Report Description


Forecast Period

2018-2028

Market Size (2022)

USD112.10 Billion

CAGR (2023-2028)

6.75%

Fastest Growing Segment

Flavored

Largest Market

Asia Pacific


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.