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. Yogurt continues to be one such by-product of milk that has gained worldwide prevalence for being a key ingredient in specialized production of foods & beverages. The world has acclimated itself to a daily or regular consumption of yogurt 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 yogurt was consumed across the globe. People from all walks of life have cultured a taste for yogurt drinks & beverages. So much so that yogurt has become an integral part of consumers’ daily diets.
Health benefits associated with yogurt consumption, which include lowering incidence of high blood pressure, aiding digestion, improving skin tone and being completely organic, have majorly instrumented the growth in global demand for yogurt-based drinks & edibles. At present, ESOMAR-certified market research values the global yogurt 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 yogurt products in the world is bound to surge, compelling food & beverage makers to extend their production capacity, and concurrently improve their offerings for yogurt consumers.
The report, titled “Yogurt Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” compiles leading manufacturers of yogurt 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, yogurt sales in North America are projected to soar at 10.3% CAGR and rake in US$ 18.8 Bn by 2026-end. European yogurt 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 yogurt market. Together, Eastern Europe and Western Europe are likely to impose one-third share on the global market value, while yogurt market in the Asia-Pacific excluding Japan (APEJ) region will be consume more than 25,000 KT of yogurt through 2026. Japan’s yogurt market, on the other hand, will witness a relatively moderate growth, which will be attributed by Yakult Honsha Co. Ltd. – recognised as a leading yogurt producer in the world.
Supermarket Shelves to Remain Stacked up with Flavored Yogurt Drinks
The report also reveals that easy availability of raw ingredients has stimulated large-scale production of yogurt, allowing manufacturers to increasing production of various types of yogurt products. In 2016, global consumption of fruit-based yogurt reached an estimated 3,591.2 KT. While regular or plain yogurt will keep garnering consistent demand, global sales of low fat & fat-free yogurt are anticipated to grow at 10.2% CAGR. Although, bland-tasting regular yogurt will keep losing its market presence as a majority of global yogurt consumers will demand some flavors in these products. Throughout the forecast period, flavoured yogurt are anticipated to account for more than half of global revenues.
Key findings in the report indicate that almost every other yogurt product in the world will be consumed in form of drinks. While demand for strained or Greek yogurt is also considerably high, more than 40,000 KT on yogurt will be consumed as drinks or beverages by the end of 2026. Growing consumption of yogurt is also being facilitated by effective distribution through supermarkets and retail stores. Collectively, more than three-fourth of global yogurt revenues will emanate from these distribution channels.