Allied Market Research published a report, titled, “Yogurt Market by Type (set yogurt, greek yogurt, yogurt drinks, frozen yogurt), by source (dairy based yogurt, non dairy based yogurt) global opportunity analysis and industry forecast, 2020-2031”. According to the report, the global yogurt industry generated $97.9 billion in 2020, and is anticipated to generate $171.8 billion by 2031, witnessing a CAGR of 5.5% from 2022 to 2031.
Prime determinants of growth
Health benefits associated with consuming yogurt, increase in awareness among people for losing weight, and expansion of retail market in various regions drive the growth of the global yogurt market. However artificial additives & ingredients added to yogurt and harmful hormonal treatment of milk producing cow restrict the market growth. Moreover, increase in demand for yogurt in developing nations, owing to rise in disposable income and surge in health awareness present new opportunities in the coming years.
The plain segment to maintain its leadership status throughout the forecast period
Based on flavor, the plain segment held the highest market share in 2020, accounting for more than two-thirds of the global yogurt market, and is estimated to maintain its leadership status throughout the forecast period, owing to availability of yogurt with high nutritional value, high protein content, and frequent product launches & product innovations. However, the flavored segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Flavored yogurt can be consumed through various forms, including drinkable and frozen, which drives the segment.
The hypermarkets/supermarkets segment to maintain its lead position during the forecast period
Based on distribution channel, the hypermarkets/supermarkets segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global yogurt market, and is projected to maintain its lead position 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. Moreover, the online stores segment is expected to portray the largest CAGR of 6.7% from 2022 to 2031, due to the growing e-commerce market in both developed and developing countries.
Asia-Pacific, followed by Europe & North America to maintain its dominance by 2031
Based on region, Asia-Pacific, followed by Europe & North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global yogurt market. Moreover, the same region is expected to witness the fastest CAGR of 6.2% from 2022 to 2031. This is attributed to huge production in different countries of the region, including China, Japan, and India.
