Expansion of North America Yogurt Market to Continue at 8.2% CAGR during 2016-2024 Period Encouraged by Rising Health Awareness
Yogurt is a diary product. Yogurt is produced by fermentation of milk by bacterial treatment. The bacteria in the presence of lactose in milk, produces lactic acid. The lactic acid produced by the bacterial treatment reacts with milk protein to impart the texture and taste of yogurts. Yogurt is generally produced from cows’ milk as it is readily available all across the world. Non-dairy yogurts are also gaining popularity among consumers. Non-dairy yogurts are prepared from non-dairy sources such as plant oils. Soy oil and coconut oil are the major sources of non-dairy yogurts. However, dairy based yogurts are by far the largest category of yogurts. Yogurts have steady demand amongst consumers from the advent of the dairy industry. In the last couple of decades the yogurt market has experienced multifold growth owing to product diversification and improved packaging leading to increased shelf life.
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Traditional yogurt and Greek yogurts are by far the major product types in the North American yogurt market. Traditional and Greek yogurt together accounted for almost 75% of the total yogurt market demand, by revenue, in 2015. Since the last decade, the rising demand of Greek yogurt has been a driving force for the growth of the demand for yogurt in North America. Greek yogurt accounted for only 1-2% of the market share in the U.S. yogurt market in 2004. Owing to the high degree of penetration in the U.S. market, Greek yogurts accounted for almost 40% of the yogurts market in the U.S. in 2015.
Yogurt products are sold in several major packaging containers, namely: cups, pouch, tubs and jars. Out of all these packaged containers, cups hold the largest market share in 2015 accounting for almost 70% of the North American yogurt market. Cups and pouch are the easy to use and easy to dispose packaged containers. Packaging plays a crucial role in the success of a desert items such as yogurt. Hence companies are investing considerable amount on the development and diversification of packaging materials to reduce cost, increase product attractiveness among consumer and also to increase the shelf life of the packaged products.
By geography, the North America yogurt market is segmented into U.S. and Rest of North America. Per person per year yogurt consumption in Canada is substantially higher with respect to the U.S. However, the higher population and presence of major players in the U.S. is driving the U.S. yogurts market. Per person per year yogurt consumption in U.S. was 7.7 in 2015. Whereas, per person per year yogurt consumption of yogurt was recorded at 11 kg in 2015. Low per person per year consumption of yogurt is expected to be a major restrain for the growth of the North America yogurt market demand.
For better understanding of the market dynamics, the report also highlights on the company market share of major players in 2015 versus the market share in 2016. In addition, the report also provides detailed analysis on per person per year in major countries across the world. Market attractiveness analysis of yogurts market by the product types has also been incorporated in the study, in addition to the drivers, restraints and opportunity in the North America yogurts market.
The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments. Major market participants profiled in this report are Dannon Inc. (U.S.), Fage International S.A (Luxembourg), Chobani, LLC (U.S.), Yoplait USA, INC (U.S.), Noosa Yogurt LLC (U.S.), The Icelandic Milk and Skyr Corporation (U.S.), Stonyfield Farm (U.S.), Annie’s Homegrown (U.S.), AtlantaFresh (U.S.) and Berkeley Farms (U.S.) among others.