Yogurt Market: How will the Disruptions Created by Covid19 Affect the market?
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Some of the key players operating in the global yogurt market are
Britannia Industries Ltd.
Dean Foods and Juhayna Food Industries.
On the basis of region, the yogurt market in Asia Pacific is foreseen to witness impressive growth during the forecast period 2019-2026. Nations such as India, China, and Japan are expected to generate high demand for yogurt owing to high demand for probiotics in these nations. This is anticipated to increase the growth rate in the market. Moreover, China’s 83% population consume yogurt due to presence of probiotics in it. China’s huge population consuming yogurt is likely to propel growth in the market. North America held a considerable share in the market in 2018.
The regional market is anticipated to expand at a promising CAGR over the forecast period. High consumption of yogurt in the region (especially Greek yogurt) is likely to enable growth in the market. Moreover, launch of new products in the U.S. and Canada such as flavored yogurt and yogurt drink is expected to fuel the demand for yogurt.
The Ministry of Agriculture and Agri-Food Canada states, in Canada between 1993 and 2012 the per capita yogurt consumption was increased remarkably. Such factor is expected to increase the growth rate in the market. In the European nations, the per capita expenditure on yogurt is quite high. This in response is expected to fuel the demand for yogurt in the region.
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Major Segmentation includes:
By Content Type
By Product Type
By Distribution Channel
Hypermarket & Supermarkets
Increasing Consumption of Drinking Yogurt to Increase Growth
Introduction of new products such as flavored and drinking yogurt and increasing disposable income are some factors expected to drive the global yogurt market. Moreover, easy availability of yogurt, backed by presence of supermarket and departmental store is a factor likely to propel growth in the market.
On the contrary, increasing population of lactose intolerant people is a factor that may restrain the global market during the forecast period.
Chobani to Gain with is New Product Portfolio
The global yogurt market is anticipated to witness constant growth during the forecast period. Key players are adopting innovative strategies to gain higher share in the market. Some players are emphasizing on product innovation to attain a strong brand presence. For instance, Chobani, introduced a new product in 2019.
The product is a plant-based coconut yogurt. With the product innovation Chobani wants to promote plant-based yogurt products and attain higher share.
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