The global yogurt market size is expected to increase by USD32.29bn between 2020 and 2025. The market has seen a YOY growth of 3.97% in 2021 and the growth momentum is expected to accelerate at a CAGR of 5.41% during the forecast period, according to a new report by Technavio.
The rising number of health issues such as diabetes, obesity, and allergies have increased the awareness about healthy eating among consumers. This is increasing the consumption of foods that are healthy and prevent the occurrence of diseases and illnesses. Consumers are switching from the consumption of foods made of artificial ingredients to the ones containing more natural ingredients such as acai, goji berry, noni, pomegranate, and grapes. This can be attributed to the presence of high antioxidants and the healing properties of such fruits. The growing consumer demand for such foods is driving vendors in the market to offer a range of products containing superfruits. All these factors are expected to drive the growth of the global yogurt market during the forecast period.
The global yogurt market is fragmented and is characterized by the presence of several international and domestic players. Vendors in the market are competing based on several factors such as quality, price, service, brand image, distribution, and marketing. Major vendors are focusing on acquiring other smaller brands to increase their market presence. Technavio identifies the following as the dominant players in the market.