Seattle, WA -- (SBWIRE) -- 11/11/2019 -- Yogurt is a milk product produced by bacterial fermentation of milk by using any type of milk. Yogurt is a healthy product as it contains probiotics which are considered as healthy bacteria with live strains. Moreover, Greek yogurt also contain beneficial nutrients such as iodine which is useful in managing the weight of the person. Furthermore, they are also available in the variety of flavors such as mango, strawberry, and raspberry with low fat and lactose content levels which are projected to fuel the market growth of the yogurt.
Market Drivers
Rising consumption of yogurt owing to its rich source content of nutritional value such as calcium, vitamin B-2, vitamin B-12, potassium, protein, and magnesium coupled with growing health concern among the population is primarily fueling the market growth. According to the World Health Organization, 650 million people in 2016 were suffering from obesity.
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Restraints
On the other hand, availability of substitute such as curd, buttermilk pollution caused by the acid whey (a byproduct, that is produced during the manufacturing process of strained yogurt) as acid whey causes oxygen depletion in water bodies leading to loss of marine life is the major factor hindering the market growth of yogurt
Trends
The rising numbers of frozen yogurt franchises such as Menchie's Frozen Yogurt are being expanded around the globe. Moreover, frozen yogurt is one of the healthiest substitutes for ice cream owing to their lesser calorie and lower fat content is fueling their demand across health-conscious consumers, hence fueling the market growth of the yogurt globally. Furthermore, various yogurt companies such as Orange Leaf, Yogurtland, and Menchie's Frozen Yogurt offer their calories-per-serving for every flavor.
Market Outlook
Europe is expected to hold the leading position in the market in terms of value, followed by North America. The drinking yogurt segment is gaining significant traction in the European region, which in turn is expected to result in the growth of the overall yogurt market in Europe. According to the EU, in 2015, the drinking yogurt category recorded the highest number of product launches, accounting for 41.3% of all dairy product launches in Germany, Italy, U.K., Spain, and France.
The continuous demand of the dairy industry in the U.S is projected to boost the market growth of the yogurt in the North America region over the forecast period (2018-2025). The region already has a well-established market for yogurt but with the advent of new variants in flavors and easy availability of the low fat-containing product will further favor the regional market growth. According to the U.S. Department of Agriculture (USDA), yogurt consumption grew almost ten-fold to 0.05 cup-equivalents per person in 2015 from 1974. Moreover, a manufacturer in the U.S region is focusing more on introducing new products with additional nutritional benefits. According to USDA, some of the new products launched contain yogurt toppings, which accounted for around 10% of all new yogurt products in 2015, whereas those without toppings accounted for 0.5% of existing yogurt products. Newly launched yogurt products such as Danone's YoCrunch, launched in 2015, contain toppings such as Oreos and Granolas and contain around twice as much fiber compared to new products sold without toppings (1.33 versus 0.69 grams per serving).
Asia Pacific region is accounted for the fastest growing market in terms of consumption owing to the emerging economies such as India and China are projected to hold a leading position in the market, followed by Japan. The market in the region is expected to witness significant growth, owing to the increasing number of international brands expanding in the region. For instance, popular global frozen yogurt brands such as the U.S.-based Red Mango, Canada-based Kiwi Kiss, South Korea's Yogurberry, have entered into the yogurt market in Indian, owing to the high untapped potential in the country.
New Product Launches:
Company like Follow Your Heart—vegan food has launched a new vegan yogurt product line in 2018 and the product portfolio includes numerous flavors such as key lime, peach, blueberry, strawberry rhubarb, cherry, vanilla bean, and raspberry. The yogurt products are made from probiotic cultures, real fruits and are vegan and also free fro, gluten, and soy.
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Manufacturers are increasingly adopting inorganic strategies such as mergers & acquisitions, new product launches, and partnerships. For instance, Danone, acquired WhiteWave Foods Co. for US$ 10 billion in April 2017, in order to strengthen its position in the global yogurt market. Some of the key players operating in the global yogurt market are General Mills, Kraft Foods Group Inc., Chobani LLC, Sodiaal S.A., China Mengniu Dairy, Groupe Danone, Yakult Honsha Co. Ltd, and Nestle SA.
Market Segmentation
By Product Type
- Soy Yogurt
- Greek Yogurt
- Frozen Yogurt
- Drinkable Yogurt
- Others
By Distribution Channel
- Convenience Stores
- Hypermarkets
- Supermarkets
- Online
- Others
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