Global Flavoured Yogurt Market is a high volume and continually growing market. The global flavoured yogurt market is in a midst of complex market dynamic, where a large traditional dairy yogurt culture is giving way to innovative forms such as plant milk yogurt. Flavoured yogurt is a semi solid fermented food product produced from milk with added flavour to increase its palatability and appeal.
According to Market Research Future (MRFR), the global Flavoured Yogurt Market is expected to garner a valuation of USD 77.5BN by the end of 2024. In its recently published analysis, MRFR also asserts that the market would register a CAGR of over 5.4% over the assessment period (2016-2024).
There is a definite trend towards innovative flavoured yogurt such as plant milk yogurts incorporating milk from soy, rice, and nuts. The growing preference for plant-based products owing to lactose intolerance and the emergence of the vegan movement are the key drivers of this trend in favour of plant milk yogurts. The emergence of plant-based yogurt has caught the eyes of multinationals resulting in growing acquisitions. For example, Danone in 2017 acquired White wave plant yogurt brands, such as Silk and SO Delicious, cornering an impressive60% of the plant yogurt market share. There is also a trend towards probiotic yogurt which is considered more beneficial than pasteurized yogurt.
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However dairy yogurt holds the largest market share owing to tradition. However, the growing health consciousness of customers is generating greater demand for low sugared and natural flavoured and sweetened yogurt products. There is also a strong trend for yogurt safe from non-genetically modified organisms. Growing concerns over the use of artificial sweeteners is another trend driving the market. The growing stringency of import regulations such as the requirements to contain certain number of colony-forming bacteria units is also changing the market landscape.
Flavoured Yogurt Market is extremely fragmented, and the market landscape is dotted by small local producers especially in Asia Pacific, Middle East and Africa and South Africa. The exit of Danone from the Indian yogurt market owing to lack of market penetration bears a testimony to the difficulty of market penetration. The local producers owing to their small profit margin, close relationship with customers have been the dominant power in the market.
Vendors in the developed regions however rely on product innovation and marketing to increase their market share. The presence of large dairy farms in the developed world makes it economical for procuring raw materials such as milk. Manufacturers are collaborating with players such as Disney to increase their exposure to young customer groups. Companies have embarked on strategies for attracting the adult customer group by developing products with low sugar including use of natural sweeteners exemplified by Danone’s brands such as Light & Fit and Triple Zero. Companies have also developed yogurts with increase fat to suit the demands of athletes as against the tradition allow-fat products. Innovative packaging technologies and plant yogurts are other product development strategies used by companies to capitalise on the trends in the market.
Players leading the global Flavoured Yogurt Market include Danone S.A. (France), Saputo Inc (Canada), Mother Dairy Fruit & Vegetable Pvt. Ltd. (India), Fields’ Original Cookies Inc (US), Groupe Lactalis (France), Emmi Group AG (Switzerland), Société des Produits Nestlé S.A. (Switzerland), Dean Foods Company (US), Valio Ltd (Finland), Sweet Frog Enterprises LLC (US), Arla Foods amba (Denmark), Juhayna Food Industries (Egypt), Chobani LLC. (US), General Mills Inc. (US), Red Mango FC LLC (US), among others.
Industry/ Innovation/ Related News
January 16, 2019 – French multinational Danone is set to re-enter the Indian yogurt and dairy business after announcing exit one year before. Danone acquired a minority stake with an investment of Rs 182 crore in india based yogurt vendor Epigamia, so as to cement its presence in the market.
The report is segmented into four dynamics to widen the scope of understanding,
By Flavour: Vanilla, Blueberry, Strawberry, Raspberry, Mango, and Others.
By Product Type: Into Conventional, Fat-Free, and Low-Fat.
By Distribution Channel : Store-Based (Supermarkets and Hypermarkets, Convenience Stores, and Others) and Non-Store-Based.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World (South America, the Middle East, and Africa).
North America dominates the global flavoured yogurt market owing to large consumption of dairy and the large per capita income. Other factors driving the market is the efficiency of supply chains and the presence of large dairy farms, which make sourcing of raw materials efficient.
The flavoured yogurt market in Europe is project to expand at a moderate pace owing to saturation.
The Asia Pacific flavoured yogurt market is expected to be a promising market. Growing population and per capita income are driving the growth of the Asia Pacific market.
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