According to a report published by Grand View Research, Inc.; the yogurt drink market is projected to reach a valuation of around USD 44.46 billion by 2025. Factors such as rapid urbanization and improved per capita spending are anticipated to propel the market at a healthy CAGR over the forecast period (2014 to 2025). High consumer awareness about health benefits of yogurt drink and active and healthy lifestyle can further propel the market in near future.
There is a rise in consumption of yogurt-based products as compared to plant-based drinks owing to their enhanced health benefits and low cost. This factor is expected to impel the market growth in the forthcoming years. Regular consumption of yogurt can help reduce obesity as it keeps the stomach full and avoids overeating. This concept is anticipated boost the product demand over the forecast period. Yogurt drinks are extensively consumed as a part of treatment for cholesterol and intestinal conditions. This is expected to increase its demand, especially in the developed countries.
However, rise in vegan population and rising intake of non-dairy beverages is likely to hamper the market growth to an extent. Nevertheless, yogurt-based drinks are available in different flavors and are one of the popular beverages in several countries. Hence, large number of manufacturers are getting involved in research and development (R&D) activities to develop products with new flavors to cater to the rising consumers demand. This factor is likely to boost the yogurt drink market in the years to come. For instance, Morinaga Nutritional Foods Inc., recently launched low-fat drinkable aloe vera Japanese-style yogurts under the brand name— Alove. The new products are available in three flavors, namely, coconut, original aloe vera, and strawberry banana.
Full Research Report On Yogurt Drink Market Analysis:
The worldwide yogurt drink market can be segmented on the basis of type, distribution channel, packaging, and regions. Based on type, the market can be categorized into fat-free, regular, and flavored. In 2016, the flavored yogurt drink segment held around 37.6% of the overall market in terms of revenue. The regular yogurt segment registered around 34.63% of market share in terms of volume in 2016. The segment is projected to expand at a CAGR of nearly 5.0% through 2025.
As per distribution channel, the market can be trifurcated into convenience store, hypermarket and supermarket, and specialty store. In 2016, convenience store accounted for around 29.37% of the total market and is anticipated to continue showing significant growth during the estimated period. This growth can be accredited to rising number of working individuals, single-person households, and hectic work schedules. On the basis of packaging, the market can be classified into tetra pack and plastic bottle.
Geographically, the market yogurt drink can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. Asia Pacific is market is expected to dominate the overall market at a revenue-based CAGR of nearly 6.0% from 2017 to 2025. Growth in milk production, shift in consumer preference from sugar-based drinks to healthy beverages, and high disposable income and spending capacity are some of the major regional drivers.
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Followed by Asia Pacific, Europe was the second largest market for yogurt drinks with around 28.0% share of total market in terms of volume in 2016. The region is likely to grow at a CAGR of around 4.4% in terms of revenue over the forecast period. Growing consumption of dairy products, mainly in the developed countries like Germany and the U.K. is likely to boost the product demand in the forthcoming years.
In 2016, North America was the third largest market and was estimated for 24.0% in terms of demand. The U.S is the key regional contributor as yoghurt is considered as one of the ideal snacks for kids. Changing eating habits of consumers and easy availability of flavored yogurts can propel the regional market growth during the forecast period. Middle East and Africa is expected to observed steady rise in demand during the forecast period due to low per capita spending on dairy products.
Key players operating in the yogurt drink market include Nestle S.A., Lactalis Group, Dana Dairy Group, Lactalis Group, and Arla Foods. Most market players are focused on R&D activities to provide better-quality yogurt-based drinks. Many companies are collaborating with local companies from developing countries to expand their distribution channels. Several market participants are also collaborating with local dairy farms to get strong supply of raw materials.
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