The Global Drinkable Yogurt Market valued USD 1.3 billion in 2018 and is estimated to reach USD 3.3 billion by 2026, at a CAGR of 7.1% during the forecast period.
Market Dynamics: Drivers, Restraints, Opportunities Challenges:
Innovation driven Drinkable Yogurt is a well growing segment of dairy beverages across the globe.
Yogurt is a dairy product produced by bacterial fermentation of milk and is considered as the best source of probiotics for human gut health. Yogurt is widely consumed as part of diet owing to its rich in nature of nutrients including calcium and protein. The growing consumer interest towards convenience food products resulted in evolution of drinkable yogurt. The fast paced lifestyles of young and adult population resulted in increasing adoption of these yogurt drinks as breakfast and snacking. Furthermore, the innovation of drinkable yogurt blended with new flavors such as Aloe Vera and coconut is strengthening the adoption of yogurt drinks among health conscious population. According to Alove, a U.S. based Yogurt drinks manufacturer operating as a subsidiary of Morinaga Nutritional Foods, Inc., Aloe Vera based yogurt drinks witnessed a growth of over 30% in terms of new product launches during 2017-2018 in U.S., thus forming a major growth segment of the market. Aloe Vera is also rich in antioxidants that help clear and calm the skin, thus making them drink of choice among female population.
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The Global Drinkable Yogurt Market has been majorly segmented into flavored and non-flavored. The growing consumer demand for more sensory intense has resulted in significant market for flavored yogurt drinks. Strawberry, vanilla, and coconut are among the list of flavor segments gaining maximum consumer attention. The growth of the flavored segment can also be attributable to the development of organic flavors that enhance the nutritional content of the drink. By source, yogurt drinks are segmented in dairy and non-dairy. Dairy has been the traditional and largest segment of the market.
However, non-dairy drinkable yogurt is witnessing a boom with consumer interest shifting towards vegan foods. Supermarkets and hypermarkets evolved as the key sales channel for drinkable yogurts with a share of nearly 40% in terms of sales value in 2018. Convenience stores and e-commerce are also holding significant share in the sales of drinkable yogurts.
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The key players in the market are Müller, Danone S.A., General Mills Inc., Morinaga Nutritional Foods, Inc., and Grupo Lala.
Key Takeaways from the Report
Ø Organic yogurt drinks are gaining significant demand from health savvy population. U.S. based yogurt manufacturers such as Maple Hill Creamery, LLC. and Stonyfield Farm are producing GMO-free organic yogurt drinks to cater the growing demand
Ø Cereals mixed with yogurt has been the protein packed breakfast across Americas and Europe region. However, the growing need for convenience food is shifting the consumers towards yogurt drinks
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