Transparency
Market Research points out that key players in the North America
yogurts market are focusing on introducing new flavors to cater to a
wide range of customers. Some of the leading players in the market
are Danone, Chobani, Yoplait, Private Label, and Fage, who
collectively held a share of 74.3% in market in 2016. The nature of
competition in the North America yogurt market is expected to remain
consolidated in the coming years as it will be rather difficult for
new entrants to overpower the dominance of these players. Focus on
delivering myriad flavors and investing in attracting packaging
solutions are expected to key strategies of these players.
Collaborations with dairy owners to reduce the cost of operations and
for making lucrative geographical expansions will also be seen as
emerging trend in the overall market.
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U.S.
to Remain Dominant Consumer of Yogurt throughout Forecast Period
The
research report states that the North America yogurt market will be
worth US$14.59 bn by 2024 from US$11.18 bn in 2015. Between the
forecast years of 2016 and 2024 the yogurt market in North America is
projected to surge at a CAGR of 3.0%. From a regional point of view,
the U.S. yogurt market is expected to show consistent dominance
between 2016 and 2024 as it promises to register a CAGR of 3.7%. Out
of all the products, the traditional yogurt is expected to lion’s
share due to a strong preference for the same. By the end of 2024,
traditional yogurt is expected to acquire a share of 38.2% in the
North America yogurt market.
Greek
Yogurt Offers Significant Impetus as Consumers Realize its Health
Benefits
Introduction
of a wide range of flavors has been identified as the key growth
driver of the North America yogurt market. In addition to catering to
the changing tastes of the growing clientele, the yogurt market in
North America has also been flourishing with the introduction of
Greek yogurt. Out of the entire demand, Greek yogurt holds about 40%
of it. Analysts at Transparency Market Research state that low range
of fats and carbohydrates in Greek yogurt has been the very reason
for its soaring popularity. Additionally, Greek yogurt is known to be
rich in protein and calcium, which has garnered the attention of
several fitness enthusiasts over the years.
Changing
lifestyles, focus on better dietary habits, innovative packaging
solutions, and rising disposable incomes have also been identified as
key contributors to the increasing revenue of the North
America yogurt market. Product diversification and changing
perception of yogurt as an important part of the meal are also
projected to benefit the overall market. The report also sheds light
on expansion of dairies and their role in widening yogurt market in
North America. It states that adoption of innovative technologies in
dairies to increase production have tremendously benefited the
overall market.
On
the flip side, the demand for Greek yogurt is expected to mature in
the coming years thus impacting sales. However, players can tackle
this hurdle with yogurt drinks, which could be the next raging trend
in the North America yogurt market, predict market experts.
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