The global yogurt market is expected to record an estimated CAGR of 4.5%, during the forecast period (2018-2023). The increasing awareness of the health benefits of yogurt acts as a catalyst to the growth of this market. The probiotic effects of yogurt has attracted to the consumers.
The increase in awareness of the health benefits of yogurt is also a key driver of this market. As it is rich in calcium and protein, some of the health benefits of yogurt include boosting the immune system, combating diarrhea, and constipation, etc. The increasing availability of flavored yogurt is also a driver of this market. The rise in the cost of production poses a threat to the market. The growing demand from developing countries due to the greater involvement of the organized sector would provide a further boost to the industry’s growth.
Yogurt is majorly consumed in North America with US as the largest market. However, developing countries, such as China, India, and Middle East has observed a strong growth in sale of yogurt. Organic, clean label and authentic version of yogurt are increasing in sale. China and India is expected to contribute 95% of the global dairy market growth. The various fruity flavored varieties and drinkable yogurt style are becoming popular in emerging countries owing to convenience and healthy eating habits.
The market for yogurt is highly fragmented. The vendors compete for innovation, pricing, and distribution. The increased adoption of western style and taste has triggered demand among the younger consumers, which encourages companies to innovate new product variants targeting this group. Some of the major players in the market include - General Mills, Groupe Dannone, Chobani, China Mengniu Dairy among others.
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