Yogurt Market - Growth, Trends, and Forecasts (2023-2028)

The yogurt market is projected to register a CAGR of 6.25% over the forecasted period.

The yogurt market is growing across the globe owing to its nutritional benefits like prevention of colon cancer, type two diabetes, osteoporosis, improvement of the immune system, healthy digestion, and many more. Over the medium term, the demand for yogurt is fueled by the factors like increasing awareness among people to lose weight, raising awareness about the importance of healthy food, the health benefits of yogurt, and the availability of numerous flavors. This is making the manufacturers concentrate on developing products with innovative flavors and health benefits.

Furthermore, drinking yogurt provides nutritional benefits like immunity boosting, bone health improvement, proper brain functioning, and many more. As a practical alternative to yogurt cups and spoons, yogurt drinks come in resealable carton packs and are provided with a convenient drinking straw, making it an ideal snack for people to have on the go. Also for the younger population who do not like the traditional taste of yogurt, yogurt with different fruit flavors is available in the market. For instance, in August 2021, Lactalis India launched the protein-packed yogurt drink 'Lacetl Turbo'. The yogurt drink is available in flavors like strawberry and mango. With the growing trend of veganism globally, the demand for non-dairy-based yogurt products is anticipated to grow at a faster rate over the medium term. In November 2021, Plant Veda Foods Ltd. launched a new product line PlantGurt. PlantGurt is made with all-natural ingredients and with lean plant-based protein. The product is available on Plant-Veda's official website.

Yogurt Market Trends

Growing Demand for Probiotic Food and Beverage

The high prevalence of digestive disorders drives the demand, for probiotic foods, across various consumer groups globally. Consumers find probiotic food an easy alternative for pharmacological treatments owing to its benefits. Yogurt is the most preferred probiotic food in both spoonable and drinkable forms and different flavors. The progressive shift of consumers toward digestive health-oriented products drives the probiotic product market. This has led yogurt to hold a significant share in the sales value of the probiotics market. The growing popularity of probiotics among the young generation, rising awareness about its health benefits, and an increase in the aging population are driving the market, According to the International Probiotics Association (IPA), China accounts for nearly half of the sales revenue in the Asia-Pacific probiotic food market. As probiotic yogurts are gaining more importance in the market, major players like Chobani, Vega-protein, Fage, Silk, Active, and many more are flooding the market with dairy-free probiotic yogurt. For instance, in August 2021, Silk, a brand of Danone launched Greek Style Coconut Yogurt made with the base of coconut milk.

Asia-Pacific is the Largest and Fastest-Growing Market

Consumption of yogurt across the Asia-Pacific market is on the rise because of its probiotic range of products, and its ability to improve metabolism, enhance digestion and support the immune system. Yogurt is also consumed as a dessert. It is offered in varieties, such as fruit yogurt, organic yogurt, and drinkable yogurt, which are well-received by consumers. For example, yogurt products are part of the Indian food culture, and this is expected to continue in the forecast period, mainly due to its health benefits. China and Japan are among the largest markets for yogurts in the Asia-Pacific region. The local market players are innovating new flavored yogurts. For instance, in July 2022, CP-Meiji introduced a new orange-flavored spoonable yogurt with nata de coco. The new yogurt, which has a citrus flavor and a chewy coconut jelly texture, is available in Thailand at 7-Eleven and other retail stores.

Yogurt Market Competitor Analysis

The yogurt market is a highly competitive market, with the presence of various international players. The major players in the market are extensively focusing on providing consumers with innovative and exotic flavors while including functional benefits in each yogurt product category. Danone SA, Chobani LLC, General Mills Inc., Nestlé SA, and China Mengniu Dairy Company Limited are the major players in the global yogurt market. Key players are now focusing on social media platforms and online distribution channels for their product online marketing and branding to attract more customers. To attain a larger share of the market studied, manufacturers are revitalizing their product portfolios to present the health aspects of yogurt. The players blend yogurt with probiotic drinks to make consumers pick the product over conventional probiotic offerings. One example is Nestle SA, which offers the probiotic ‘Bliss Plus’ yogurt drinks containing probiotic strains for maintaining digestive health.

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.