Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Yogurt Market (Type: Set Yogurt, Greek Yogurt, Yogurt Drinks, Frozen Yogurt; Distribution Channel: Supermarkets/Hypermarkets, Independent Retailers, Specialist Retailers, Convenience Stores, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast 2023”, estimates that global yogurt market is expected to reach the market value of around $107 billion by 2023 and is expected to grow at a CAGR of around 4.6% in terms of revenue during the period 2017 - 2023. Owing to the health benefits related with the consumption of yogurt and its application in different delicacies, the market is expected to witness increased adoption in coming years. In addition, rising awareness among people for losing weight, expansion of retail market and lower or no lactose content are the main factors driving the growth of yogurt market, globally. On the other hand, addition of harmful additives & ingredients in yogurt to increase flavor options is posing threat to human health, thus restraining the growth of market.
Low Lactose Content Highly Contributing to the Growth of This Market
Milk and milk products commonly consist of a sugar called lactose which is digested by lactase enzyme in the human body. Lactase deficiency and lactose malabsorption can lead to a condition called ‘lactose intolerance’ among people. As per the National Library of Medicine (NLM), around 65% of the global human population has a decreased ability to digest lactose after infancy. Thus, people suffering from lactose intolerance look for dairy products with lower or no lactose content. Greek yogurt is mostly recommended for lactose intolerant people as it is strained multiple times for whey removal, giving it a creamy taste and lower lactose content. Thus, less or no content of lactose is contributing growth of this market.
Insights on Market Segments
Global yogurt market is segmented by type, distribution channel and geography. Based on different types, the market is segmented into set yogurt, Greek yogurt, yogurt drinks, and frozen yogurt. Further, yogurt drinks are sub-classified into regular and flavored. Also, distribution channel is further bifurcated into supermarkets/hypermarkets, independent retailers, specialist retailers, convenience stores, and others such as online sale and home deliveries. Based on geography market is further classified into North America, Europe, Asia-Pacific, LAMEA.
Supermarket/Hypermarket Segment Held Largest Share In Yogurt Sale
Supermarket/hypermarket segment held highest market share in 2017 in terms of volume and revenue. Improved and enlarged penetration of retail industry, especially in emerging region is expected to support the growth in coming years. Furthermore, consumption of yogurt via online means is anticipated to show a substantial growth during upcoming period. Increased internet penetration owing to availability of convenient purchasing of product is foreseen to be an influencing factor for online purchasing in yogurt market in the coming years.
Some of the key players operating in the global yogurt market, profiled in the report include Arla Foods Amba, Britannia Industries Limited, Chobani, LLC; Danone, General Mills, Inc. (Yoplait), Gujarat Cooperative Milk Marketing Federation (Amul), Lactalis Group, Nestle S.A., Parmalat S.P.A., and Saputo Inc. among others.
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