The global yogurt market size was valued at $97,999.5 million in 2020, and is estimated to reach $171,826.1 million by 2031, registering a CAGR of 5.5% from 2022 to 2031. Yogurt is a low calorie, low sugar, and digestive food product made from whole, low fat, or skimmed milk. Yogurt is manufactured in the form of non-dairy delicacies under the name of coconut yogurt and soy yogurt. It may consist of fermenting bacterial cultures, sweeteners, flavors, color additives, stabilizers, emulsifiers, and preservatives depending on the way of production. Various nutrients present in yogurt include good bacteria for digestive tract, protein, calcium, vitamin B2, vitamin B12, potassium, and magnesium. Set yogurt or plain yogurt is most versatile variety with an average of 100 to 160 calories per cup depending on its fat content. The flavored variety of yogurt ranges from simple vanilla with added sugar to different fruit flavored types available in the market.
The cost-effectiveness and easy availability of raw materials, including milk used in the preparation of yogurt drive the market growth. Fruits, milk, sugar, flavors, and bacterial culture are some of the key ingredients used to prepare yogurt. Furthermore, rise in popularity of flavored and vegan yogurt along with frequent product launches by key players spur the growth of the market during the forecast period. Furthermore, the set yogurt segment accounted for highest market share in 2020, and is expected to grow at a CAGR of 4.4% during the forecast period. Asia-Pacific and Europe accounted for more than 74.1% of the global yogurt market in 2020 owing to the huge consumption of yogurt products in the region.
During COVID-19, people were focused on consumption of high nutritional food to increase immune system, which can lower the risk of chronic illnesses and infectious diseases. Thus, yogurt sales were increased in 2020. Yogurt contains immunity boosting nutrients that includes vitamin D.
The yogurt market segmented on the basis of type, flavor, source, distribution channel, and region. Depending on type, it is categorized into set yogurt, greek yogurt, yogurt drinks, and frozen yogurt. By flavor, it is bifurcated into plain and flavored. According to source, it is classified into dairy-based and non-dairy-based. As per distribution channel, it is fragmented into supermarkets/hypermarkets, independent retailers, specialist retailers, convenience stores, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, and rest of the Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey, and rest of the LAMEA).
Asia-Pacific dominated the global yogurt market with largest market share and highest CAGR during the forecast period. This is attributed to huge production in different countries of the region, including China, Japan, and India. The primary drivers of the market include health benefits associated with consuming yogurt and increase in awareness among people for losing weight. Other factors supporting the market growth are expansion of retail market in various regions and lower lactose content for lactose intolerant people willing to eat dairy products.
However, artificial additives & ingredients, often added to the yogurt and hormonal treatment of cows that may cause fatal diseases restrict people from buying yogurt, thus, limiting the market growth. Growth in demand for yogurt in developing nations, owing to rise in disposable income as well as increase in health awareness is expected to provide numerous opportunities for the expansion of the global yogurt market.
Players operating in the global yogurt industry adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Arla Foods Amba, Britannia Industries Limited, Chobani, Llc, Danone, General Mills, Gujarat Cooperative Milk Marketing Federation (Amul), Lactalis Corporation, Nestle S.A., Saputo Inc., and Schreiber Foods Inc.
The cost-effectiveness and easy availability of raw materials, including milk used in the preparation of yogurt drive the market growth. Fruits, milk, sugar, flavors, and bacterial culture are some of the key ingredients used to prepare yogurt. Furthermore, rise in popularity of flavored and vegan yogurt along with frequent product launches by key players spur the growth of the market during the forecast period. Furthermore, the set yogurt segment accounted for highest market share in 2020, and is expected to grow at a CAGR of 4.4% during the forecast period. Asia-Pacific and Europe accounted for more than 74.1% of the global yogurt market in 2020 owing to the huge consumption of yogurt products in the region.
During COVID-19, people were focused on consumption of high nutritional food to increase immune system, which can lower the risk of chronic illnesses and infectious diseases. Thus, yogurt sales were increased in 2020. Yogurt contains immunity boosting nutrients that includes vitamin D.
The yogurt market segmented on the basis of type, flavor, source, distribution channel, and region. Depending on type, it is categorized into set yogurt, greek yogurt, yogurt drinks, and frozen yogurt. By flavor, it is bifurcated into plain and flavored. According to source, it is classified into dairy-based and non-dairy-based. As per distribution channel, it is fragmented into supermarkets/hypermarkets, independent retailers, specialist retailers, convenience stores, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, and rest of the Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey, and rest of the LAMEA).
Asia-Pacific dominated the global yogurt market with largest market share and highest CAGR during the forecast period. This is attributed to huge production in different countries of the region, including China, Japan, and India. The primary drivers of the market include health benefits associated with consuming yogurt and increase in awareness among people for losing weight. Other factors supporting the market growth are expansion of retail market in various regions and lower lactose content for lactose intolerant people willing to eat dairy products.
However, artificial additives & ingredients, often added to the yogurt and hormonal treatment of cows that may cause fatal diseases restrict people from buying yogurt, thus, limiting the market growth. Growth in demand for yogurt in developing nations, owing to rise in disposable income as well as increase in health awareness is expected to provide numerous opportunities for the expansion of the global yogurt market.
Players operating in the global yogurt industry adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Arla Foods Amba, Britannia Industries Limited, Chobani, Llc, Danone, General Mills, Gujarat Cooperative Milk Marketing Federation (Amul), Lactalis Corporation, Nestle S.A., Saputo Inc., and Schreiber Foods Inc.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global yogurt market with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis from 2020 to 2031 is provided to showcase the financial competency of the market.
- Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
Key Market Segments
By Type
- Set Yogurt
- Greek Yogurt
- Yogurt Drinks
- Frozen Yogurt
By Flavor
- Plain
- Flavored
By Source
- Dairy Based Yogurt
- Non Dairy Based Yogurt
By Distribution Channel
- Supermarkets And Hypermarkets
- Convenience Stores
- Specialist Retailers
- Online Stores
- Others
By Region
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Italy
- Spain
- Russia
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia-Pacific
- North America
- U.S.
- Canada
- Mexico
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Turkey
- Rest of LAMEA
Key Market Players
- Arla Foods Amba
- britannia industries limited
- Chobani, Llc
- Danone
- General Mills, Inc.
- Gujarat Cooperative Milk Marketing Federation (Amul)
- Lactalis Corporation
- Nestle S.A.
- Saputo Inc
- Schreiber Foods Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: YOGURT MARKET, BY TYPE
CHAPTER 5: YOGURT MARKET, BY FLAVOR
CHAPTER 6: YOGURT MARKET, BY SOURCE
CHAPTER 7: YOGURT MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 8: YOGURT MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Yogurt Market,' the yogurt market was valued at $97,999.50 million in 2020, and is estimated to reach $171.8 Billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.Yogurt is healthy, versatile, and convenient food option with a characteristic richness and pleasant taste. It contains healthy bacteria that is beneficial for the gut. Thus, it acts as a good probiotic facilitating weight management, digestion, and absorption of vitamins & minerals. Yogurt is available in different forms, flavors, and packings in the market ranging from cups, tubs & tubes, to drinkable yogurt such as kefir. It also cures or prevent diarrhea, constipation, and bloating.
The main drivers for the global yogurt market size are health benefits associated with consuming yogurt and rise in health-conscious people in different regions for losing weight. The additional facts that support the growth of the market are growth in retail market and low lactose content for lactose intolerant people willing to eat dairy products. However, the artificial additives & ingredients present in certain varieties of yogurt along with hormonal treatment of cows causing fatal diseases limit people from consuming yogurt, restricting the market growth. Rise in demand for yogurt in developing nations, owing to increase in disposable income and health awareness is expected to provide numerous opportunities for expansion of the global yogurt market.
Outbreak of COVID-19 positively impacted growth of the yogurt market in 2020. Snackification of the yogurt, rise in popularity for nutritional & immune boosting food, and increase in trend of eating food at home attributed to increased sales in 2020.
The yogurt market is segmented on the basis of type, flavor, source, distribution channel, and region. Depending on type, it is categorized into set yogurt, greek yogurt, yogurt drinks, and frozen yogurt. According to flavor, it is bifurcated into plain and flavored. By source it is classified into dairy-based and non-dairy-based. As per distribution channel, it is fragmented into supermarkets/hypermarkets, independent retailers, specialist retailers, convenience stores, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, and rest of the Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey, and rest of the LAMEA).
On the basis of type, the yogurt drinks segment was the significant contributor to the market share, with $32,501.9 million in 2020, and is estimated to reach $62,216.1 million by 2031, at a CAGR of 6.4% during the forecast period. Yogurt is consumed in many forms such as beverage, snacks, meal replacement, dessert, and protein-rich sports drink. In 2020, the yogurt drinks segment occupied major market, in terms of revenue, with nearly one-third of the share. This trend is expected to be continued during the forecast period, owing to the probiotic nature and omega-3 benefits offered by drinking yogurt.
According to the flavor, the flavored segment was the significant contributor to the yogurt market share, and is estimated to reach $55,127.7 million by 2031, at a CAGR of 6.3% during the forecast period. Flavored yogurt is made up of flavors, fermented milk, and viable bacteria, which creates a thickened product and have extended shelf life. Flavored yogurt can be consumed through various forms, including drinkable and frozen. Strawberry flavored and strawberry blended yogurt is the most preferred choice of flavored yogurt among consumers, due to fresh color, characteristic sweet taste, and smooth texture.
According to the yogurt market trends, on the basis of source, the non-dairy-based segment was the highest contributor to the market, and is expected sustain its contribution throughout the yogurt market forecast period. Growth in vegan population and increase in popularity of plant-based products among consumers are major factors driving the global yogurt market growth through non-dairy-based segment. In addition, increase in adoption of healthy lifestyle and growth in preference for vegetarian diet, owing to rise in health-consciousness support the growth of the market.
According to the yogurt market analysis, by distribution channel, the hypermarkets/supermarkets segment was the highest contributor to the market, with $37,328.2 million in 2020, and is estimated to reach $59,586.9 million by 2031, at a CAGR of 4.6% during the forecast period. The hypermarkets/supermarkets segment is the leading distribution channel with almost half of the yogurt market share, growing with second fastest CAGR during the forecast period. This is attributed to the increase in business of retail sales in different regions as well as the large shelf space available for maximum sales, which lets customers pick their choice.
According to the yogurt market opportunities, by region wise, Europe dominated the yogurt market and is expected to sustain its dominance during the forecast. This is attributed to significant growth in demand for plant-based food products, including yogurt and demand for immunity boosting products. Consumers increase their expenditure on plant-based products as a result of increased prevalence of disorders including milk allergies among the common mass in Europe. Furthermore, frequent product launches in the category of plant-based food products are likely to boost the demand non dairy-based yogurt. Thus, increasing demand for plant based milk food products in Europe is likely boost the growth of the Europe yogurt market.
Players operating in the yogurt industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Arla Foods Amba, Britannia Industries Limited, Chobani, Llc, Danone, General Mills, Gujarat Cooperative Milk Marketing Federation (Amul), Lactalis Corporation, Nestle S.A., Saputo Inc., and Schreiber Foods Inc.
KEY FINDINGS OF THE STUDY
The yogurt market size was valued at $97,999.5 million in 2020, and is estimated to reach $171,826.1 million by 2031, registering a CAGR of 5.5% from 2022 to 2031.In 2020, depending on type, the set yogurt segment acquired32,496.3 million, garnering 28.9% of the global market share.
In 2020, on the basis of flavor, the plain segment acquired70,064.6 million, exhibiting 71.5% of the global market share.
By source, the dairy-based segment growing at CAGR of 5.4% during the forecast period.
In 2020, depending on distribution channel, the online stores segment acquired20,315.7 million, garnering 20.7% of the global market share.
U.S. was the most prominent market in North America in 2020, and is projected to reach $24,093.5 million by 2031, growing at a CAGR of 5.4% during the forecast period.
Companies Mentioned
- Arla Foods Amba
- britannia industries limited
- Chobani, Llc
- Danone
- General Mills, Inc.
- Gujarat Cooperative Milk Marketing Federation (Amul)
- Lactalis Corporation
- Nestle S.A.
- Saputo Inc
- Schreiber Foods Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | March 2022 |
| Forecast Period | 2020 - 2031 |
| Estimated Market Value ( USD | $ 97999.5 million |
| Forecasted Market Value ( USD | $ 171826.1 million |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
