Global Drinkable Yogurt Market - 2023-2030

Global Drinkable Yogurt Market - 2023-2030

The Global Drinkable Yogurt Market reached US$ 38.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 63.5 billion by 2030. The market is growing at a CAGR of 6.6% during the forecast period 2023-2030.

The global drinkable yogurt market is poised for significant growth in the forecasting period. The market is being driven by several factors, including increasing consumer demand for convenient and healthy on-the-go snacks. The rising awareness of the health benefits associated with yogurt consumption is also contributing to the market's expansion.

Product innovation, effective marketing strategies, and the availability of diverse distribution channels are further fueling the market's growth. The increasing penetration of online retail platforms is enabling manufacturers to reach a larger global customer base. While the market landscape is subject to change, the current growth for the drinkable yogurt market remains optimistic, with ample opportunities for growth and innovation.

Market Dynamics

The Increasing Focus on Health and Wellness Drives the Market Growth

Consumers are seeking convenient and on-the-go options that are not only delicious but also provide nutritional value. Drinkable yogurt fulfills these requirements, offering a portable and convenient way to consume a healthy snack or a quick breakfast. As a result, the market for drinkable yogurt is expanding as more health-conscious individuals incorporate it into their daily lives.

Manufacturers are also investing in research and development to enhance the nutritional profile by introducing new ingredients or fortifying the product with additional nutrients. For instance, on March 2, 2022, Activia, a brand under Danone's umbrella, launched a new addition to its product lineup: Activia+ Multi-Benefit drinkable yogurt. This innovative yogurt is specifically formulated to provide support to the immune system. Activia+ Multi-Benefit combines the goodness of billions of live active probiotics to promote gut health along with essential vitamins C, D, and zinc, known for their immune-strengthening properties.

Growing Demand for Functional Foods Drives the Market Growth

The growing demand for functional foods is a key driver behind the growth of the global drinkable yogurt market. Consumers are increasingly seeking out food and beverage options that offer additional health benefits beyond basic nutrition. Drinkable yogurt, with its inherent health-promoting properties, aligns perfectly with this trend, positioning itself as a sought-after functional food choice.

Manufacturers are also incorporating functional ingredients such as probiotics, vitamins, minerals, and antioxidants into their drinkable yogurt formulations. For instance, on December 10, 2020, Chobani unveiled an expansive range of fresh offerings, expanding its product portfolio with exciting additions. Among the highlights is the Chobani Probiotics line, which includes a variety of yogurts and drinks enriched with beneficial probiotics. This lineup aims to support gut health and provide a wide selection of probiotic-rich options for consumers.

Fluctuating Raw Material Prices Hamper the Market Growth

The high cost of drinkable yogurt can pose a restraint on the global drinkable yogurt market. As consumers evaluate their purchasing decisions, affordability plays a crucial role, and a higher price point can deter potential buyers from choosing drinkable yogurt over other options.

The high cost of drinkable yogurt is limiting its accessibility to a broader consumer base, particularly in regions where affordability is a significant factor in purchasing decisions. This restriction can impede market penetration and expansion, hindering the overall growth potential of the drinkable yogurt market.

COVID-19 Impact Analysis

The COVID-19 pandemic had a significant impact on the global drinkable yogurt market. The closure of restaurants, cafes, and other food service establishments significantly impacted the demand for drinkable yogurt in this sector. With reduced foot traffic and limited dining options, the consumption of drinkable yogurt in food service establishments declined.

However, the pandemic accelerated the growth of e-commerce and online retail channels. As consumers limited their visits to physical stores, online platforms became a preferred avenue for purchasing drinkable yogurt. Manufacturers and retailers focused on strengthening their online presence, expanding digital marketing efforts, and improving home delivery services to cater to this shift in consumer buying behavior.

Artificial Intelligence Impact Analysis

Artificial Intelligence (AI) technologies, such as computer vision, can be employed for quality control and food safety in the production process. AI systems can monitor production lines, identify defects or contaminants, and trigger alerts or automatic adjustments, ensuring the consistency and safety of drinkable yogurt products. This enhances consumer trust, mitigates potential risks, and safeguards brand reputation in the market.

AI-powered chatbots and virtual assistants can enhance customer engagement by providing instant responses to inquiries, offering product recommendations, and addressing customer concerns. These AI-based interactions provide a personalized and efficient customer service experience, fostering brand loyalty and increasing customer satisfaction in the drinkable yogurt market.

Segment Analysis

The global drinkable yogurt market is segmented based on source, flavor and distribution channel, and region.

Consumers are Actively Seeking Alternatives to Traditional Dairy Products

The non-dairy segment held the largest share of the global drinkable yogurt market. Non-dairy alternatives often position themselves as healthier options compared to traditional dairy products. They are marketed as being free from cholesterol, lactose, and animal-derived ingredients, while also offering potential health benefits associated with plant-based ingredients. This health and wellness focus resonates with consumers seeking nutritious and functional beverages, driving the demand for non-dairy drinkable yogurts.

Manufacturers are also introducing innovative formulations, flavors, and textures to cater to diverse consumer preferences. For instance, on July 18, 2020, Danone introduced a lineup of plant-based yogurt drinks in Asda, a prominent U.K. supermarket. These dairy-free beverages, featuring enticing flavors such as Mango & Passionfruit and Blueberry, are set to make their debut in several major retailers later this year.

Geographical Analysis

Increasing Population and Retail Expansion in Asia Pacific

The Asia Pacific region has established its dominance by capturing the largest share of the global drinkable yogurt market. The region's sheer population size, including populous countries like China and India, is providing a vast consumer base for drinkable yogurt products. The cultural inclination towards yogurt consumption in many Asian countries is playing a significant role. Yogurt has been an integral part of the regional culinary traditions, making it widely accepted and consumed as a healthy and nutritious food item.

The growing health and wellness trends in Asia are propelling the demand for drinkable yogurt. As consumers become more health conscious, they are actively seeking probiotic-rich foods like yogurt, which are perceived to offer various health benefits. The expansion of modern retail channels, including supermarkets, hypermarkets, and online platforms, is further facilitating the accessibility and availability of drinkable yogurt products in the region.

Competitive Landscape

The major global drinkable yogurt market players include Müller, Danone S.A., General Mills, Inc., Dana Dairy Group, Chobani, Morinaga Nutritional Foods, Inc., Grupo Lala, Pillars Yogurt, The Icelandic Milk and Skyr Corporation and Lifeway Foods, Inc.

Why Purchase the Report?
• To visualize the global drinkable yogurt market segmentation based on source, flavor and distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of drinkable yogurt market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global drinkable yogurt market report would provide approximately 61 tables, 56 figures, and 117 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies