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.
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.
North America Yogurt Market: Overview
Yogurt is a diary product. Yogurt is produced by fermentation of milk by bacterial treatment. The bacteria in the presence of lactose in milk, produces lactic acid. The lactic acid produced by the bacterial treatment reacts with milk protein to impart the texture and taste of yogurts. Yogurt is generally produced from cows’ milk as it is readily available all across the world. Non-dairy yogurts are also gaining popularity among consumers. Non-dairy yogurts are prepared from non-dairy sources such as plant oils. Soy oil and coconut oil are the major sources of non-dairy yogurts. However, dairy based yogurts are by far the largest category of yogurts. Yogurts have steady demand amongst consumers from the advent of the dairy industry. In the last couple of decades the yogurt market has experienced multifold growth owing to product diversification and improved packaging leading to increased shelf life.
North America Yogurt Market: Segmentation
Traditional yogurt and Greek yogurts are by far the major product types in the North American yogurt market. Traditional and Greek yogurt together accounted for almost 75% of the total yogurt market demand, by revenue, in 2015. Since the last decade, the rising demand of Greek yogurt has been a driving force for the growth of the demand for yogurt in North America. Greek yogurt accounted for only 1-2% of the market share in the U.S. yogurt market in 2004. Owing to the high degree of penetration in the U.S. market, Greek yogurts accounted for almost 40% of the yogurts market in the U.S. in 2015.
Yogurt products are sold in several major packaging containers, namely: cups, pouch, tubs and jars. Out of all these packaged containers, cups hold the largest market share in 2015 accounting for almost 70% of the North American yogurt market. Cups and pouch are the easy to use and easy to dispose packaged containers. Packaging plays a crucial role in the success of a desert items such as yogurt. Hence companies are investing considerable amount on the development and diversification of packaging materials to reduce cost, increase product attractiveness among consumer and also to increase the shelf life of the packaged products.
North America Yogurt Market: Regional Outlook
By geography, the North America yogurt market is segmented into U.S. and Rest of North America. Per person per year yogurt consumption in Canada is substantially higher with respect to the U.S. However, the higher population and presence of major players in the U.S. is driving the U.S. yogurts market. Per person per year yogurt consumption in U.S. was 7.7 in 2015. Whereas, per person per year yogurt consumption of yogurt was recorded at 11 kg in 2015. Low per person per year consumption of yogurt is expected to be a major restrain for the growth of the North America yogurt market demand.
North America Yogurt Market: Scope
For better understanding of the market dynamics, the report also highlights on the company market share of major players in 2015 versus the market share in 2016. In addition, the report also provides detailed analysis on per person per year in major countries across the world. Market attractiveness analysis of yogurts market by the product types has also been incorporated in the study, in addition to the drivers, restraints and opportunity in the North America yogurts market.
Key Players Mentioned in the Report are:
The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments. Major market participants profiled in this report are Dannon Inc. (U.S.), Fage International S.A (Luxembourg), Chobani, LLC (U.S.), Yoplait USA, INC (U.S.), Noosa Yogurt LLC (U.S.), The Icelandic Milk and Skyr Corporation (U.S.), Stonyfield Farm (U.S.), Annie's Homegrown (U.S.), AtlantaFresh (U.S.) and Berkeley Farms (U.S.) among others.
North America yogurt market can be segmented as follows;-
- North America Yogurt Market, by Product Type
- Traditional Yogurt
- Australian Yogurt
- Icelandic Yogurt
- Greek Yogurt
- Non-Dairy Yogurt
- Kids Yogurt
- Other Yogurts
- North America Yogurt Market, by Packaged Containers
- North America Yogurt Market, by Geography
- North America
- Rest of North America