Yogurt Market Predicted to Hit $107,209 Million by 2023 - Global Opportunity Analysis, Growth drivers and Trends
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The global yogurt market is mainly driven by the health benefits associated with consuming yogurt and increasing awareness among people for losing weight. Other factors supporting the market growth are expansion of retail market in various regions and the lower lactose content for lactose intolerant people willing to eat dairy products.
Some of the major players spreading awareness and promoting consumption of spoonable & drinkable yogurt include Yakult, Danone, Nestle, Chobani, and others. However, artificial additives & ingredients added in yogurt and harmful hormonal treatment of milk-producing cow may limit people from consuming yogurt. Growth in demand for yogurt in the developing nations owing to rise in disposable income and increase in health awareness are expected to provide numerous opportunities for the development of the global yogurt market.
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Global Yogurt Market Geography Analysis:
Asia-Pacific is the leading region, registering the highest CAGR of around 5.4% in the global yogurt market, which accounted for nearly half of the total market share in terms of value in 2016. North America was the second fastest growing region in the market owing to rise in consumption of yogurt in the U.S. & other nations due to alarming adult obesity rates. The Mexico yogurt market stood at $1,055 million in 2016, and is expected to reach $1,420 million by 2023, registering a CAGR of 4.3% during the forecast period.
Supermarkets and hypermarkets are the most prevalent distribution channel responsible for highest yogurt sales occupying about half of the market share. Also, the other distribution channels comprising of online stores and home deliveries are the fastest growing segment during the forecast period.
Asia-Pacific is the leading region in terms of consumption of different kinds of yogurt products owing to huge production & demand in China, Japan, India, and other countries. Further, this region is anticipated to grow at the highest CAGR, owing to rapid development of food & beverages sector and increase in health-conscious population. North America is expected to own second highest CAGR in the global yogurt market due to increase in market for yogurt drinks and high rate of obesity. The developed region of Europe has quite mature growth rate in the global yogurt market.
The other distribution channels is the fastest growing segment, comprised of online stores and home deliveries as these are more convenient for consumers. Also, rise in fitness concerns of people has led to robust sales of yogurt due to high protein content and several health benefits offered by it.
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