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.