Yogurt is a semi-solid food product, obtained by the fermentation of milk. Yogurt is considered to be a healthy food item as it has high protein content. Many commercially manufactured yogurts are low in fats, making it a suitable option for health-conscious people. Yogurt also has a high percentage of potassium, which lowers the chances of kidney stone and helps to reduce blood pressure. According to the research, conducted by the University of Washington, yogurt reduces the risk of bowel cancer. Yogurt manufacturers are continuously focusing on developing new flavors of yogurts to offer a unique taste and attract new customers. Owing to such factors, it is expected that the global flavored yogurts market will grow at a robust rate during the forecast period. The global flavored yogurts market is expected to register a CAGR of 5.4% from 2019 to 2024 and reach USD 77.5 Billion by the end of 2024.
Based on flavor, the global flavored yogurt market has been segmented into vanilla, blueberry, strawberry, raspberry, mango, and others. The vanilla segment is expected to dominate the global flavored yogurt market during the review period due to the high preference for vanilla among consumers.
The global flavored yogurt market has been divided, by product type, into conventional, fat-free, and low fat. The conventional segment is expected to dominate the market during the review period as it is comparatively inexpensive than fat-free yogurt. However, the low-fat segment is projected to register the highest CAGR during the forecast period due to the health benefits offered such as lower calories per gram of yogurt.
On the basis of distribution channel, the global flavored yogurt market has been bifurcated into store-based and non-store-based. The store-based segment has been further classified as hypermarkets and supermarkets, convenience stores, and others. The store-based segment is expected to account for the larger market share during the forecast period due to the increasing availability of a wide variety of yogurts from different key players and discounts offered. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to the technological advancements in the e-commerce industry and growing consumer preference for online purchase.
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Some of the key players in the global flavored yogurt market are Saputo Inc (Canada), Valio Ltd (Finland), Arla Foods amba (Denmark), Juhayna Food Industries (Egypt), Société des Produits Nestlé S.A. (Switzerland), Chobani LLC. (US), General Mills Inc. (US), Sweet Frog Enterprises LLC (US), Red Mango FC LLC (US), Danone S.A. (France), Mother Dairy Fruit & Vegetable Pvt. Ltd. (India), Groupe Lactalis (France), Mrs. Fields’ Original Cookies Inc (US), Emmi Group AG (Switzerland), and Dean Foods Company (US).
The global flavored yogurt market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is expected to dominate the global flavored yogurt market during the forecast period. This can be attributed to widespread awareness about the benefits of yogurts and the increasing adoption of healthy lifestyles. The presence of many yogurt manufacturers, continuously developing new flavors, is projected to boost the growth of flavored yogurt in the regional market.
The market in Asia-Pacific region is expected to register the highest CAGR during the review period due to the increasing per capita disposable incomes and rising consumption of ready-to-eat foods. Moreover, due to the availability of low-fat yogurt, it is being consumed as snack by a large section of the populations in countries like China and Japan.