North America Yogurt Market to Expand at 8.2% CAGR from 2016 to 2024, Adoption of Healthy Food Choices Benefits Market
Yogurt is an important part of diet and has assumed an integral role in changing lifestyles of several consumers. A dairy product made by fermentation of milk using a bacterial treatment, yogurt is gaining remarkable popularity due to its nutritional value. The report anticipates that yogurt will continue to have a steady demand over the next few years as the dairy industry grows at a remarkable pace. Analysts project that the North America yogurt market will benefit with product diversification and improved packaging methods that have enhanced the shelf life of the product. According to the research report, the North America yogurt market stood at US$11.18 bn in 2015 and is poised to be worth US$14.59 bn by 2024. During the forecast period of 2016 and 2024, the overall market is projected to surge at a CAGR of 3.0%
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On the basis of products, the North America yogurt market is segmented into Australian yogurt, Icelandic yogurt, Greek yogurt, non-dairy yogurt, kids’ yogurt, and traditional yogurt amongst others. The introduction of a wide range of yogurts besides the traditional yogurt has augmented the demand in the recent years. Unlike the traditional yogurt, the others are strained, which makes them thicker and denser and loaded with protein. Thus, several health-conscious consumers are opting for this type of yogurt due to its nutritional benefits. The indigenous flavoring of yogurts pertaining to the regions their hail from is also giving the overall market a massive impetus. Furthermore, since kids’ yogurt is made from organic sources with additional flavors, it has garnered special interest amongst parents who are on a constant lookout for healthy, organic food items.
The report projects that the Greek and traditional yogurt will dominate the North America market throughout the forecast period. Collectively, these products accounted for a whopping share of 75% in the overall market in terms of revenue in 2015. High demand for Greek yogurt across the U.S. and its relentless penetration across the country helped the product segment accrue a share of about 40% in in the U.S. yogurt market in 2015.
On the basis of packaging, the North America yogurt market is divided into tubs, jars, pouch, and cups. In 2015, cups held a significant share in the overall market accounting for nearly 70% of it. The convenience of using and disposing of pouches and cups has garnered to two packaging types incredible popularity in recent times. These packaging segments are also expected to benefit from attractive designs being made in cups and pouches for seeking consumer attention.
The low cost of packing of cups is also expected to boost the demand for cups to package various types of yogurts during the forecast period. Analysts anticipate that pouch segment will exhibit a rapid growth rate in the coming years as well. On the other hand, demand for bottles and tubs is anticipated to lose a sizeable market share to the growing uptake of cups and pouch packaging segments in the coming few years.
The key players operating in the North America yogurt market are Dannon Inc., Fage International S.A., Chobani, LLC, Yoplait USA, INC, Noosa Yogurt LLC, The Icelandic Milk and Skyr Corporation, Stonyfield Farm, Annie’s Homegrown, AtlantaFresh, and Berkeley Farms.