Rising awareness about the benefits of yogurt over curd is propelling the demand for yogurt among consumers Yogurt has lower sugar and fat content, making it preferable for health conscious customers. Besides, manufacturers are boosting the nutrition value by adding minerals, vitamins, and fiber in the product. For example, Arla foods, a food manufacturing company, has recently introduced fiber-rich yogurt. The yogurt has high protein content, adequate amount of calcium, and low fat content. As a result, people have started using yogurt in various food products such as baked goods and beverages.
High nutritional value offered by yogurt aids to improve immunity, strengthens teeth and bones, lowers bad cholesterol and high blood pressure, mitigates the risk of type 2 diabetes, and prevents digestive concerns.
Registering the aforementioned factors into account, the yogurt market is anticipated to progress at a moderate CAGR of 3.0% in the forecast period from 2016 to 2024. As per the report published by Transparency Market Research, the yogurt market is anticipated to reach a value of US$14.59 bn by the end of 2024.
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Mobility Convenience Decided by Packaging Format
Apart from nutritional value of yogurt, the yogurt market is also driven by novel packaging solutions. Innovative and convenient packaging solutions present lucrative growth opportunities for manufacturers of the yogurts. In line with this, yogurts are available in pouch, cups, jars, and tubs. In recent years, cups packaging was alone contributing to 70% of the market as it facilitates easy consumption of the content.
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In addition, attractive designs easily grabs the attention of consumers. Moreover, low cost packaging benefits manufacturers too. Owing to such factors, the cup segment is projected to dominate in the global yogurt market.
Awareness of Probiotic Yogurt Drives Yogurt Market in Asia Pacific
Probiotic yogurt helps in improving metabolism, strengthening the immune system and enhancing the digestion process. In Asia Pacific, rising awareness about the benefits of yogurts is driving the yogurt market. It is also being consumed as dessert. Owing to the health benefits of yogurt, the product now witnesses high volume demand in countries like India, Japan, and China. Considering the increasing demand, the yogurt market is anticipated to expand in Asia Pacific in the coming years.
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With the presence of several regional and international players in the yogurt market, the competition is quite intense. To sustain the foothold in the global yogurt market, the key players are offering exotic flavors of yogurt. And at the same time, they are also considering the packaging and labeling need of the customers. Some of the key players in the yogurt market are- China Mengniu Dairy Company Limited, Danone S.A., Nestlé S.A., and General Mills