Bright Future Predicted for the Global Yogurt Market

2014-11-04
Published : Nov-2014

In the dairy products market, yogurt is one of the fastest-growing segments. Increased preference for healthy diet and growing awareness about the health benefits of consuming yogurt is driving the market. In 2012, the global market for yogurt was valued at 11.16 billion. By 2019, the market is expected to reach 15.9 billion, growing at a compound annual growth rate of 5.2 percent. The increased availability of new and different flavors has also led to the unprecedented growth in the yogurt market, particularly in North America. As more and more consumers realize the importance of adding low-fat dairy product to their diet, the demand for yogurt will increase, which will in turn bolster sales.

In recent years, consumers’ demand for Greek yogurt has gone up. With its thick, creamy consistency and its use in various cuisines and dishes, the sale of Greek yogurt has witnessed a dramatic increase. Some of the key players in the global market for yogurt are, Group Danone, Nestle SA, Chobani Inc., General Mills and China Mengnui Dairy. Currently Europe is the largest consumer of yogurt, followed closely by the US. However, with changing lifestyle, popularity of dairy products and rise of the middle class, growth in this sector is expected from the Latin-American and Asia-Pacific region. Changing preference of consumers for low-fat and flavored yogurt are some of the key factors that are driving the growth in the industry.

Both set yogurt and frozen yogurt have witnessed steady growth, with the bulk of sales represented through supermarkets. The foodservice industry has also contributed to the growth in the market, with more and more restaurants featuring a variety of yogurt on their menu. Some yogurt manufacturing companies such as Chobani and Danone are also raking up sales by opening their very own yogurt stores. To harness the continued demand for Greek and probiotic yogurt, manufacturers are launching high-protein yogurt drinks. A growing trend in the market is the emergence of yogurt aimed at lactose intolerant consumers. As over 15 percent of the US population is lactose intolerant, such products have a huge potential for growth. In the last couple of years, the demand for non-dairy yogurt such as almond milk yogurt, soy milk yogurt and coconut milk yogurt has also increased. With increasing awareness in health and availability of different flavors, the global market for yogurt is expected to thrive.

Explore the latest market research report on global yogurt market @http://www.sandlerresearch.org/global-yogurt-market-2014-2018.html

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