Growing consumer inclination towards healthy and nutritious food products, rising disposable income and increasing acceptance of yogurt as a snack to drive global yogurt market through 2023
New Delhi, October 18, 2018: According to TechSci Research report, “Global Yogurt Market By Fat Content, By Type, By Form, By Packaging, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2013 – 2023”, global yogurt market is projected to surpass $114 billion by 2023, owing to increasing consumer preference for food products providing varied health benefits. Rising young population base, changing taste preferences and rising household disposable income of middle-class population is leading to higher demand for discretionary food items like yogurt. Danone Group, Yakult Honsha Co. Ltd., General Mills Inc. and Inner Mongolia Yili Industrial Group Co. Ltd. are among the major players in the global yogurt market.
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Flavored yogurt accounted for nearly three quarters of the market in 2017 and is expected to maintain its dominance in the coming years, owing to the availability of yogurt in several flavors such as vanilla, mango, pineapple and strawberry as well as exotic fruits like raspberry and plum. Moreover, availability of yogurt with different milk fat percentages caters to the diverse demand emerging from consumers preferring yogurt with either regular fat content, low fat or fat free. This availability of different options for health-conscious consumers is further anticipated to drive the growth of yogurt market, globally, during forecast period.
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“Growing acceptance of yogurt as a snack and availability of yogurt in different forms such as low fat, fat free and gluten free is boosting demand for yogurt across the globe. Players in the yogurt market should take more initiatives to increase consumer awareness about yogurt benefits. Moreover, they should consider entering into strategic collaborations with online retailers, which would allow them to explore a better medium to reach their end customers and capitalize on changing consumer needs,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Yogurt Market By Fat Content, By Type, By Form, By Packaging, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of yogurt market, globally and provides statistics and information on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global yogurt market.