Flavored Yogurt Market To Generate $92.3 Billion By 2026, Registering At A CAGR Of 4.8%
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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Growing awareness regarding the health risk and ill effects of the consumption of food produced/grown using synthetic chemicals is likely to propel the growth of organic flavored yogurt market.
The flavored yogurt market growth is propelled by the growing awareness of the health benefits of yogurt. Active and health conscious consumers have shifted their preference toward nutritional food products including flavored yogurt and other dairy products. Yogurt is a rich source of various essential nutrients including calcium, protein, phosphorus, potassium, and vitamins. It is also suitable for fortification to enhance the nutritional value of yogurt and flavor addition to enhance the taste and visual appeal of the product.
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The flavored yogurt market is segmented on the basis of flavor, distribution channel, type, and region. Based on flavor, the flavored yogurt market is categorized into strawberry, vanilla, peach, blueberry, and others. Strawberry has been the most preferred choice of flavored yogurt among the consumers due to the fresh color, characteristic sweet taste and the smooth texture. The strawberry segment was valued at $25.8 billion and is expected to grow with a CAGR of 4.3% from 2019 to 2026, to reach $36.1 billion by 2026. The blueberry segment is estimated to be the fastest growing segment, with a CAGR of 5.8% during the forecast period.
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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The market is expected to exhibit an incremental revenue opportunity of $28.7 billion from 2018 to 2026. Strawberry, vanilla, peach and blueberry are the most popular yogurts flavors preferred by the consumers due to their characteristic aroma and taste. Flavored yogurt are the popular choice of breakfast, snack, dessert and beverage among health-conscious consumers. Due to the busy lifestyle, consumers have shifted their preference towards the consumption of convenience food products. Owing to the nutritional properties and wide range of flavors and product types available, flavored yogurt have become one of the most preferred choice of convenience food among the consumers.
Leading players in the flavored yogurt industry -
Nestle
Stonyfield Farm Inc.
Chobani LLC
Emmi Group
Cabot Creamery
Arla Foods
Danone
Müller
Fage International S.A.
General Mills
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