At a CAGR of 10%, Yogurt Market to Surpass US$ 225.3 Million Globally by the End of 2027, Says Coherent Market Insights (CMI)

The global yogurt market was valued at US$ 115.4 billion in 2019 and is expected to exhibit a CAGR of 10% during the forecast period (2020-2027).

Key Trends and Analysis:

The global yogurt market is expected to witness rapid growth owing to rising trends such as development of innovative packaging by major players in the market. Key yogurt suppliers are offering their products in packages that target specific customer segment. For instance, Yo’Play Blox offers packaging that can be cleaned and reused for amusement. Moreover, rising lactose intolerance globally is expected to favor demand for dairy-free or plant-based yogurt.

Key Market Takeaways:

The global yogurt market is expected to exhibit a CAGR of 10.0% during the forecast period (2020-2027). The rising consumption of packed food products globally is supporting the market growth. Moreover, multiple benefits associated with the consumption of yogurt such as lowering risk of diabetes, and improving digestion also drives the overall market. According to the Centers for Disease Control and Prevention (CDC), in May 2019, type 2 diabetes accounts for about 90 to 95 percent of all diagnosed cases of diabetes in adults.

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On the basis of form, the drinking segment is expected to dominate the market during the forecast period owing to increasing demand for flavored yogurt. The rising trend of veganism primarily in Europe and the Caribbean is expected to facilitate demand for vegan or plant-based yogurt.

Asia Pacific excluding Japan dominated the global yogurt market in 2019 owing to product innovation and launch by major players in the region. For instance, in July 2020, Epigamia India, launched new plant-based yogurt in the Indian market. The new yogurt is prepared with coconut milk. Moreover, the International Probiotics Association (IPA), suggested that China accounts over half of all probiotic sales in Asia-Pacific, valued at US$8.3 billion in 2018.

North America is expected to exhibit significant growth during the forecast period owing to the rising consumption of yogurt in the region. Moreover, launch of various products by major players in the region is expected to favor the market growth. For instance, in December 2020, Chobani, one of the leading Greek yogurt manufacturers in North America, launched three new yogurt-focused product lines.

The sudden outbreak of the novel coronavirus has impacted many industries globally, including the dairy industry. The reports by the United States Department of Agriculture in May 2020 suggest that the U.S. dairy products industry has experienced a sharp decline during the pandemic. On the other hand, rising hygiene and health awareness among consumers is projected to facilitate demand for packed food products globally.

Competitive Landscape:

Major players operating in the global yogurt market are General Mills Inc., Nestle S.A., Danone, Yakult Honsha Co. Ltd., Ultima Foods, Inc., Chobani, LLC, Sodiaal, Muller UK & Ireland Group LLP, Kraft Foods Group, Inc., Rainy Lanes Dairy Foods Ltd. and African Players Parmalat S.p.A., Juhayan Food Industries, Clover S.A. (Pty) Ltd., Chi Limited, Brookside Dairy Limited, Sameer Agriculture & Livestock Limited, Lausanne Dairies (Pty) Ltd., and Jesa Farm Dairy Ltd.

Leading companies in the yogurt market are focusing on strategies such as merger and acquisition, owing to rapid growth in demand for yogurt. For instance, in October 2018, Sovos Brands merged with noosa yogurt, LLC. With the help of this acquisition Sovos Brands aims to expand its business in yogurt category.

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Market Segmentation:

• Global Yogurt Market, By Form:
  • Set
  • Strained/Greek
  • Drinking
  • Frozen
• Global Yogurt Market, By Type:
  • Fruit
  • Regular/Plain
  • Low Fat & Fat Free
  • Flavoured
• Global Yogurt Market, By Distribution Channel:
  • Hyper/Supermarkets
  • Retail Stores
  • Convenience Stores
  • Online
• Global Yogurt Market, By Region:
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe
    • EU5
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific Excluding Japan
    • China
    • India
    • ASEAN
    • Australia & New Zealand
    • Rest of Asia Pacific Excluding Japan
  • Japan
  • Middle East and Africa

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210122005240/en/