The Asia-Pacific yogurt market is expected to grow at a CAGR of 6.5% during 2018-2023. The increasing awareness of the health benefits of yogurt acts as a catalyst to the growth of this market. Drinkable yogurt is the fastest-growing segment in China, and plain yogurt is the most consumed segment in India, while flavored yogurt is gaining popularity in Japan. Strategic partnerships with major companies are aiding in the expansion of this market. In 2013, the Chinese companies, Mengniu and Danone, signed an agreement to establish a joint venture for the production and supply of chilled yogurt products.
The rise in disposable income, coupled with a shift in the consumer preference, is driving the growth of this market. Also, the increasing awareness of health benefits of yogurt and the easy availability of flavored yogurt are further driving the market. The influence of Western lifestyle and taste, particularly among the younger consumers, is highlighting the need for newer varieties. Some of the health benefits of yogurt include boosting the immune system, combating diarrhea and constipation, etc. However, the rise in the cost of production poses a threat to the market.
The Asia-Pacific yogurt market is segmented on the basis of product type into regular yogurt and fat-free yogurt. While the regular yogurt constitutes a majority of the demand, increasing awareness regarding the consumption of healthy food supports the growth of the fat-free yogurt market.
The regional market is further segmented by form into set yogurt, yogurt drinks, Greek yogurt, and frozen yogurt. The set yogurt is more popular than the others and contributes a higher revenue. Yogurt drinks and frozen yogurt are further segmented into regular and flavored, which come in different taste variants.
The market is also segmented by the distribution channel into super markets/hyper markets, convenience stores, grocery stores, online, and others.
The Asia-Pacific yogurt market has been geographically segmented into China, Japan, India, Australia, and others. China is a major market in the region, with drinkable yogurt market growing exponentially in the country; due to significant and sustained investments and the rising demand for healthier drinks “on the go.” Yogurt has been part of the home-made meals in India. Steady growth is expected in Japan during the forecast period.
The market for yogurt is highly fragmented, wherein, the vendors compete for innovation, pricing and distribution. In China, Mengniu and Danone signed an agreement to establish a joint venture for the production of chilled yogurt products. Low-sugar variants of yogurt have been gaining popularity, which encourages the vendors to launch new and healthier varieties of yogurt. The private label brands are increasing their market share, thus threatening the position of leading brands.
Some of the major players in the market include-
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