U.S. to Remain Dominant Consumer of Yogurt throughout Forecast Period
The research report states that the North America yogurt market will be worth US$14.59 bn by 2024 from US$11.18 bn in 2015. Between the forecast years of 2016 and 2024 the yogurt market in North America is projected to surge at a CAGR of 3.0%. From a regional point of view, the U.S. yogurt market is expected to show consistent dominance between 2016 and 2024 as it promises to register a CAGR of 3.7%. Out of all the products, the traditional yogurt is expected to lion’s share due to a strong preference for the same. By the end of 2024, traditional yogurt is expected to acquire a share of 38.2% in the North America yogurt market.
Transparency Market Research points out that key players in the North America yogurts market are focusing on introducing new flavors to cater to a wide range of customers. Some of the leading players in the market are Danone, Chobani, Yoplait, Private Label, and Fage, who collectively held a share of 74.3% in market in 2016. The nature of competition in the North America yogurt market is expected to remain consolidated in the coming years as it will be rather difficult for new entrants to overpower the dominance of these players. Focus on delivering myriad flavors and investing in attracting packaging solutions are expected to key strategies of these players. Collaborations with dairy owners to reduce the cost of operations and for making lucrative geographical expansions will also be seen as emerging trend in the overall market.
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Greek Yogurt Offers Significant Impetus as Consumers Realize its Health Benefits
Introduction of a wide range of flavors has been identified as the key growth driver of the North America yogurt market. In addition to catering to the changing tastes of the growing clientele, the yogurt market in North America has also been flourishing with the introduction of Greek yogurt. Out of the entire demand, Greek yogurt holds about 40% of it. Analysts at Transparency Market Research state that low range of fats and carbohydrates in Greek yogurt has been the very reason for its soaring popularity. Additionally, Greek yogurt is known to be rich in protein and calcium, which has garnered the attention of several fitness enthusiasts over the years.
On the flip side, the demand for Greek yogurt is expected to mature in the coming years thus impacting sales. However, players can tackle this hurdle with yogurt drinks, which could be the next raging trend in the North America yogurt market, predict market experts.
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Changing lifestyles, focus on better dietary habits, innovative packaging solutions, and rising disposable incomes have also been identified as key contributors to the increasing revenue of the North America yogurt market. Product diversification and changing perception of yogurt as an important part of the meal are also projected to benefit the overall market. The report also sheds light on expansion of dairies and their role in widening yogurt market in North America. It states that adoption of innovative technologies in dairies to increase production have tremendously benefited the overall market.