Yogurt Market Expected to Reach $171.8 Billion by 2031

According to a new report published by Allied Market Research, titled, “Yogurt Market," The yogurt market was valued at $97,999.50 million in 2020, and is estimated to reach $171.8 Billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.

Yogurt is healthy, versatile, and convenient food option with a characteristic richness and pleasant taste. It contains healthy bacteria that is beneficial for the gut. Thus, it acts as a good probiotic facilitating weight management, digestion, and absorption of vitamins & minerals. Yogurt is available in different forms, flavors,  and packings in the market ranging from cups, tubs & tubes, to drinkable yogurt such as kefir. It also cures or prevent diarrhea, constipation, and bloating.

The main drivers for the global yogurt market size are health benefits associated with consuming yogurt and rise in health-conscious people in different regions for losing weight. The additional facts that support the growth of the market are growth in retail market and low lactose content for lactose intolerant people willing to eat dairy products. However, the artificial additives & ingredients present in certain varieties of yogurt along with hormonal treatment of cows causing fatal diseases limit people from consuming yogurt, restricting the market growth. Rise in demand for yogurt in developing nations, owing to increase in disposable income and health awareness is expected to provide numerous opportunities for expansion of the global yogurt market.

Outbreak of COVID-19 positively impacted growth of the yogurt market in 2020. Snackification of the yogurt, rise in popularity for nutritional & immune boosting food, and increase in trend of eating food at home attributed to increased sales in 2020 .

The yogurt market is segmented on the basis of type, flavor, source, distribution channel, and region. Depending on type, it is categorized into set yogurt, greek yogurt, yogurt drinks, and frozen yogurt. According to flavor, it is bifurcated into plain and flavored. By source it is classified into dairy-based and non-dairy-based. As per distribution channel, it is fragmented into supermarkets/hypermarkets, independent retailers, specialist retailers, convenience stores, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, and rest of the Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey, and rest of the LAMEA).

On the basis of type, the yogurt drinks segment was the significant contributor to the market share, with $32,501.9 million in 2020, and is estimated to reach $62,216.1 million by 2031, at a CAGR of 6.4% during the forecast period. Yogurt is consumed in many forms such as beverage, snacks, meal replacement, dessert, and protein-rich sports drink. In 2020, the yogurt drinks segment occupied major market, in terms of revenue, with nearly one-third of the share. This trend is expected to be continued during the forecast period, owing to the probiotic nature and omega-3 benefits offered by drinking yogurt.

According to the flavor, the flavored segment was the significant contributor to the yogurt market share, and is estimated to reach $55,127.7 million by 2031, at a CAGR of 6.3% during the forecast period. Flavored yogurt is made up of flavors, fermented milk, and viable bacteria, which creates a thickened product and have extended shelf life. Flavored yogurt can be consumed through various forms, including drinkable and frozen. Strawberry flavored and strawberry blended yogurt is the most preferred choice of flavored yogurt among consumers, due to fresh color, characteristic sweet taste, and smooth texture.

According to the yogurt market trends, on the basis of source, the non-dairy-based segment was the highest contributor to the market, and is expected sustain its contribution throughout the yogurt market forecast period. Growth in vegan population and increase in popularity of plant-based products among consumers are major factors driving the global yogurt market growth through non-dairy-based segment. In addition, increase in adoption of healthy lifestyle and growth in preference for vegetarian diet, owing to rise in health-consciousness support the growth of the market.

According to the yogurt market analysis, by distribution channel, the hypermarkets/supermarkets segment was the highest contributor to the market, with $37,328.2 million in 2020, and is estimated to reach $59,586.9 million by 2031, at a CAGR of 4.6% during the forecast period. The hypermarkets/supermarkets segment is the leading distribution channel with almost half of the yogurt market share, growing with second fastest CAGR during the forecast period. This is attributed to the increase in business of retail sales in different regions as well as the large shelf space available for maximum sales, which lets customers pick their choice.

According to the yogurt market opportunities, by region wise, Europe dominated the yogurt market and is expected to sustain its dominance during the forecast. This is attributed to significant growth in demand for plant-based food products, including yogurt and demand for immunity boosting products. Consumers increase their expenditure on plant-based products as a result of increased prevalence of disorders including milk allergies among the common mass in Europe. Furthermore, frequent product launches in the category of plant-based food products are likely to boost the demand non dairy-based yogurt. Thus, increasing demand for plant based milk food products in Europe is likely boost the growth of the Europe yogurt market.

Players operating in the yogurt industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Arla Foods Amba, Britannia Industries Limited, Chobani, Llc, Danone, General Mills, Gujarat Cooperative Milk Marketing Federation (Amul), Lactalis Corporation, Nestle S.A., Saputo Inc., and Schreiber Foods Inc.

KEY FINDINGS OF THE STUDY 

• The yogurt market size was valued at $97,999.5 million in 2020, and is estimated to reach $171,826.1 million by 2031, registering a CAGR of 5.5% from 2022 to 2031. 
• In 2020, depending on type, the set yogurt segment acquired $32,496.3 million, garnering 28.9% of the global market share.
• In 2020, on the basis of flavor, the plain segment acquired $70,064.6 million, exhibiting 71.5% of the global market share.
• By source, the dairy-based segment growing at CAGR of 5.4% during the forecast period.
• In 2020, depending on distribution channel, the online stores segment acquired $20,315.7 million, garnering 20.7% of the global market share.
• U.S. was the most prominent market in North America in 2020, and is projected to reach $24,093.5 million by 2031, growing at a CAGR of 5.4% during the forecast period.