Yogurt Market: Snapshot
Rising trend among major global population to follow healthy lifestyle is driving the growth of yogurt market. Growing inclination toward consumption of dairy products is helping to boost the demand for yogurt. Vendors active in yogurt market are using diverse strategies such as launch of innovative products. Incorporation of new and palatable flavors is one of the trending strategies helping companies to attract kids toward yogurt consumption. Thus, these moves are stimulating the growth of the yogurt market.
Many players offer yogurt in different sizes and shapes. Availability of these products in different attractive packaging is one of important factor drawing attention of huge customer base. These initiatives are helping vendors in the global yogurt market to attract new customer base while maintaining the existing one. As a result, the demand for yogurt is stimulated significantly.
Yogurt is one of the important dairy products that have achieved key position in the diet of a wide range of health-conscious population owing to probiotics content in it. Probiotics are known to be helpful in maintaining good gut health of an individual. Thus, this factor is pushing the growth of yogurt market.
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Many companies in yogurt market are pouring investments in research activities. The main motive of these efforts is to enhance the nutritional value of yogurt products. Several vendors add nutritional supplements to their products. A case in point here is product by Chobani LLC. The latest product by the firm is a combination of Greek yogurt and nut butters. The latest strategy will help the firm to offer a tasty and protein-packed snack. Besides, this product is expected to gain traction of health enthusiasts owing to less sugar constraints than other yogurts. This move by Chobani is pegged to drive the demand for products available in the global yogurt market.
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North America Yogurts Market: Overview
The high extent of awareness to consume dairy products for their health benefits is primarily driving the North America yogurts market. Yogurt is an important part of the diet of individuals due to probiotics content that helps in good gut health.
In North America, the availability of a few types of yogurt, which includes Greek, Icelandic, Australian, and non-dairy provides consumers a variety of choices. Not only this, yogurt is available in several flavors that adds further choice to the selection. Yogurt available in different sizes and different packaging also makes it a food of choice among consumers. These factors are collectively bolstering the North America yogurt market.
In the region, yogurt is a favored snack among children both for taste and flavor. Kids’ yogurts are generally available in attractive packaging that tempts kids to consume the food.
Lastly, the availability of fortified yogurt is boosting the consumption of yogurts. Dairy companies are introducing yogurts with nutritional supplements that further add to its nutrient quotient. Thus, the yogurt market in the region receives a boost.
According to a report by Transparency Market Research (TMR), the North America yogurt market is likely to display a tepid 3.0% CAGR between 2016 and 2014, to be worth US$14.59 bn by 2024 vis-à-vis revenue. The market stood at a valuation of US$11.18 bn in 2015.
Difference in Taste of Regional Variants makes Traditional Yogurt favored
By product type, the North America yogurt market is segmented into Australian, Greek, kids’, Icelandic, non-dairy, and traditional. Traditional yogurt, among all, displays the leading demand. The indigenous flavor of traditional yogurt from the region it hails from also adds to its popularity. Kids’ yogurt also account for substantial share in the North America yogurt market. Yogurt is a favored snack that health-savvy parents tend to give to their children.
However, Greek yogurt is likely to surpass demand of other yogurt types over the forecast period. Vis-à-vis revenue, Greek and traditional yogurt held more than 75% of North America yogurt market in 2015.
Both Ease of Use and Cost makes Cups favored among Consumers
By packaging type, the key segments of the North America yogurt market are tubs, pouch, jars, and cups. In 2015, cups held the leading nearly 70% of the market in 2015. Cups allow ease of consuming the content and are available in attractive designs that grabs consumer attention. Furthermore, low cost of packaging of cups also makes them favored among manufacturers in their interest to minimize overall packaging cost. This, indirectly is favorable for consumers especially frugal consumers, who are not willing to spend extra money for packaging for the same content in alternate packaging. This provides a boost to cups product type segment in the North America yogurt market.
Key companies operating in the North America yogurt market include Dannon Inc., Chobani LLC, Noosa Yogurt LLC, Stonyfield Farm, AtlantaFresh, Fage International S.A., Yoplait USA INC, The Icelandic Milk and Skyr Corporation, Annie’s Homegrown, and Berkely Farms.