Report ID: UCMIG30I2020 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: Figures:Food Preservatives Market
Report ID: SQSG30I2051 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 92 | Figures: 76
Flavored Yogurt Market size was valued at USD 49.28 billion in 2021 and is poised to grow from USD 52.83 billion in 2022 to USD 85.54 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).
Changing dietary habits, increased health awareness among consumers, rising consumer disposable income, and growing popularity of ready-to-eat foods globally are some of the major factors driving flavored yogurt market growth. The shift in consumer dietary habits toward the consumption of flavored yogurt as a dessert and an important component of the diet has impacted the growth of the yogurt and made it a popular food item in recent years. The growing consumer awareness of lifestyle-related health concerns and the benefits of yogurt due to its composition of essential fortified vitamins, creamy, pulp-laced, and sugar-free content has a positive impact on the digestive mechanism.
The food industry has grown over the years due to the addition of innovation and continuous product development. Attributed to the presence of healthy ingredients such as proteins and sugar-free content, as well as the availability of these products in convenience stores, the market is expected to grow, encouraging international players to expand their consumer base. The demand for naturally enriched fresh fruit-flavored yogurt is extremely high, particularly for berry flavors like strawberry, blueberry, and raspberry. Aside from these flavors, mango, chocolate, and coffee are gaining popularity among consumers. Greece yogurt is in high demand in Western European countries such as France, Germany, and the United Kingdom. The product is a good source of protein and calcium, and it is now available in a variety of flavors. Vanilla is a well-known flavor that is expected to grow in popularity.
US Flavored Yogurt Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global flavored yogurt market is segmented based on flavour, distribution channel, type, and region. Based on flavour, the flavored yogurt market is segmented into vanilla, chocolate, blueberry, peach, and strawberry. Based on type, the flavored yogurt market is segmented into organic and conventional. Based on distribution channel, the market is segmented into supermarkets, convenience stores, e-commerce, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Flavored Yogurt Market Analysis by Flavour
Strawberry accounted for the largest flavored yogurt market share of 33.0% in 2021. Strawberry is one of the major flavors driving the growth of the segment. Owing to the presence of naturally potent ingredients, berry flavored yogurts are becoming increasingly popular among consumers. Product innovations such as plant-based yogurt and Greek yogurt are gaining traction with consumers, driving the segment's growth. Strawberry flavor is the fastest-growing segment in the flavored yogurt market, with a CAGR of more than 7.6% expected during the forecast period. Increasing emphasis on health, dietary habits, and availability in convenience stores are among the key factors driving the segment.
Flavored Yogurt Market Analysis by Distribution Channel
The supermarket segment dominates the global market, accounting for more than 45.0% of the market share in 2021. Because all of the major brands of flavored yogurt are sold in supermarkets, they generate the most revenue based on the distribution channel. Furthermore, easy access, product availability, and variety are among the key factors driving the segment growth. In the United States, supermarket chains such as Walmart and The Kroger Co. have a large number of supermarket stores in the region that stock the majority of the dairy products. Aside from supermarkets, convenience stores are expected to grow significantly in the coming years.
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Europe is expected to be the largest market for flavored yogurt in 2021 owing to growing popularity of berry yogurts and flavored Greek yogurt in the region. In 2019, France was the largest market for flavored yogurt in Europe, accounting for more than 22.0% of the market. The market is being driven by factors such as changing lifestyles, rising disposable income, and the growing popularity of flavored yogurt. Furthermore, product innovation and the growing popularity of ready-to-eat foods are major factors driving the segment growth.
Asia Pacific is anticipated to have a CAGR of more than 7.8% during the forecast period. The growing acceptance of yogurt as another option for ice cream and desserts by grocery shops and restaurants is trending in countries like India and China. Consumers in the regions are attracted by the new flavours which are recently launch by the company that has led to the growth of the flavored yogurt market in the region.
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Flavored Yogurt Market Driver
Flavored Yogurt Market Restraint
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Some of the market's major players include General Mills, Inc., Danone, Nestle S.A., Chobani LLC, Lactalis, Fonterra, and Arla Foods. Owing to the presence of big sharks and large investment amounts, the market has a moderate to high entry barrier. These market players are engaged in product innovations and are investing heavily in R&D in order to provide the best eatable product to consumers and gain a competitive advantage. The market for flavored yogurt is also being driven by various mergers and acquisitions, as well as the market's major players expanding into new regional markets. Lactalis Group, for example, has acquired Stonyfield Farm, one of the leading producers of yogurt varieties such as grass-fed and soy.
Top Players in the Global Flavored Yogurt Market
Flavored Yogurt Market Recent Developments
Adoption of advanced packaging technology for yogurt by key manufacturers is driving flvaored yogurt market growth. For example, barrier technology is an advanced solution. By blocking light, barrier technology helps to extend the shelf-life of the product without the need for refrigeration. This packaging also aids market growth in low-income areas as well as in remote locations where refrigerated distribution channels do not exist, such as in several African and Southeast Asian countries.
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According to our analysis, with the broad consumer acceptance of packaged flavored yogurt products due to the presence of healthy ingredients like proteins, sugar-free content, and availability of these products in convenience stores, the market is expected to grow, and encourage international players to expand their consumer base. Top players in the market for Flavored yogurts such as Danone, Nestle, and General Mills are focusing on expanding their distribution channels as the demand across developing regions. This, in turn, is spurring the growth of the market. The product is good source of protein and calcium and is now available in varieties of flavours.
|Market size value in 2021||USD 49.28 billion|
|Market size value in 2030||USD 52.83 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Flavored Yogurt Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Flavored Yogurt Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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