Future Market Insights On Yoghurt Market
Tuesday, April 12th, 2022 | 337 Views
Innovative Culinary Recipes will Prompt the Global Sales of Yogurt Products during 2016-2026
One can assume that almost every other new recipe developed by culinary experts from all corners of the world will contain some significant contribution of milk or its derivatives. Yoghurt continues to be one such by-product of milk that has gained worldwide prevalence for being a key ingredient in the specialised production of foods & beverages.
The world has acclimated itself to a daily or regular consumption of yoghurt in moderate volumes. A recent study conducted by ESOMAR-certified market research revealed that by the end of 2016, more than 37,000 KT of yoghurt was consumed across the globe. People from all walks of life have cultured a taste for yoghurt drinks & beverages. So much so that yoghurt has become an integral part of consumers’ daily diets.
Health benefits associated with yoghurt consumption, which include lowering the incidence of high blood pressure, aiding digestion, improving skin tone and being completely organic, have majorly instrumented the growth in global demand for yoghurt-based drinks & edibles.
At present, ESOMAR-certified market research values the global yoghurt market at US$ 86.9 Bn, expects it to soar at 10% CAGR, and bring in US$ 232.1 Bn revenues by the end of 2026. Apropos such projections, the demand for yoghurt products in the world is bound to surge, compelling food & beverage makers to extend their production capacity, and concurrently improve their offerings for yoghurt consumers.
The report, titled “Yogurt Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” compiles leading manufacturers of yoghurt in the world. These include US-based companies such as General Mills, Inc., Chobani, LLC, Kraft Foods Group, Inc., and Canada’s Ultima Foods Inc. Correspondingly, yoghurt sales in North America are projected to soar at 10.3% CAGR and rake in US$ 18.8 Bn by 2026-end. European yoghurt manufacturers such as Rainy Lanes Dairy Foods Ltd., Muller UK & Ireland Group LLP, Sodiaal, Nestle SA and Danone are also prominent players in the global yoghurt market.
Together, Eastern Europe and Western Europe are likely to impose one-third share of the global market value, while the yoghurt market in the Asia-Pacific excluding Japan (APEJ) region will consume more than 25,000 KT of yoghurt through 2026. Japan’s yoghurt market, on the other hand, will witness a relatively moderate growth, which will be attributed to Yakult Honsha Co. Ltd. – recognised as a leading yoghurt producer in the world.
Supermarket Shelves to Remain Stacked up with Flavored Yogurt Drinks
The report also reveals that the easy availability of raw ingredients has stimulated large-scale production of yoghurt, allowing manufacturers to increase the production of various types of yoghurt products. In 2016, global consumption of fruit-based yoghurt reached an estimated 3,591.2 KT.
While regular or plain yoghurt will keep garnering consistent demand, global sales of low fat & fat-free yoghurt are anticipated to grow at 10.2% CAGR. Although, bland-tasting regular yoghurt will keep losing its market presence as a majority of global yoghurt consumers will demand some flavours in these products. Throughout the forecast period, flavoured yoghurt is anticipated to account for more than half of global revenues.
Key findings in the report indicate that almost every other yoghurt product in the world will be consumed in form of drinks. While demand for strained or Greek yoghurt is also considerably high, more than 40,000 KT of yoghurt will be consumed as drinks or beverages by the end of 2026.
Growing consumption of yoghurt is also being facilitated by effective distribution through supermarkets and retail stores. Collectively, more than three-fourths of global yoghurt revenues will emanate from these distribution channels.
These insights are based on a report on Yoghurt Market by Future Market Insights.
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