The global yogurt market is expected to increase at an above average CAGR over the forecast period. The global yogurt market was valued above US$ 89.6 Bn in 2016, and is projected to increase at a CAGR of 10.0%, reaching a market value of US$ 232.1 Bn by the end of forecast period 2016-2026. The global yogurt market is anticipated to represent incremental opportunity of US$ 142.5 Bn between 2016 and 2026. In terms of volume, the global yogurt market is estimated to reach 37,139.2 KT by 2016 end and is anticipated to increase to 91,790.7 KT by 2026, over the forecast period. Middle East & Africa (MEA) is the fastest growing region and is expected to exhibit promising growth in the global yogurt market, registering a volume CAGR of 10.5% over the forecast period. Driven by the consumption growth of yogurt due to health benefits, the MEA yogurt market is expected to witness a sustainable growth rate over the coming years. Turkey and Kenya are likely to provide substantial opportunities in the global yogurt market over the coming years.
Continuous innovation and new product development is the key to success in the yogurt business. Yogurt is nowadays considered as a part of ‘Daily Diet’ and there is a surge in its demand due to health benefits. The aforementioned factors are expected to boost the demand of yogurt in near future.
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Performance analysis of yogurt type segment
On the basis of type, yogurt market is segmented into fruit, regular/plain, low fat & fat free and flavoured. Flavoured segment is projected to account for a major share of the global yogurt market. Owing to the availability of wide range of flavours and mouth-watering flavours, flavoured segment is expected to gain significant BPS in the global yogurt market between 2016 & 2026. In 2016, flavoured segment dominated the global market with 52.2% revenue share, followed by regular/plain and low fat & fat free segments holding 21.2% and 15.2% shares respectively.
Flavoured segment will continue to expand at a CAGR of 10.1% over the given period to reach a market value of about US$ 122.7 Bn by the end of 2026. The demand for flavoured segment is expected to be driven, by regional markets such as Middle East & Africa, Asia Pacific Excluding Japan (APEJ) and Western Europe owing to rise in awareness among the customers regarding health issues. On the other hand regular/plain segment is estimated to exhibit a steady growth rate through the forecast period and is anticipated to expand at a CAGR of 9.6% in terms of value over the forecast period. Fruit segment, expanding at a CAGR of 9.8%, is expected to represent 11.0% share of the total incremental opportunity created between 2016 and 2026.
Market analysis of yogurt type segment
Fruit: Fruit segment is expected to reach a market value of more than US$ 25.9 Bn by 2026 end.
Regular/Plain: Regular/Plain segment was estimated to be valued at over US$ 19.0 Bn by 2016 end and is projected to expand at a CAGR of 9.6% over the foreseen period to reach a value of US$ 47.4 Bn by 2026 end.
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Low Fat & Fat Free: Low Fat & Fat Free segment is expected to reach a market value of US$ 36.1 Bn by 2026 end
Flavoured: Flavoured segment is expected to hold major shares throughout the forecast period, accounting for more than 53% share of the total incremental opportunity created between years 2016 and 2026.
Major players reported in the study of global yogurt market include, General Mills, Inc., Nestle SA, Danone, Yakult Honsha Co., Ltd., Ultima Foods Inc., Chobani, LLC, Sodiaal, Muller UK & Ireland Group LLP, Kraft Foods Group, Inc., Rainy Lanes Dairy Foods Ltd., Parmalat S.p.A., Juhayna Food Industries, Clover S.A. (Pty) Ltd., Chi Limited, Brookside Dairy Limited, Sameer Agriculture & Livestock Limited, Lausanne Dairies (Pty) Ltd., Jesa Farm Dairy Ltd.