The
North America yogurt market is consolidate in nature, notices
Transparency Market Research. Five global players which are Private
Label, Chobani, Fage Danone, and Yoplait, holds a whopping of 74.3%
of the overall share in the region. Certain strategies have aided
these players in the region to have a strong customer base in the
region. Of these, product innovation have not only augmented the
sales rate, but also provided product differentiation, this have
helped in formulating brand names. Apart from these, manufactures are
focusing on attractive packaging, which is likely to make customer
turn around their heads. This is also anticipated to aid the market
to fetch stupendous growth rate.
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According
to a report by TMR, the global North America yogurt market is
anticipated to witness an impressive rise of 3.0% CAGR during the
forecast period. The market which was valued at US$11.8 bn in 2015
is predicted to touch US$14.59 bn by the end of the assessed period.
On
the basis of packaging, the North America yogurt market can be
segregated into cups, tubs, pouches, and jars. Of these, cup
packaging witnessed a significant rise in uptake owing to the
convenience and eye catching packaging by the various manufacturers.
Cup packaging nearly held a noteworthy share of 70% in the market
recently. On the basis of geography, the U.S leads the market owing
to a significant amount of contribution from the country. The U.S is
anticipated to see a steady rise of 3.0% CAGR.
Rise
in Disposable Income and Product Innovation Augments Market Growth
The
North
America yogurt market is mainly driven by the increasing
health conscious population. Various health benefits associated with
yogurt is making people in the region opt for it. Rising awareness
among individuals regarding the weight reduction by consuming yogurt
is prophesized to help the market grow. Increase cases of obesity,
particularly in the U.S due to increased consumption of canned foods,
processed foods, and fast foods have helped the market to grow. Apart
from these, increase in disposable income in the reason along with
changing dietary styles of people is fueling the market growth.
Another factor which is considered to burgeon the market is the easy
availability of yogurt, even in the developing areas of the region.
Product innovation is considered to favor the growth of market, for
instance, players are coming up with low fat yogurt for weight
conscious people.
Presence
of Various Flavors, Aids Market to Grow
Increasing
demand for product with no or minimal amount of artificial additives
and preservatives is likely to take market to new heights.
Availability of various flavors of yogurt such as Greek yogurt,
Icelandic yogurt, Australian yogurt, traditional yogurt, non-dairy
yogurt, and kids’ yogurt is anticipated to stoke market growth. Use
of yogurt in various cuisines is also anticipated is likely to foster
market. . Presence of abundant international and regional raw
material suppliers in the region is likely to aid the market to grow
smoothly. Low cost of raw materials required for manufacturing yogurt
is likely to abode well with market growth.
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