by Yogurt is a fermented dairy product with high nutritional value that is low in fat and sugar content, making it appealing to health-conscious consumers. Some key advantages of yogurt include high calcium and protein content, presence of live active cultures or probiotics that aid digestion and boost immunity. The demand for yogurt is increasingly driven by its probiotic benefits that support digestive health and gut microbiome. Yogurt is consumed as a snack, used as an ingredient in recipes, and recommended by nutritionists and dieticians for its numerous health advantages.
The global yogurt market is estimated to be valued at US$ 139.1 billion in 2021 and is expected to exhibit a CAGR of 10.0% over the forecast period (2021-2028).
Key Takeaways
Key players operating in the Yogurt Market are General Mills, Inc., Nestle SA, Danone, Yakult Honsha Co., Ltd., Ultima Foods Inc., Chobani, LLC, Sodiaal, Muller UK Ireland Group LLP, Kraft Foods Group, Inc., and Rainy Lanes Dairy Foods Ltd. The increasing health consciousness and awareness about gut health has propelled the demand for probiotic-rich yogurt among consumers. Yogurt producers are focusing on innovating new product lines fortified with additional nutrients and probiotics to cater to evolving customer needs. Major companies are also expanding to emerging regions through strategic partnerships and acquisitions to leverage opportunities in high-growth international markets for yogurt.
Growing demand in market: The Yogurt Market Demand is growing globally due to rising awareness about its numerous health benefits. Its high protein and vitamin content makes it a popular choice for people focusing on fitness and muscle-building. The on-the-go lifestyles have also boosted sales of portable yogurt cups and drinks. Major producers are launching new flavors, varieties, sizes and product ranges like Greek yogurt, low-fat yogurt, and probiotic-enriched options to appeal to health-conscious consumers.
Global expansion of market: Leading yogurt manufacturers are eyeing opportunities in developing international markets to expand their global presence. They are making strategic investments and acquiring local players in high-potential regions like Asia Pacific, South America, Middle East and Africa. Many companies are also forming partnerships with local dairy farmers and producers to cater to regional taste preferences. The international markets offer considerable headroom for growth, especially in countries where per-capita yogurt consumption is currently low compared to developed nations.
Market key trends
One key trend gaining traction in the global yogurt market is the increasing popularity of plant-based and vegan yogurt alternatives. With more people adopting a vegan diet, manufacturers have introduced innovative yogurt products made from plant-based milk like soy, coconut, almond and oat milk. These vegan yogurts are similar in taste and consistency to regular dairy yogurts but are free from animal milk. They are marketed as being highly nutritious, sustainable and suitable for people with dairy or lactose intolerances. The plant-based yogurt segment is expected to witness double-digit growth over the forecast period driven by rising vegan and vegetarian populations globally.
Porter’s Analysis
Threat of new entrants: Low capital requirements and know-how barriers allow small local yogurt producers to enter the market easily. However, global yogurt brands have established extensive distribution networks and brand recognition.
Bargaining power of buyers: Large retail chains negotiate lower prices due to their high volume, but individual consumers have little influence over prices. Private label products impose competitive pressure on branded products.
Bargaining power of suppliers: Dairy farms have little bargaining power as yogurt producers can source milk globally. However, adverse weather conditions that affect dairy supply increase suppliers’ bargaining power.
Threat of new substitutes: Demand for alternative probiotic and plant-based products is increasing competition, but yogurt still offers versatility and perceived health benefits unmatched by substitutes.
Competitive rivalry: The market is dominated by large multinational companies competing on brand, variety of flavors and formats, and health/nutrition attributes. Intense rivalry comes from imitators of popular brands.
Geographical regions
Europe accounts for the highest value share in the yogurt Market Regional Analysis due to the high per capita consumption in countries like Germany, France and Greece. The regions of Eastern Europe and Western Europe remain the most lucrative.
The Asia Pacific region is expected to be the fastest growing geographical segment during the forecast period. Markets in India, China and Southeast Asian countries are witnessing rapid growth due to changing lifestyles, busy schedules and perception of yogurt as a healthy snack or meal.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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