The main drivers for the global yogurt market size are health benefits associated with consuming yogurt and rise in health-conscious people in different regions for losing weight. The additional facts that support the growth of the market are growth in retail market and low lactose content for lactose intolerant people willing to eat dairy products. However, the artificial additives & ingredients present in certain varieties of yogurt along with hormonal treatment of cows causing fatal diseases limit people from consuming yogurt, restricting the market growth. Rise in demand for yogurt in developing nations, owing to increase in disposable income and health awareness is expected to provide numerous opportunities for expansion of the global yogurt market.
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“Yogurt Market,” The yogurt market was valued at $97,999.50 million in 2020, and is estimated to reach $171.8 Billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
Yogurt is healthy, versatile, and convenient food option with a characteristic richness and pleasant taste. It contains healthy bacteria that is beneficial for the gut. Thus, it acts as a good probiotic facilitating weight management, digestion, and absorption of vitamins & minerals. Yogurt is available in different forms, flavors, and packings in the market ranging from cups, tubs & tubes, to drinkable yogurt such as kefir. It also cures or prevent diarrhea, constipation, and bloating.
Rise in trend of sanctification of yogurt, consumer awareness regarding benefits of yogurt and dynamic changes in consumption pattern are likely to garner the growth of the market during the forecast period. Additionally, with the growing trend of veganism globally, the demand for non-dairy-based yogurt products is anticipated to grow at a faster rate.
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Outbreak of COVID-19 positively impacted growth of the yogurt market in 2020. Snackification of the yogurt, rise in popularity for nutritional & immune boosting food, and increase in trend of eating food at home attributed to increased sales in 2020 .
Players operating in the yogurt industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Arla Foods Amba, Britannia Industries Limited, Chobani, Llc, Danone, General Mills, Gujarat Cooperative Milk Marketing Federation (Amul), Lactalis Corporation, Nestle S.A., Saputo Inc., and Schreiber Foods Inc.
KEY FINDINGS OF THE STUDY
The yogurt market size was valued at $97,999.5 million in 2020, and is estimated to reach $171,826.1 million by 2031, registering a CAGR of 5.5% from 2022 to 2031.
In 2020, depending on type, the set yogurt segment acquired $32,496.3 million, garnering 28.9% of the global market share.
In 2020, on the basis of flavor, the plain segment acquired $70,064.6 million, exhibiting 71.5% of the global market share.
By source, the dairy-based segment growing at CAGR of 5.4% during the forecast period.
In 2020, depending on distribution channel, the online stores segment acquired $20,315.7 million, garnering 20.7% of the global market share.
U.S. was the most prominent market in North America in 2020, and is projected to reach $24,093.5 million by 2031, growing at a CAGR of 5.4% during the forecast period.
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