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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According
to the research report, the opportunity in the North America yogurt
market is expected to be worth US$14.59 bn by 2024 as compared to
US$11.18 bn in 2015. During the forecast years of 2016 and 2024, the
overall market is expected to surge at a CAGR of 3.0%.
U.S.
to Dominate North America Yogurt Market with 3.7% CAGR 2016–2024
The
demand for traditional yogurt is projected to exhibit continued
growth during the forecast period. By the end of 2024, the
traditional yogurt segment is estimated to hold a share of 38.2% in
the North America yogurt market. Greek yogurt will follow this lead
quite closely. In terms of regions, the U.S. is likely to dominate
the market as the country is projected to surge at a CAGR of 3.7%
between 2016 and 2024.
Greek
Yogurt Continues to Show Promise of Growth through Forecast Period as
Preference Remains Steady
The
yogurt market across North America received a massive impetus after
the introduction of Greek yogurt. The revolution since then has
garnered a significant clientele, which has continuously shaped the
trajectory of the overall market. The demand for Greek yogurt, which
holds about 40% share in the total market, is expected to be on the
rise as it contains few carbohydrates and fats. This type of yogurt
is known to be rich in proteins and calcium, which has been its key
growth drivers amongst the fitness-conscious consumers. Today, the
North
America yogurt market is on the cusp of a revolution has
several manufacturers in the market are introducing a variety of
flavors to favor myriad palates.
The
relentless growth of the dairy industry in the U.S. has also been
fueling the North America yogurt market. “The large-scale
operations of dairy industry, adoption of innovative technologies,
and continuous efforts to bring in product diversification has
changed perceptions about yogurt, putting it on pedestal amongst
consumers seeking healthy food options,” states the lead author of
this research report. The market has also benefitted with increasing
investments from several big and small players, who have ardently
diversified the product through methods of making and packaging. The
changing lifestyles, improving disposable incomes, and growing
awareness about living healthy lifestyles are all expected to make a
significant difference to the soaring revenue of the North America
Yogurt market in the near future.
Maturing
Demand for Yogurts to Challenge Overall Market
Analysts
suspect that the demand for Greek yogurt is likely to mature, which
is likely to impact the sales in the forecast period. Owing to this
reason, manufacturers will shift their focus to other types of
yogurt, which might hamper the sales even more. Though the yogurt
market is likely to mature, the potential for yogurt drinks is
estimated to be relatively. These come in a wide range of flavors and
are gaining popularity amongst consumers.
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