Transparency Market Research observes that the leading players in the North America Yogurt Market held a share of 74.3% in market in 2016. This mammoth share indicates that the market is highly consolidated with the presence of few strong players. Chobani, Danone, Private Label, Yoplait, and Fage are the top five players. Their dominance can be credited to a diverse and a comprehensive range of products. The persistent efforts to add more number of flavors and deliver them through innovative packaging and marketing methods is estimated to be the primary focus on these companies in the coming years. Additionally, these companies are also likely to collaborate with dairy owners in emerging markets for strategic reasons. Geographical expansion is estimated to fare well with the North America yogurt market in the near future.
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According to the research report, the opportunity in the North America yogurt market is expected to be worth US$14.59 bn by 2024 as compared to US$11.18 bn in 2015. During the forecast years of 2016 and 2024, the overall market is expected to surge at a CAGR of 3.0%.
U.S. to Dominate North America Yogurt Market with 3.7% CAGR 2016–2024
The demand for traditional yogurt is projected to exhibit continued growth during the forecast period. By the end of 2024, the traditional yogurt segment is estimated to hold a share of 38.2% in the North America yogurt market. Greek yogurt will follow this lead quite closely. In terms of regions, the U.S. is likely to dominate the market as the country is projected to surge at a CAGR of 3.7% between 2016 and 2024.
Greek Yogurt Continues to Show Promise of Growth through Forecast Period as Preference Remains Steady
The yogurt market across North America received a massive impetus after the introduction of Greek yogurt. The revolution since then has garnered a significant clientele, which has continuously shaped the trajectory of the overall market. The demand for Greek yogurt, which holds about 40% share in the total market, is expected to be on the rise as it contains few carbohydrates and fats. This type of yogurt is known to be rich in proteins and calcium, which has been its key growth drivers amongst the fitness-conscious consumers. Today, the North America yogurt market is on the cusp of a revolution has several manufacturers in the market are introducing a variety of flavors to favor myriad palates.
The relentless growth of the dairy industry in the U.S. has also been fueling the North America yogurt market. “The large-scale operations of dairy industry, adoption of innovative technologies, and continuous efforts to bring in product diversification has changed perceptions about yogurt, putting it on pedestal amongst consumers seeking healthy food options,” states the lead author of this research report. The market has also benefitted with increasing investments from several big and small players, who have ardently diversified the product through methods of making and packaging. The changing lifestyles, improving disposable incomes, and growing awareness about living healthy lifestyles are all expected to make a significant difference to the soaring revenue of the North America Yogurt market in the near future.
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Maturing Demand for Yogurts to Challenge Overall Market
Analysts suspect that the demand for Greek yogurt is likely to mature, which is likely to impact the sales in the forecast period. Owing to this reason, manufacturers will shift their focus to other types of yogurt, which might hamper the sales even more. Though the yogurt market is likely to mature, the potential for yogurt drinks is estimated to be relatively. These come in a wide range of flavors and are gaining popularity amongst consumers.
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