North
America Yogurt Market: Snapshot
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%
Introduction
of Various Flavors and Types Ensures Continued Market Growth
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.
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Cups
and Pouches Emerge as Winning Packaging Segments in Global Market
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.
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