Rise in awareness of the health benefits of yogurt, increase in demand for flavored yogurt in the developing nations, and innovation in taste & flavor of yogurt propel the growth of the global flavored yogurt market
PORTLAND, Oregon, Dec. 16, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Flavored Yogurt Market by Flavor (Strawberry, Vanilla, Peach, Blueberry, and Others), Distribution Channel (Supermarket/Hypermarket, Convenience stores, E commerce, and Others), and Type (Organic and Conventional): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global flavored yogurt industry was estimated at $66.35 billion in 2019 and is expected to hit $92.3 billion by 2026, registering a CAGR of 4.8% from 2019 to 2026.
Drivers, restraints and opportunities-
Growing awareness of the health benefits of yogurt, increase in demand for flavored yogurt in the developing nations, and innovation in taste & flavor of yogurt drive the growth of the global flavored yogurt market. On the other hand, rise in use of dairy alternative based products impedes the growth to some extent. Nevertheless, growing demand for organic flavored yogurts is expected to create an array of opportunities for the key players in the industry.
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The strawberry segment to lead the trail till 2026-
Based on flavor, the strawberry segment held the largest share in 2019, generating two-fifths of the global flavored yogurt market. This is due to its fresh color, sweet taste and the smooth texture. At the same time, the blueberry segment would grow at the fastest CAGR of 5.8% from 2019 to 2026. Blueberry flavor is sweet, smooth, and creamy with slightly acidic in nature. Moreover, blueberry offers multiple health benefits and hence, manufacturers are engaged in providing flavored yogurt with natural flavors and blueberry crush, which has driven the growth of the segment.
The conventional segment to maintain its top status during the estimated period-
Based on type, the conventional segment contributed to 93% of the global flavored yogurt market share in 2019, and is expected to rule the roost by the end of 2026. This is due to conventional flavored yogurts have advantage over organic flavored yogurts in terms of price and availability of products at large scale in the market. Also, its comparatively lower cost has supplemented the growth. The organic segment, on the other hand, would showcase the fastest CAGR of 11.6% during the study period. Organic yogurt is manufactured by processing milk obtained from those dairy animals that are fed with organic feed only. This prevents the hazards of synthetic chemicals in the processed dairy products including flavored yogurt.
Europe, followed by Asia-Pacific and North America, to dominate in terms of revenue-
Based on Geography, Europe accounted for more than two-fifths of the global flavored yogurt market revenue in 2019, and is anticipated to rule the roost by 2026, owing to rising awareness of the health benefits of flavored yogurt in the province. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 6.1% throughout the forecast period. However, North America happened to hold the third largest revenue holder in 2019. China and India are one of the largest producers as well as consumers of milk and milk products, which is expected to propel the growth of the flavored yogurt market during the study period.
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Leading players in the market-
- Stonyfield Farm Inc.
- Chobani LLC
- Emmi Group
- Cabot Creamery
- Arla Foods
- Fage International S.A.
- General Mills
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SOURCE Allied Market Research