Impact of COVID-19 on Flavored Yogurt Market: The Challenges, Demand, Solutions and Opportunities
Flavored Yogurt Market Research Report: Information by Flavor (Vanilla, Blueberry, Strawberry, Raspberry, Mango and others), Product Type (Conventional, Fat-Free and Low-Fat), Distribution Channel (Store-Based [Supermarkets and Hypermarkets, Convenience Stores and Others] and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2024
Market Scenario
Global Flavored Yogurt Market is expected register a CAGR of 5.4% from 2019 to 2024 and reach
USD 77.5 billion by the end of 2024. Yogurt is a fermented product obtained from milk with the help of Streptococcus thermophilus and Lactobacillus bulgaricus. Yogurt is a nutritious food product which contains a high percentage of calcium, potassium, and proteins. Yogurt has low calories, which makes it a perfect choice for health-conscious people.
Flavored Yogurts Market Growth is expected to register a CAGR of 5.4% from 2019 to 2024 and reach USD 77.5 Billion by the end of 2024.
Market Highlights
Yogurt is a semi-solid food product, obtained by the fermentation of milk. Yogurt is considered to be a healthy food item as it has high protein content. Many commercially manufactured yogurts are low in fats, making it a suitable option for health-conscious people. Yogurt also has a high percentage of potassium, which lowers the chances of kidney stone and helps to reduce blood pressure. According to the research, conducted by the University of Washington, yogurt reduces the risk of bowel cancer. Yogurt manufacturers are continuously focusing on developing new flavors of yogurts to offer a unique taste and attract new customers. Owing to such factors, it is expected that the global flavored yogurts market will grow at a robust rate during the forecast period.
Based on flavor, the global flavored yogurt market has been segmented into vanilla, blueberry, strawberry, raspberry, mango, and others. The vanilla segment is expected to dominate the global flavored yogurt market during the review period due to the high preference for vanilla among consumers.
The global flavored yogurt market has been divided, by product type, into conventional, fat-free, and low fat. The conventional segment is expected to dominate the market during the review period as it is comparatively inexpensive than fat-free yogurt. However, the low-fat segment is projected to register the highest CAGR during the forecast period due to the health benefits offered such as lower calories per gram of yogurt.
On the basis of distribution channel, the global flavored yogurt market has been bifurcated into store-based and non-store-based. The store-based segment has been further classified as hypermarkets and supermarkets, convenience stores, and others. The store-based segment is expected to account for the larger market share during the forecast period due to the increasing availability of a wide variety of yogurts from different key players and discounts offered. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to the technological advancements in the e-commerce industry and growing consumer preference for online purchase.
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Key Players
Mother Dairy Fruit & Vegetable Pvt. Ltd. (India)
Groupe Lactalis (France)
Fields’ Original Cookies Inc (US)
Emmi Group AG (Switzerland)
Dean Foods Company (US)
Saputo Inc (Canada)
Valio Ltd (Finland)
Arla Foods amba (Denmark)
Juhayna Food Industries (Egypt)
Société des Produits Nestlé S.A. (Switzerland)
Chobani LLC. (US)
General Mills Inc. (US)
Segmentation
The global flavored yogurt market has been segmented based on flavor, product type, distribution channel, and region.
The global market has been classified, based on flavor, as vanilla, blueberry, strawberry, raspberry, mango, and others
The global market has been segmented, on the basis of product type, into conventional, fat-free, and low-fat.
On the basis of distribution channel, the global market has been bifurcated into store-based and non-store-based. The store-based segment has further been segregated into supermarkets and hypermarkets, convenience stores, and others.
The global flavored yogurt market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American flavored yogurt industry has been segmented into the US, Canada, and Mexico.
The European flavored yogurt market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe.
The flavored yogurt industry in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific.
The flavored yogurt industry in the rest of the world has been segmented into South America, the Middle East, and Africa.
Regional Market Summary
The market in North America is expected to dominate the flavored yogurt market due to increasing awareness of the benefits of consuming yogurt and the preference for low-calorie snacks. Moreover, the easy availability of yogurt in a variety of flavors and continuous developments of new flavors are expected to boost the growth of the flavored yogurt market. Furthermore, the new concept of the split pot which enables the market players to market yogurt as a complete meal by adding some eatables with yogurt is projected to boost the flavored yogurt market growth in this region.
The market in Asia-Pacific is expected to register the highest CAGR during the review period owing to the changing lifestyles and preference for on-the-go food. Moreover, increasing per capita disposable incomes in many Asian countries like India and China are projected to bolster the growth of the flavored yogurt market in this region.