Yogurt market has witnessed growth worldwide. Europe’s yogurt market is growing at a steady rate of 5% per year but growth is expected to decline in the next four years due to the economic conditions in European economies. Greek is famous for its strained yogurt and a supplier to many emerging economies.
Overview of Drinkable Yogurt Consumption Market
Drinkable yogurt market is growing globally and the biggest area of growth is APAC region and its large consumer base. APAC region is dominating the yogurt market. Drinkable yogurt market is expected to grow over the forecast period (2016-2020) globally. There are various factors that are boosting demand for yogurt. It is considered protein rich and these days people are conscious about their health. Also the producers are bringing innovations and variety of flavors and once consumer develops a taste for a particular flavor, he is going to demand for the product up to his saturation level.
The key players in the market are Chobani, Dannon and Yakult. Chobani announced 10% ownership stake to its employees as an incentive reward. Dannon is the world’s biggest yogurt maker. The company is able to achieve its target of low fats and sugar and has no sustainability issues due to its growing popularity. Yakult is famous for its products which help in digestion and building immunity.
Key Driving Factors in drinkable yogurt market
• Aping of western culture
• Taste and preferences
• Rising disposable income and young consumer base
• Different flavor combinations and innovations in the products
• Yogurt is considered as a part of healthy diet
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Ankur Gupta, Head Marketing & Communications