Global yogurt market size to grow by $32.29 billion

Market growth is expected to accelerate at a CAGR of 5.41%
calendar icon 21 April 2022
clock icon 3 minute read

According to a report by market analyst Technavio, the global yogurt market size is expected to increase by USD$32.29 billion between 2020 and 2025. The market observed a year-on-year growth of 3.97% in 2021 and the growth momentum is expected to accelerate at a CAGR of 5.41% during the forecast period.

The Technavio report offers a detailed analysis of the recent developments in the market, new product launches by vendors, major revenue-generating segments, and market behaviour across geographies.

The market is driven by the increasing use of super fruits in yogurts, according to a press release issued by Technavio. In addition, the is anticipated to boost the growth of the yogurt market.

The rising number of health issues such as diabetes, obesity, and allergies have increased the awareness about healthy eating among consumers. This is increasing the consumption of foods that are healthy and prevent the occurrence of diseases and illnesses. Consumers are switching from the consumption of foods made of artificial ingredients to the ones containing more natural ingredients such as acai, goji berry, noni, pomegranate, and grapes. This can be attributed to the presence of high antioxidants and the healing properties of such fruits. The growing consumer demand for such foods is driving vendors in the market to offer a range of products containing superfruits. All these factors are expected to drive the growth of the global yogurt market during the forecast period.

The global yogurt market is fragmented and is characterised by the presence of several international and domestic players. Vendors in the market are competing based on several factors such as quality, price, service, brand image, distribution, and marketing. Major vendors are focussing on acquiring other smaller brands to increase their market presence. Technavio identifies the following as the dominant players in the market.

Agropur cooperative: The company offers real fruit and vegetable flavored yogurt made of blueberry beet, peach carrot, and other ingredients under the brand IOGO NANO.

Chobani Global Holdings LLC: The company offers yogurt in various flavors such as pumpkin spice, peppermint perfection, chocolate, and others under the brand of Chobani.

COYO Pty Ltd.: The company offers organic coconut yogurt flavored with vanilla bean, honey, mango, mixed berry, and others under the brand COYO.

DRUMS FOOD: The company offers Greek yogurt, probiotic yogurt, no added sugar yogurt, and a wide range of other flavored yogurts under the brand Epigamia.

Fage International SA: The company offers rich and creamy strained yogurt, with tasty pieces of fruit or other delicacies under the brand FAGE Fruyo.

The global yogurt market is segmented by product - spoonable yogurt and drinkable yogurt - and geography: Asia-Pacific, Europe, North America, South America, and the Middle East and Africa. The spoonable yogurt segment generated maximum revenue in the market in 2021. The segment is driven by the increased use of spoonable yogurt in food and salad dressings. Also, the launch of new products in various flavours will be supporting the growth of the segment. The market growth in the segment will be significant during the forecast period.

Asia-Pacific will offer significant growth opportunities for market players during the forecast period. The region currently occupies 45% of the global market share. The expansion of population, rising income levels, and improving economic conditions are driving the growth of the regional market. Also, increasing health consciousness among consumers will be contributing to the growth of the yogurt market in Asia-Pacific.

China and Australia are the key markets for yogurt in Asia-Pacific. Market growth in this region will be faster than the growth of the market in the rest of the regions.

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