In terms of volume, the global market for yoghurt stood at 36,500.1 kilotons in 2017 and was expected to reach 49,254.4 kilotons by 2026, expanding at a CAGR of 3.5% during the forecast period from 2018 to 2026. Europe led the yoghurt market in 2017 and is expected to display a similar trend throughout the forecast period. Asia Pacific is expected to be the fastest-growing market during the forecast period.
Yogurt is a dairy product that is manufactured through the bacterial fermentation of milk. Cow milk is commonly used to manufacture yogurt. Per capita, yoghurt consumption has increased significantly over the past decade, primarily driven by millennials. New product developments by leading manufacturers have resulted in the consistent growth of the yoghurt market over the years, with a focus on the younger demographic.Yogurt is also consumed as an appetizer, side dish, dessert, and snack, among others. Further, yoghurt can be made into a drink and can be strained to make it thicker.
Essential nutrients included in yoghurt are one of the key factors augmenting market growth at present and are also preferred by the older population as consumption of yoghurt contributes to tooth and bone health due to the high amounts of calcium present in them. One cup of yoghurt includes approximately 20% calcium and 25% protein. Further, Greek yoghurt has a high protein content, leading to its high preference among consumers. Zinc, phosphorus, riboflavin, and vitamin B12 are some of the other essential nutrients that are present in yogurt. Growing awareness regarding the inclusion of such nutrients in yoghurt has created a stir among the population, leading to higher consumption, which in turn is pushing the market growth.
The U.S. is one of the growing markets for yogurt, with Greek yoghurt capturing the attention of consumers as it is the most consumed type of yoghurt within the country. Greater advertising spending on yoghurt and the rising availability of yoghurt in retail chains are some of the key factors responsible for the steady market growth of yoghurt in the U.S. However, the high sugar and fat content of yoghurt are associated with increased risks of obesity, which is a key factor impeding the growth of the market. Only 9% of the yoghurt brands available in retail chains have low sugar content. Further, only 2% of the yoghurts that are targeted toward children have low sugar content. The daily sugar intake of a child aged between 4-6 years should not exceed 90 grams. However, a single cup of yoghurt served to a child aged between 4-6 years could exceed the specified limit of sugar intake recommended for them.
Market Synopsis: Volume
Strained yoghurt captured a major chunk of the market in 2017 and is expected to display a similar trend in the coming years.
In terms of market value, strained yoghurt accounted for the largest share in 2017, followed by unstrained yogurt. Greek yoghurt and Icelandic yoghurt (Skyr) are the two major types of strained yogurt. Greek yoghurt is particularly famous among consumers, especially in the developed economies of North America and Europe. Greek yoghurt is heavily strained in order to remove the whey included in the product and make it thicker while retaining the sour taste.
One of the key factors driving demand for strained yoghurt is its low sugar content. Greek yoghurts are particularly famous among consumers in the U.S., with more than 70% of the country's population opting for this type of yoghurt due to its easy digestibility. Further, consumers also prefer Greek yoghurt as a breakfast item. Chobani LLC was one of the first manufacturers to introduce Greek yoghurt to the U.S. population back in 2005. Chobani accounted for a market share of close to 40% in 2017. These are some of the factors augmenting the market growth of Greek yoghurt in the country.
Demand for plant-based yoghurt is expected to display steady growth in the coming years.
Based on the source, the plant segment is expected to generate the fastest growth during the forecast period from 2018 to 2026. Soy milk, almond milk, and coconut milk are also used to manufacture yogurt. Yogurt made from soy milk is the preferred choice among consumers. Rising consumer awareness of lactose-free dairy products, as well as a growing lactose intolerance population, are driving growth in the non-dairy yoghurt segment. Soy yoghurt is made from soybeans, which contain essential nutrients such as amino acids, vitamins, minerals, and healthy fats. Soy yoghurt is considered a cholesterol-free alternative to dairy yoghurt. Furthermore, because soy contains polyunsaturated fats that contribute to lowering the risk of heart disease, the consumption of soy yoghurt lowers the cholesterol level in the blood and lowers the risks of cardiovascular diseases. Furthermore, eating soy yoghurt with a fruit lowers cancer risk because isoflavones in soy have estrogen-like properties that aid in cancer prevention. Demand for almond yoghurt has also witnessed a steady increase over the past few years. Almond yoghurt is made from almond milk, which is made from ground almonds and water. Almond yoghurt consists of essential nutrients such as fiber, vitamin E, antioxidants, and magnesium, among others.
Europe is likely to dominate the global yoghurt market throughout the forecast period.
Based on geography, Europe accounted for the majority of the market share in 2017 and is likely to continue dominating the market in the coming years. Yogurt is gaining importance among the geriatric population, which is a key factor pushing the market growth. Consumption of yoghurt reduces the risk of frailty among the elderly population. Old age is associated with several health complications and nutritional deficiencies, which include immunosenescence and musculoskeletal impairment, among others. European countries such as Italy, Germany, France, Portugal, and Greece have the highest number of geriatrics, and these factors have contributed to the high growth of the yoghurt market in the region. Further, Germany, the Netherlands, Ireland, France, and Turkey have the highest per capita consumption of yogurt compared to other countries across the globe. Lactalis, Danone, and Arla Foods are the key players operating in the yoghurt market in Europe.
Asia Pacific is expected to be the fastest-growing market for yoghurt during the forecast period, with China, India, and Japan spearheading the growth of the market. With sales exceeding US$ 55 billion in 2017, China was ranked as the world's second-largest dairy industry after the United States. Consumers in China consider yoghurt a nutritional food product that also aids in easy digestion.
Product development is one of the key strategies of companies operating in the yoghurt market.
The global yoghurt market is marked by intense competition from major players operating in this market. Strategic mergers and acquisitions, product innovations, joint ventures and partnerships, and geographical expansions are some of the key strategies adopted by the leading players to ensure long-term sustenance in the market. Key players operating in the field of yoghurt include Arla Foods, Amul Milk Union Ltd., Britannia Industries Ltd., Chobani LLC, General Mills, Inc., Groupe Danone S.A., Grupo LALA, Groupe Lactalis, Muller Milk & Ingredients, Mother Dairy Fruits & Vegetables Pvt. Ltd., Nestle S.A., and Yakult Honsha Co. Ltd., among others.
In September 2018, Arla Foods created a new innovation with fruit yoghurts that debuted in the German market. The new yogurt, named Bio Nur, consists of 75% organic yoghurt and 25% organic fruit. An average yoghurt contains 14 grams of added sugar, and this factor has raised serious concerns among consumers regarding its health benefits. The new product launched by Arla contains no added sugar and only 6.8–7.7 grams of sugar, depending on the type of fruit. This product has been aimed at the health-conscious population, and with the introduction of these new products, the demand for yoghurt in Germany is expected to maintain its growing trend in the coming years, and it is also expected to help Arla Foods strengthen its position in the yoghurt market.
Further, in 2017, Chobani LLC launched Chobani Smooth, a non-Greek classic yogurt. This product is the company's maiden venture into the traditional yoghurt category, with less sugar and more protein content compared to the other traditional yoghurts that contain fair amounts of sugar. Chobani Smooth has been developed with 25% less sugar, approximately 1%–1.5% of fat content, and double the protein content compared to other traditional yogurts. It is made by light straining in order to retain the protein content found in milk, combined with a unique blend of probiotics and active cultures. This yoghurt is blended with natural ingredients, along with natural fruits and vanilla.
Periods of History and Forecast
Our study analyzed each market segment during the period of 2016 to 2026, with 2017 as the base year. The forecast period between 2018 and 2026 is considered for the CAGR calculation.
Report Scope
The report provides a detailed overview of the global yoghurt market by categorizing it into the following segments:This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics, such as drivers, challenges, and opportunities prevalent in the market, to understand the global yoghurt market more explicitly. Our in-depth quantitative and qualitative analysis of each segment up to the country level highlights revenue pockets and investment opportunities in the market.
Key questions are answered in this report.
Who are the major manufacturers and distributors operating in the yoghurt market?
What are the largest segments in the market during the forecast period from 2018 to 2026?
Which are the fastest-growing segments in the market during the forecast period?
What are the current market trends in the yoghurt market, and what are the players' valuable opportunities?
How are the regulatory frameworks affecting global as well as regional markets?
Which are the key players operating in the global market, and what are the strategies they have adopted?
What are the revenues, business strategies, and product portfolios of the top manufacturers operating in the yoghurt market?
What are the market size and trends in emerging and developed markets?
Frequently Asked Questions:
The market for Yogurt Market is expected to reach US$ XX Bn by 2026.
The Yogurt Market is expected to see significant CAGR growth over the coming years, at 3.5%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Amul Milk Union Ltd., Britannia Industries Ltd., Chobani LLC, General Mills, Inc., Groupe Danone S.A., Grupo LALA, Groupe Lactalis, Muller Milk & Ingredients, Mother Dairy Fruits & Vegetables Pvt. Ltd., Nestle S.A., and Yakult Honsha Co. Ltd are some of the major players in the global market.
