Yogurt Market

Market Overview:

The global yogurt market size reached US$ 120.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 199.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032. The increasing knowledge about the importance of gut health, rising inclination towards high protein diets, and the growing consumption of ready to eat (RTE) food products are some of the major factors propelling the market.

Global Yogurt Market Analysis:

• Major Market Drivers: The global yoghurt market is experiencing moderate growth because of the growing health consciousness among the masses.
• Key Market Trends: The increasing popularity of the e-commerce platform, which is making it easier for consumers to buy a variety of yogurt products, represents one of the key yogurt industry trends.
• Competitive Landscape: Some of the major market players in the global yogurt industry include Lactalis Group, General Mills Inc., Nestle, Friesland Campina, Danone, Yili Industrial Group Co. Ltd, etc.
• Geographical Trends: The Asia Pacific region exhibits a clear dominance in the market owing to the growing health consciousness among the masses and the presence of robust retail infrastructure in the region.
• Challenges and Opportunities: Challenges include fluctuating prices of milk and other raw materials, which impact production costs and profit margins. Nonetheless, opportunities in the development of differentiated products and the growing demand for health consciousness snacks like yogurt are bolstering the market growth.
   

Yogurt Market Trends/Drivers:

Increase in health consciousness

The growing health consciousness among the masses represents one of the key factors impelling the market growth. Individuals are becoming aware of the advantages of a balanced diet, where yogurt acts as a healthy alternative to snacks. Yogurt has essential nutrients, proteins, calcium, and probiotics, which help to support gut health. Many individuals are adopting a healthier lifestyle, which is leading to the adoption of yogurt, particularly with low sugar and fat content. Additionally, on the basis of the 2022 Food and Health Survey conducted by the International Food Information Council, popular dietary trends include clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based diets (12%). These eating patterns reflect a growing awareness and emphasis on health, sustainability, and mindful consumption among individuals. This showcases that the yogurt market business opportunity lies in innovation to cater to the health-conscious consumer segment.

Rise in environmental concerns

The increasing concern about environment and sustainability among individuals is driving the demand for food products with smaller carbon footprint. As per the 2022 Food and Health Survey, conducted by the International Food Information Council, 39% of Americans prioritize environmental sustainability in food purchases. Over half (52%) believe their food choices affect the environment, especially Millennials, parents, graduates, and higher earners. Additionally, 59% feel their generation is more environmentally conscious.

Moreover, yogurt production is seen as less resource intensive compared to meat and other protein sources. This perspective is catalyzing the demand for yogurt among eco-conscious consumers. Furthermore, there is a rise in the consumption of organic and locally sourced yogurt, which not only offers better flavor and quality, but also appeals to those who are environmentally conscious.

Growing number of e-commerce platforms

The rising emergence of various e-commerce platforms is making it easier for buyers to purchase yogurt. Individuals can buy their preferred varieties and tastes or discover new options with only a few clicks. Moreover, the advent of subscription-based models and home delivery services are making it easier to access yogurt products from the comfort of their homes. Additionally, the strategic placement of yogurt products in eye-catching displays and refrigerated sections of physical stores to encourage impulse buying, is contributing to the market growth. In addition, the yogurt market price analysis reveals a competitive landscape in e-commerce, highlighting opportunities for strategic pricing and online retail expansion. As per the IMARC Group, the global e-commerce market size reached US$ 21.1 Trillion in 2023 and is estimated to reach US$ 183.8 Trillion by 2032, exhibiting a growth rate (CAGR) of 27.16% during 2024-2032.

Yogurt Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global yogurt market report, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on product type, flavor, and distribution channel.

Breakup by Product Type:

• Set Yogurt
• Greek Yogurt
• Yogurt Drinks
• Frozen Yogurt
• Others
   

Yogurt drinks dominate the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes set yogurt, Greek yogurt, yogurt drinks, frozen yogurt, and others. According to the report, yogurt drinks represented the largest segment.

Yogurt drinks are liquid yogurts that are typically sold in bottles or cartons. They are often flavored and can contain added sugar or artificial sweeteners. Yogurt drinks are also convenient for on-the-go consumption and can be a quick way to obtain the nutritional benefits of yogurt. The IMARC group states that the global drinkable yogurt market size reached US$ 38.3 Billion in 2023. It also estimates that the market will reach US$ 60.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.26% during 2024-2032.

Set yogurt has a hard texture since it is fermented and left to set in the container it is sold in. It is less concentrated and more moist than other varieties due to the retention of whey. It is frequently used as a basis for fruit and granola, as well as in cooking and as a snack.

Greek yogurt is strained to remove the whey, which results in a creamier, denser texture and higher protein content. It is well known for its strong flavor and is often eaten on its own or substituted for mayonnaise or sour cream in dishes. It has less sugar and carbohydrates than regular yogurt.

Breakup by Flavor:

• Strawberry Blend
• Vanilla
• Plain
• Strawberry
• Peach
• Others
   

Strawberry holds the largest share in the market

A detailed breakup and analysis of the market based on the flavor has also been provided in the report. This includes strawberry blend, vanilla, plain, strawberry, peach, and others. According to the report, strawberry accounted for the largest market share.

Strawberry-flavored yogurt generally encompasses flavorings instead of actual fruit extracts, which results in a uniform texture and taste. It might contain artificial flavors or sugar to give it a sweet and fruity taste.

Vanilla-flavored yogurt is produced by incorporating vanilla extract or vanilla bean into yogurt. It has an aromatic flavor with smooth texture compared to fruit-based yogurts and goes well with many fruits and nuts.

Plain yogurt has a naturally tangy taste and offers health benefits as it is usually free from added sugars. It serves as a versatile base for creating your own flavors with fruits, honey, or spices.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others
   

Supermarkets and hypermarkets dominate the market

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. According to the report, supermarkets and hypermarkets represented the largest segment.

Supermarkets and hypermarkets are large-scale retail stores that offer a wide variety of yogurt types and flavors. They allow for a comprehensive yogurt section wherein consumers can find multiple brands and formats, from single-serving cups to large family-size containers. Due to their extensive range and frequent promotions, supermarkets and hypermarkets are often the go-to choose for regular grocery shoppers. Additionally, the National Retail Federation (NRF) stated that retail sales were projected to increase by 4% to 6% in 2023 compared to 2022, reaching between $5.13 trillion and $5.23 trillion.

Specialty or gourmet stores offer a curated range of yogurt, often featuring organic, artisanal, or imported varieties. These stores appeal to consumers who are looking for specific types of yogurt, such as probiotic-rich or dairy-free options.

Breakup by Region:

• Asia Pacific
• European Union
• North America
• Eastern Europe
• Latin America
• Others
   

Asia Pacific exhibits a clear dominance, accounting for the largest yogurt market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, European Union, North America, Eastern Europe, Latin America, and others. According to the report, Asia Pacific accounted for the largest market share.

The increasing consumer preference for organic and natural food products represents one of the primary factors driving the yogurt market demand in the Asia Pacific region. Moreover, the rising public awareness about the importance of maintaining overall health is favoring the yogurt market growth in the region. Besides this, the growing number of supermarkets and convenience stores in urban and semi-urban areas that provide easier access to a variety of yogurt products is influencing the market positively in the region.

Competitive Landscape:

Key market players are integrating advanced sensors and automation technologies to monitor the fermentation process, which ensure consistency in taste and texture and enable large-scale production without compromising quality. They are employing advanced biotechnology to include particular strains of probiotics that can survive the acidic environment of the stomach, thereby offering targeted health benefits. Moreover, yogurt market top brands are adopting the usage of sustainable packaging materials, such as plant-based plastics and biodegradable materials and smart packaging, which features quick response (QR) codes allows consumers to access information about the origin, ingredients, and nutritional facts of the product via smartphones.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Lactalis Group
• General Mills Inc.
• Nestle
• Friesland Campina
• Danone
• Yili Industrial Group Co. Ltd.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Recent Developments:

• In 2023, Danone introduced a new drinkable yogurt to promote better gut health and immunity.
• In 2021, Lactalis India, part of Lactalis Group, launched protein-packed Lactel Turbo yoghurt drink to expand their consumer base.
• In January 2024, Yoplait, a General Mills brand, launches Yoplait Protein, a new line of high-protein, low-sugar yogurt snacks featuring 15g of protein, 3g of sugar, and 100 calories per 5.6-oz serving. It is available in various flavors and container sizes and targets consumers seeking convenient protein additions to their diets.

Yogurt Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the yogurt market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global yogurt market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the yogurt industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.