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Yoghurt is a dairy product which is made by blending fermented milk with various ingredients that provide flavor and color. The process of making yoghurt includes modifying the composition and pasteurizing the milk; fermenting at warm temperatures; cooling; adding fruits, sugar and other ingredients.
Global yogurt market is projected to grow with a CAGR of 4.5% from 2019 to 2024.
Yoghurt market is segmented on the basis of product type which includes regular yoghurt and fat free yoghurt. Regular yogurt is a popular category, owing to its low price and widespread availability. Regular yogurts are readily available in retail shelf space across online and offline retail channels. According to a recent survey, approximately, 45% of consumers picked breakfast as the time of day they usually consume regular yogurt products. In North America, consumers also prefer to have regular yogurt at lunch, and as an afternoon, a late morning, and a late-night snack.
Drinking yogurt is able to ideally meet consumer’s three key product demands: health, mobility, and convenience. As a practical alternative to yogurt cups and spoons, yogurt drinks come in recloseable carton packs or are provided with a convenient drinking straw, making it an ideal snack for people on-the-go, a replacement breakfast, or the healthy in-between meal snack.
Geographically, North America is expected to be the major contributor in terms of value followed by Europe in yoghurt market. However, these regions are predicted to be a mature market for set yoghurt and is expected to show a stable growth soon. The introduction of new variants in flavors coupled with offering low-fat products may increase the growth of yoghurt market in these regions. In developing countries of Asia Pacific region, China is expected to dominate the market in terms of yoghurt consumption followed by India. Furthermore, Japan is expected to show a substantial growth during the forecast period. Increasing consumption of flavored yoghurt, especially in China and Japan, is predicted to support the growth yoghurt market across Asia Pacific region during the following years.
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