The
North America yogurt market is highly competitive with leading
players focusing on product differentiation and innovation. With an
intent to capture more market share, players are striving to achieve
reduced product pricing through innovation, states a new report by
Transparency Market Research (TMR). Yogurt manufacturers such as
General Mills, Groupe Danone S.A., and Chobani have entered into long
term contracts with dairy suppliers, ensuring the uninterrupted
supply of milk and other ingredients for the production of yogurt.
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The
major buyers of yogurt are grocery stores, mass markets,
supermarkets, and hypermarkets. Since the retail buyers look for
higher margins, keeping their discounts in account, the bargaining
power is expected to be high in the coming years. The North America
yogurt market is led by players such as Groupe Danone S.A., Chobani,
Yoplait, and Fage S.A. However, the market’s growing attractiveness
invites many new entrants, developing new yogurt recipes. There
exists a significant threat of private labels entering the market.
Thus, the threat of new entrants is expected to be high in the coming
years.
Health
Benefits of Yogurt Driving Demand
The
growing preference for yogurt as an important element at breakfast,
lunch, and dinner is driving the demand across North America.
Consumers are consuming yogurt as a meal in itself, a replacement to
meal, snack, and as a dessert. The easy availability of yogurts is
also aiding the sales of the different variants of yogurts.
Additionally, people in the U.S. have started giving much importance
to yogurts in their dietary plans since the awareness about the
benefits of consuming dairy products has heightened. Health benefits
of yogurt relating to bones and the affluence of calcium are also
driving their consumption. Moreover, yogurt is considered to help in
the burning of fat, prevention of high BP, and reduction of weight.
Ensuring
Seamless Milk Supply from Rural Areas to Pose Challenge
The
number of yogurt production plants is increasing due to growing
demands of consumers, which in turn adds to the fixed cost.
Collecting milk from rural areas is becoming a challenge for milk
processing companies, thereby increasing the transportation cost. The
cost of milk may also rise owing to mass production of yogurt.
Another factor hampering the demand for yogurt is the misconception
that yogurt, like all other dairy products, contains fat or high
calories. Since health issues such as obesity and diabetes are two
important concerns for the American population, such misconceptions
about yogurt is leading towards lower consumption.
Growing
Affinity towards Different Variants of Yogurts to Increase
Consumption
When
compared to the Europeans, the Americans still eat less yogurt and
thus, there is an opportunity for the yogurt sale to increase and
double by 2019. The people in North are showing an affinity towards
the different variants of yogurts. It has become the fastest selling
item in grocery stores. Increasing preference for yogurt by the
health conscious people is also creating a huge opportunity for the
different variants of yogurt.
The
yogurt
market in North America is expected to be worth US$11.7 bn by
2019. By product, the set yogurt segment is expected to lead both by
volume and value by 2019. However, the frozen yogurt segment is
expected to grow at the fastest rate from 2013 to 2019. On the basis
of geography, the U.S. is expected to lead in terms of revenue in the
North America yogurt market by 2019.
This
information is based on the findings of a report published by
Transparency Market Research titled “Yogurt Market - North America
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 -
2020.”
The
North America yogurt market is segmented as follows:
Type
- Frozen Yogurt
- Set Yogurt
Region
- U.S.
- Canada
- Mexico
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