Yogurt Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Yogurt Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global yogurt market is projected to register a CAGR of 4.5% during the forecast period (2020 - 2025)

Key Highlights

• The demand for yogurt is fueled by the availability of numerous flavors, and growing consumer indulgence for exotic flavors, coupled with significant investments by manufactures. This prompts the manufacturers to develop products with innovative flavors to cater to the growing demand.
• Drinking yogurt is able to ideally meet consumer's three key product demands: health, mobility, and convenience. As a practical alternative to yogurt cups and spoons, yogurt drinks come in recloseable carton packs or are provided with a convenient drinking straw, making it an ideal snack for people on-the-go, a replacement breakfast, or the healthy in-between meal snack.
• Additionally, with the growing trend of veganism globally, the demand for non-dairy-based yogurt products is anticipated to grow at a faster rate. Owing to the large retail space and convenient conventional services, supermarkets/ hypermarkets remain as one of the most preferred points of sale for yogurt.​

IMPACT OF COVID-19 ON THE MARKET

Key Highlights

• The outbreak of COVID-19 had a short-term positive impact on the retail yogurt market as the market was fueled by the grocery stockpiling and forceful lockdown where consumers had to stay at their homes and manage their meals themselves. Moroever, functional health benefits of yogurt, being a probiotic, also helped the market to witness the higher demand as consumers seeked to follow better diets and focus on their gut health during the pandemic period.
• Market also witnessed a rise in the online yogurt sales as numerous e-commerce and online grocery delivery platforms had widened their operations during the lockdown period. Non-dairy/vegan yogurt products also achieved a significant demand across the pandemic period.

Key Market TrendsGrowing Demand for Probiotic Food and Beverages

The high prevalence of digestive disorders drives the demand, for probiotic foods, across various consumer groups, globally. Yogurt, in both spoonable and drinkable form and in different flavors, is the most preferred among the probiotic food. The progressive shift of consumers in the United States toward digestive health-oriented products drives the market for probiotic food products. This has led yogurt to hold a major share in the sales value of the probiotics market in the country. According to the International Probiotics Association (IPA), China accounts for nearly half of the sales revenue in the Asia-Pacific probiotic food market. Almost 90% of dairy-based probiotic food and beverages were consumed in China, and dairy-based yogurt held a prominent share driving the market.

Asia Pacific is the Largest and Fastest Growing Market

Consumption of yogurt across the Asia-Pacific market is on the rise because of its probiotic range of products, its ability to improve metabolism, enhance digestion, and support the immune system. Yogurt is also consumed as dessert. It is offered in varieties, such as fruit yogurt, organic yogurt, and drinkable yogurt, which are well received by the consumers. For example, yogurt products are part of the Indian food culture, and this is expected to continue in the forecast period, mainly due to its health benefits. Furthermore, China and Japan are among the largest markets for yogurts in the Asia-Pacific region, while Australia and India are experiencing a heightened awareness of yogurts’ health benefits, thus, driving its growth.

Competitive Landscape

The yogurt market is a highly competitive market, with the presence of various international players. The major players of the market are extensively focusing on providing consumers with innovative and exotic flavors while including functional benefits in each of the yogurt product categories. Danone SA, Chobani LLC, General Mills Inc., Nestlé SA, and China Mengniu Dairy Company Limited are the major players in the global yogurt market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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