SAN FRANCISCO, March 31, 2020 /PRNewswire/ -- The global flavored yogurt market size is expected to reach USD 59.2 billion by 2027, expanding at a CAGR of 6.9% in the forecast period, according to a new report by Grand View Research, Inc. The market is driven by the changing dietary habits and increasing health awareness among consumers. The consumption of the flavored yogurt has been on the rise in the recent past years owing to the factor such as increasing disposable income of middle-age group. Growing popularity of flavored yogurt as dessert option which acts as a ready to eat food item and a rising demand from developing countries are considered to be major factors fueling the growth in the market. The flavored yogurts can be classified into drinkable and spoonful ranges wherein fruit flavored yogurts such as strawberry, blueberry, raspberry are possessing high competition to the ice-creams or desserts. Health issues such as high calorie, fat can be resolved by the low-fat flavored yogurts as a good alternative option for ice-creams and desserts.
Key suggestions from the report:
- In terms of revenue, the strawberry segment is projected to ascend at a CAGR of 7.6% over the forecast years
- The convenience stores segment accounts for more than 30.0% flavored yogurt market share in 2019
- Europe is one of the fastest growing regions and it is growing at a significant 7.0% CAGR due to growing popularity of flavoured yogurt, Greek yogurt as a diet food item, and increasing disposable income especially in France and Germany.
Read 80 page research report with ToC on "Flavored Yogurt Market Size, Share & Trends Analysis Report By Flavor (Strawberry, Blueberry, Vanilla, Peach), By Distribution Channel (Supermarket, Convenience Stores, Online), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/flavored-yogurt-market
Strawberry accounts for the majority of share in the segmentation based on flavor. It accounted for more than 33.0% of the market share in 2019 and is witnessing a significant growth over the period of time. Increasing consumer's affinity for fruit flavored yogurt is led by the berry fruits such as strawberry, blueberry, and raspberry. These fruits flavored yogurt possesses health-related attributes like light and fat-free elements, which is expected to drive the overall market.
Supermarkets is found to be the market dominator in the segment based on distribution channel and accounts for more than 45.0% of the market share in 2019. With larger access to customer base, major players focus on retailing their food items through supermarkets. The convenience stores segment is also expected to have significant market growth in the forecast period. The segment is mainly driven by the convenient shops and grocery shops where dairy products are easily available in variety of flavors. The online segment is also expected to grow moderately during the forecast period. According to American Pantry Study in 2015, 37.0% consumers use their mobile for shopping. This, in turn, will influence the growth of the overall flavored yogurt market.
Europe held the leading market share of more than 30.0% in 2019. The rapid changes in dietary habits along with increase in disposable income is among the prominent factor for the region to dominate. Asia pacific is found to be the fastest growing region and is witnessing a significant CAGR of more than 7.8% CAGR in the forecast period. The growing popularity of the flavored yogurt and shift in consumer behaviors style with dietary habits and willingness to spend more for high quality product is impacting the market to grow faster in the forecast period.
Grand View Research has segmented the global flavored yogurt market on the basis of flavor, distribution channel, and region:
- Flavored Yogurt Outlook (Revenue, USD Million, 2016 - 2027)
- Flavored Yogurt Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Convenience Stores
- Flavored Yogurt Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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