Yoghurt, a popular dairy product enjoyed worldwide, is made by fermenting milk using beneficial bacteria. It offers a myriad of health benefits, such as improved digestion, enhanced immune function, and a rich source of essential nutrients. The global yoghurt market has experienced significant growth in recent years, fueled by changing consumer preferences, innovative product offerings, and the increasing awareness of its health benefits. This blog will provide an in-depth analysis of the yoghurt market, examining its size, share, price trends, growth drivers, and forecast for the period 2023-2028.
Market Overview
The yoghurt market has witnessed considerable expansion due to shifting consumer preferences towards healthier food options and the increasing demand for convenient, on-the-go snacks. Furthermore, innovations in product offerings, such as various flavours, packaging, and functional ingredients, have further stimulated market growth.
Market Size and Share
The global yoghurt market was valued at USD 92.5 billion in 2022 and is projected to reach USD 126.7 billion by 2028, registering a CAGR of 5.6% during the forecast period. Europe is expected to hold the largest market share, followed by North America and the Asia-Pacific region. Emerging markets, such as Latin America and the Middle East & Africa, are anticipated to show significant growth potential, driven by increasing disposable incomes and changing lifestyles.
Price Trends
Yoghurt prices vary based on factors such as brand, product type, packaging, and distribution channel. Over the past few years, there has been a gradual increase in the price of yoghurt, primarily due to the rising cost of production and raw materials. However, the market remains highly competitive, with manufacturers offering a wide range of products at different price points to cater to various consumer segments.
Growth Drivers
Health and Wellness Trend: The growing awareness of the health benefits of yoghurt, such as its probiotic content, high protein levels, and essential nutrients, has contributed significantly to market growth. Consumers are increasingly seeking food options that promote health and wellness, driving the demand for yoghurt products.
Product Innovation: Manufacturers are continually investing in research and development to create innovative products, such as new flavours, packaging, and functional ingredients. This has resulted in a wider variety of yoghurt products available in the market, catering to diverse consumer preferences and dietary needs.
Convenience and On-the-Go Snacking: The hectic lifestyle of modern consumers has led to increased demand for convenient, on-the-go food options. Yoghurt, being a nutritious and portable snack, has become a popular choice for health-conscious consumers seeking convenience.
Expansion of Distribution Channels: The widespread availability of yoghurt through various distribution channels, such as supermarkets, hypermarkets, online retailers, and specialty stores, has made it more accessible to a broader consumer base, thus driving market growth.
Market Segmentation
The global yoghurt market can be segmented based on the following:
Product Type: The market can be divided into regular yoghurt, Greek yoghurt, set yoghurt, frozen yoghurt, and others. Each type offers unique properties and health benefits, catering to different consumer preferences.
Distribution Channel: The market can be segmented based on distribution channels, which include supermarkets/hypermarkets, convenience stores, online retailers, specialty stores, and others.
Region: The global yoghurt market can be divided into regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Some of the key players operating in the global yoghurt market include:
Danone S.A.
Nestlé S.A.
Lactalis Group
General Mills, Inc. (Yoplait)
Chobani, LLC
FAGE International S.A.
Stonyfield Farm, Inc.
Müller Group
Yili Group
Arla Foods amba
FAQ’s
Q: What factors are driving the growth of the global yoghurt market?
A: The growth of the yoghurt market is driven by several factors, including increased consumer awareness of the health benefits of yoghurt, the rising trend of health and wellness, product innovation, the demand for convenient and on-the-go snacking options, and the expansion of distribution channels.
Q: Which region is expected to hold the largest share in the yoghurt market?
A: Europe is expected to hold the largest market share in the yoghurt market, followed by North America and the Asia-Pacific region. The growth in Europe can be attributed to the high consumption of dairy products, well-established dairy industry, and consumer preferences for healthy food options.
Q: How has product innovation impacted the yoghurt market?
A: Product innovation has played a significant role in expanding the yoghurt market. Manufacturers are continuously investing in research and development to create new flavours, packaging designs, and functional ingredients. This has resulted in a broader range of yoghurt products catering to diverse consumer preferences and dietary needs, thus driving market growth.
Q: What are the different types of yoghurt available in the market?
A: The yoghurt market can be divided into various types, including regular yoghurt, Greek yoghurt, set yoghurt, frozen yoghurt, and others. Each type offers unique properties and health benefits, catering to different consumer preferences.
Q: Who are the key players in the global yoghurt market?
A: Some of the key players operating in the global yoghurt market include Danone S.A., Nestlé S.A., Lactalis Group, General Mills, Inc. (Yoplait), Chobani, LLC, FAGE International S.A., Stonyfield Farm, Inc., Müller Group, Yili Group, and Arla Foods amba. These companies focus on research and development, product innovation, and strategic partnerships to expand their market share and maintain a competitive edge in the yoghurt market.
