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Forecast Period
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2018-2028
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Market Size (2022)
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USD112.10 Billion
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CAGR (2023-2028)
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6.75%
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Fastest Growing Segment
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Flavored
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Largest Market
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Asia Pacific
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Market Overview
The Global Yogurt Market
valued at USD112.10 billion in
2022 and is anticipated to project robust growth in the forecast period with a
CAGR of 6.75% through 2028.Yogurt is a delicious and nutritious dairy
product that has been enjoyed by people around the world for centuries. It is
made by fermenting milk with live bacterial cultures, which convert lactose
(milk sugar) into lactic acid, giving yogurt its tangy flavor and creamy
texture. Yogurt is known for its numerous health benefits. It is a good source
of protein, calcium, and other essential nutrients. Yogurt also contains
probiotics, which are beneficial bacteria that can help maintain a healthy gut
and support digestion. There are various types of yogurt available, including
plain, flavored, Greek yogurt, and plant-based alternatives. Plain yogurt is
versatile and can be used in both sweet and savory dishes. Flavored yogurts
come in different flavors and often contain added sugars or artificial
sweeteners. Greek yogurt is thicker and creamier due to the straining process,
which removes some of the whey. Plant-based yogurts are made from non-dairy
alternatives like soy, almond, or coconut milk.
Increased consumer preference
for healthier food options has been a crucial driver of the global yogurt
market. Consumers are increasingly choosing yogurt as a nutritious and
convenient snack or breakfast option due to its high protein content,
low-calorie nature, and potential health benefits. The rising demand for
non-dairy products, driven by lactose intolerance, dairy allergies, and vegan
preferences, has fueled the growth of the yogurt market. Manufacturers are
introducing a wide range of plant-based yogurts made from soy, almond, coconut,
and other ingredients to cater to this growing consumer segment. The emphasis
on health and wellness has played a significant role in the yogurt market's
expansion. Yogurt is perceived as a healthy food choice due to its probiotic
properties, which can support digestive health and boost the immune system.
This trend has led to increased consumption of yogurt among health-conscious
individuals.
Key Market Drivers
Increasing Consumer
Preference for Healthier Options
One of the primary drivers of
the yogurt market is the growing consumer preference for healthier food
choices. Yogurt is considered a nutritious food product that offers various
health benefits, including probiotics, calcium, and protein. With rising health
consciousness, consumers are opting for yogurt as a healthier dessert or snack
option.
Demand for Non-Dairy Yogurts
The market has witnessed a
surge in demand for non-dairy yogurt products, driven by factors such as
lactose intolerance, dietary restrictions, and veganism. Non-dairy yogurts
derived from sources like soy, almond, coconut, and oat have gained popularity
among consumers seeking dairy alternatives.
Rising Popularity of
Low-Calorie and High-Protein Yogurts
As more individuals focus on
maintaining a balanced diet, there is an increasing demand for low-calorie and
high-protein yogurt options. These yogurts cater to consumers looking to manage
their weight, enhance muscle growth, and support overall wellness.
Innovation and Product
Development
The yogurt market is highly
competitive, with companies constantly striving to introduce innovative
flavors, formats, and packaging. Product diversification and continuous research
and development efforts help attract consumers and meet their evolving
preferences.
Strong Market Presence of
International Players
The yogurt market is
dominated by various international players who have established a strong
foothold in the industry. These companies invest heavily in marketing,
branding, and distribution networks, driving overall market growth.
Increasing Consumer Awareness
Growing awareness about the
health benefits associated with regular yogurt consumption has driven market
growth. Consumers are becoming more informed about the positive effects of
yogurt on gut health, digestion, and immunity, leading to a higher demand for
these products.
Convenience and Portability
The availability of
single-serve and on-the-go yogurt options has contributed to the market's
expansion. Yogurt cups, pouches, and drinkable yogurts provide convenience for
busy consumers seeking quick and nutritious snacks.
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Key Market Challenges
Intense Competition
One of the key challenges in
the global yogurt market is the intense competition among manufacturers. The
market is highly fragmented, with numerous players offering a wide range of
yogurt products. This high level of competition puts pressure on companies to
constantly innovate, differentiate their products, and invest in marketing and
promotional activities to capture and retain market share.
Fluctuating Prices of Raw
Materials
Another challenge is the
fluctuating prices of raw materials. Milk, one of the primary ingredients in
yogurt production, is subject to price volatility due to various factors such
as weather conditions, changes in supply and demand, and government policies.
Fluctuations in milk prices can significantly impact the profit margins of
yogurt manufacturers, making it challenging to maintain stable pricing and
profitability.
Changing Consumer Preferences
The yogurt market faces
challenges related to changing consumer preferences and dietary trends. While
yogurt has traditionally been consumed as a breakfast or snack item, consumer
preferences are evolving, and there is an increasing demand for yogurt-based
desserts, frozen yogurt, and yogurt drinks. Manufacturers need to adapt to
these changing preferences by introducing new product variants and flavors to
cater to a wider range of consumer tastes.
Health and Nutrition Concerns
Health and nutrition concerns
also pose challenges for the yogurt market. While yogurt is generally perceived
as a healthy food choice due to its probiotic properties and calcium content,
there is a growing emphasis on reducing sugar and fat intake. Consumers are
becoming more health-conscious and are seeking yogurt products that are low in
sugar and fat, without compromising taste and quality. Manufacturers need to
develop innovative formulations and manufacturing processes to meet these
evolving consumer demands.
Rising Costs of Production
and Distribution
Another significant challenge
is the rising costs of production and distribution. As the yogurt market
expands globally, manufacturers need to invest in efficient production
facilities, transportation infrastructure, and supply chain management to meet
the increasing demand. Additionally, regulatory requirements and quality
standards vary across different regions, adding complexity and costs to the
production and distribution processes.
Consumer Awareness and
Education
Consumer awareness and
education play a crucial role in the success of the yogurt market. Many
consumers are still not fully aware of the health benefits associated with
consuming yogurt regularly, or they may have misconceptions about its
nutritional value. Manufacturers need to invest in marketing campaigns and
educational initiatives to educate consumers about the benefits of yogurt and
attract new consumers to the market.
Key Market Trends
Growing Consumer Preference
for Healthy Food Options