Study: Yogurt market expected to reach $107.2M globally by 2023
The hypermarkets/supermarkets segment is the leading distribution channel, with almost half of the yogurt market share.
The global yogurt market is projected to reach $107,209 million by 2023 from $77,679 million in 2016, growing at a CAGR of 4.6% from 2017 to 2023, according to a new report by Allied Market Research, Portland, Ore. The set yogurt type accounted for about one-third of the global market in 2016.
The main drivers for the global yogurt market are the health benefits associated with consuming yogurt, the growth in retail market and the low lactose content for lactose-intolerant consumers willing to eat dairy products. However, the artificial additives and ingredients present in certain varieties of yogurt along with hormonal treatment of cows causing fatal diseases may limit shoppers from consuming yogurt and restrict the market growth. Rise in demand for yogurt in the emerging nations owing to increase in disposable income and health awareness are expected to provide numerous opportunities for expansion of the global yogurt market.
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 and to let customers pick their choice.
In 2016, the yogurt drinks type occupied major market, in terms of revenue, with nearly one-third of the share. This trend is expected to continue during the forecast period due to the probiotic nature and omega-3 benefits offered by drinking yogurt. The set yogurt segment accounted for second highest market share in 2016, and is expected to grow at a decent CAGR during the forecast period. Asia-Pacific and Europe accounted for more than 70% of the global yogurt market in 2016, owing to the huge consumption of yogurt products in the region.
Key findings of the report include:
- Yogurt drinks segment is projected to witness the highest CAGR of 5.7% in revenue terms during the forecast period.
- Asia-Pacific is expected to be the dominant shareholder in 2023, due to high growth rate of population and yogurt products demand.
- Supermarket/hypermarket segment occupied the largest market with almost half of the value share in 2016, and is expected to grow at the second highest CAGR of 4.9% during the forecast period.
- The regular sub-type of the yogurt drinks segment accounted for higher market share, and is anticipated to grow at a faster rate than flavored yogurt drink during the forecast period.
- Frozen yogurt type is anticipated to be the second highest growing segment at a lucrative CAGR from 2017 to 2023, in value terms.