Yogurt is a dairy product that is made by the bacterial fermentation of milk. All types of milk, including skim milk (fat-free) and whole milk (full-fat) are used in the production of yogurt. Furthermore, yogurt contains probiotics—which are a family of healthy bacteria with live strains—which make it an extremely healthy dairy product. Products such as Greek yogurt contain beneficial nutrients such as iodine, which helps maintain weight of an individual. Furthermore, yogurts are widely available in a variety of flavors such as strawberry, mango, and raspberry. Healthier yogurt options such as those with low fat and low lactose levels are expected to gain traction, owing to the increasing health conscious among customers.
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Drivers:
Yogurt offers rich source of nutrients such as calcium, vitamin B-2, vitamin B-12, potassium, protein, and magnesium. Yogurt consumption is also linked to strengthening of the immune system and helping combat conditions such as diarrhea. Furthermore, rising health concerns among the populace, such as obesity and heart diseases are major drivers fueling growth of the yogurt market. According to the World Health Organization, 650 million people in 2016 were obese and
Restraints:
Availability of substitute dairy products such as curd, buttermilk and the pollution caused by the acid whey (a byproduct, that is produced during the manufacturing process of strained yogurt), is one of the major factors hampering growth of the yogurt market. Acid whey causes oxygen depletion in water bodies leading to loss of marine life.
Trends:
Increasing number of frozen yogurt franchises such as Menchie’s Frozen Yogurt are being established globally. Frozen yogurt is considered to be a healthy substitute for ice cream, due to their lesser calorie content, lower fat content, and enhanced nutrient content per serving. Owing to these properties, the demand for yogurt is increasing among the health conscious consumers, thus driving growth of the frozen yogurt segment globally. To attract consumers, a number of frozen yogurt companies such as Orange Leaf, Yogurtland, and Menchie's Frozen Yogurt, display their calories-per-serving serving for every flavor offered.
Market Outlook
In terms of value, Europe is expected to hold the dominant market, followed by North America. The drinking yogurt segment is gaining significant traction in the European region, which in turn is expected to result in the growth of the yogurt market in Europe. According to the EU, in 2015, the drinking yogurt category recorded highest number of product launches, accounting for 41.3% of all dairy product launches in Germany, Italy, U.K., Spain, and France.
The persistent growth of the dairy industry in the U.S. is expected to fuel growth of the yogurt market in North American during the forecast period (2018-2025). Although the region has a fully-fledged market for set yogurt segment, the introduction of new variants in flavors and the high availability of low fat-containing products is expected to propel growth of the yogurt market in the region. According to the U.S. Department of Agriculture (USDA), yogurt consumption grew almost ten-fold to 0.05 cup-equivalents per person in 2015 from 1974. Manufacturers in the U.S. are focusing on launching new innovative products with additional nutrition content. According to USDA, some of the new products launched contain yogurt toppings, which accounted for around 10% of all new yogurt products in 2015, whereas those without toppings accounted for 0.5% of existing yogurt products. Newly launched yogurt products such as Danone’s YoCrunch, launched in 2015, contain toppings such as Oreos and Granolas and contain around twice as much fiber compared to new products sold without a toppings (1.33 versus 0.69 grams per serving).
In terms of consumption, Asia Pacific holds the fastest-growing market for yogurt. Emerging economies such as China and India are expected to hold a dominant position in this market, followed by Japan in the Asia Pacific region. The market in the region is expected to witness significant growth, owing to increasing number of international brands expanding sales in the region. For instance, popular global frozen yogurt brands such as the U.S.-based Red Mango, Canada-based Kiwi Kiss, South Korea's Yogurberry, have entered into the yogurt market in Indian, owing to the high untapped potential in the country.
New Product Launches:
Follow Your Heart—vegan food company—launched a new vegan yogurt line in 2018. The product portfolio includes numerous flavors such as key lime, peach, blueberry, strawberry rhubarb, cherry, vanilla bean, and raspberry. The yogurt products are made from real fruit, feature probiotic cultures, and are vegan. They are also free from soy and gluten.
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Manufacturers are increasingly adopting inorganic strategies such as mergers & acquisitions, new product launches, and partnerships. For instance, Danone, acquired WhiteWave Foods Co. for US$ 10 billion in April 2017, in order to strengthen its position in the global yogurt market. Some of the key players operating in the global yogurt market are General Mills, Kraft Foods Group Inc., Chobani LLC, Sodiaal S.A., China Mengniu Dairy, Groupe Danone, Yakult Honsha Co. Ltd, and Nestle SA.
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