing to the growth of the yogurt drinks market.
Hypermarkets & supermarkets are predicted to hold the majority of the market share among the listed distribution channels for the sales of yogurt. The reason for the growth of the segment can be attributed to the research findings that indicate most of the people in developed nations prefer to buy their yogurt from supermarkets due to higher convenience associated with them. Availability of a broad range of yogurt types (that provides customers with a more extensive choice range to choose) in hyper or supermarkets is another reason for the growth of this segment.
The yogurt market in the Asia Pacific is expected to flourish crucially during the forecast period, owing to the rising demand for probiotics in the region, especially in countries such as China, Japan, and India. In China, Of the total population, around 83% of Chinese population consume yogurt. These people consume yogurt owing to the presence of probiotics contents in it. Rising disposable income in developing countries of the APAC region has led to the increased spending on premium food items, which in turn, is expected to propel the growth of the yogurt market in this region.
North America is anticipated to perform smoothly in the global yogurt market due to the increasing consumption of yogurt by people, especially Greek yogurt. The launch of new yogurt products, especially yogurt drinks and flavored yogurt by prominent market players of the region will further boost the growth of North America’s yogurt market in the forthcoming years. Per capita expenditure on yogurt is very high in European countries, and the same is likely to contribute to the growth and development of the yogurt market.
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