Yogurt
is considered as an important ingredient of modern day diet in North
America. It has been consumed over years, however it is now gaining
popularity as a healthy diet option. Growing health awareness and
obesity concerns among the consumers in North America are crucial
factors to raise the demand for yogurt. The pro-biotic nature of
yogurt helps in regulating the digestive system and prevents
osteoporosis. However, the pre-conceived misconceptions about the
dairy products and higher fixed costs to set up a new production
plant are some of the major challenges in the yogurt market Mexico is
an emerging market in North America and is expected to present huge
potential for yogurt consumption.
The
growth in demand in Mexico is attributed to improving diet, growing
population and increasing disposable income. Yogurt is gaining
popularity among the youngsters due its usage as a snack and dessert.
The increase in competition among the key players would create
opportunities for innovations in yogurt products. Moreover preference
for yogurt as a healthy diet option is expected to increase its
consumption in the coming six years.
Frozen
yogurt as a dessert and usage of set yogurt in various household
recipes attribute to the market growth. Distribution channels such as
Supermarkets/ Hypermarkets and departmental stores are increasing in
number making it available in the nearest store. The “Greek yogurt
is one of the most consumed and most preferred types of set yogurt
due to its unique taste.”
The
yogurt
market in North America was worth USD 7.3 billion in 2012 and is
expected to reach USD 11.7 billion by 2019; growing at a CAGR of 8.2%
from 2013 to 2019.The robust growth in yogurt market is attributed to
growing popularity of Greek yogurt in North America. The frozen
yogurt is gaining popularity in Canada as a dessert. .Mexico is
expected to be the most attractive market for the period of 2013-
2019 for both the set yogurt and frozen yogurt and it is expected to
increase at a substantial single digit growth rate from 2013 to 2019.
Besides
healthfulness, taste factor has supported the growth of yogurt market
in North America. . Currently, yogurt is gaining popularity among all
age groups such as kids, youngsters and old age people.
Geographically,
the U.S. held the largest share for yogurt in North America. In the
U.S., the demand for yogurt is mainly driven by growing health
concerns and need for food with high nutritional value.. In addition,
the U.S. is the largest producer of milk and dairy products with
large number of population among other North American countries.
Among
the two product types of yogurt, i.e., set yogurt and frozen yogurt;
the market for frozen yogurt is expected to grow at a high growth
rate as compared to set yogurt. The growth is primarily attributed to
the emergence of frozen yogurt as a dessert and its pro-biotic nature
which is good for health.
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Private
label brands are expected to acquire robust market share in North
America in the next six years, due to its cost effectiveness. In the
U.S., Chobani Inc held the maximum market share in 2013 followed by
Groupe Danone S.A. and General Meals. The Ultima Foods Inc. held the
maximum share in Canada followed by Groupe Danone S.A. and Parmalat
Canada in 2013. In Mexico the yogurt market is leadby Groupe Danone
S.A. followed by Sodiaal S.A.
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