YOGURT MARKET: INFORMATION, FIGURES AND ANALYTICAL INSIGHTS, 2016 – 2024
The North America yogurt market is consolidate in nature, notices Transparency Market Research. Five global players which are Private Label, Chobani, Fage Danone, and Yoplait, holds a whopping of 74.3% of the overall share in the region. Certain strategies have aided these players in the region to have a strong customer base in the region. Of these, product innovation have not only augmented the sales rate, but also provided product differentiation, this have helped in formulating brand names. Apart from these, manufactures are focusing on attractive packaging, which is likely to make customer turn around their heads. This is also anticipated to aid the market to fetch stupendous growth rate.
According to a report by TMR, the global North America yogurt market is anticipated to witness an impressive rise of 3.0% CAGR during the forecast period. The market which was valued at US$11.8 bn in 2015 is predicted to touch US$14.59 bn by the end of the assessed period.
On the basis of packaging, the North America yoghurt market can be segregated into cups, tubs, pouches, and jars. Of these, cup packaging witnessed a significant rise in uptake owing to the convenience and eye catching packaging by the various manufacturers. Cup packaging nearly held a noteworthy share of 70% in the market recently. On the basis of geography, the U.S leads the market owing to a significant amount of contribution from the country. The U.S is anticipated to see a steady rise of 3.0% CAGR.
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Rise in Disposable Income and Product Innovation Augments Market Growth
The North America yogurt market is mainly driven by the increasing health conscious population. Various health benefits associated with yogurt is making people in the region opt for it. Rising awareness among individuals regarding the weight reduction by consuming yogurt is prophesized to help the market grow. Increase cases of obesity, particularly in the U.S due to increased consumption of canned foods, processed foods, and fast foods have helped the market to grow. Apart from these, increase in disposable income in the reason along with changing dietary styles of people is fueling the market growth. Another factor which is considered to burgeon the market is the easy availability of yogurt, even in the developing areas of the region. Product innovation is considered to favor the growth of market, for instance, players are coming up with low fat yoghurt for weight conscious people.
Presence of Various Flavors, Aids Market to Grow
Increasing demand for product with no or minimal amount of artificial additives and preservatives is likely to take market to new heights. Availability of various flavors of yogurt such as Greek yogurt, Icelandic yogurt, Australian yogurt, traditional yogurt, non-dairy yogurt, and kids’ yogurt is anticipated to stoke market growth. Use of yogurt in various cuisines is also anticipated is likely to foster market. . Presence of abundant international and regional raw material suppliers in the region is likely to aid the market to grow smoothly. Low cost of raw materials required for manufacturing yogurt is likely to abode well with market growth.