IMARC Group, a leading market research company, has recently releases report titled “Drinkable Yogurt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″ The global drinkable yogurt market size reached US$ 38.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 60.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.26% during 2024-2032.
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Factors Affecting the Growth of the Drinkable Yogurt Industry:
- Increasing Demand for Ready-To-Drink (RTD) Beverages:
The increasing demand for ready-to-drink (RTD) yogurt among people with busy lifestyles and hectic working schedules is propelling the growth of the market. In addition, RTD beverages are pre-packaged and convenient accessible drinks that require no additional preparation. These drinks offer a quick and hassle-free option for quenching thirst or satisfying cravings, especially in on-the-go situations. Besides this, they eliminate the need for time-consuming preparation, such as brewing coffee or mixing powdered drinks, which assists in saving time. Furthermore, they are cost-effective and can be carried easily anywhere, ranging from work and school to outdoor activities and travel.
- Rising Demand for Innovative Flavors:
People are increasingly seeking innovative flavors in drinkable yogurts to enhance their taste experience. Key players are introducing new and exciting flavors, such as blueberry, strawberry, mango, banana, kiwi, and apple, to cater to the unique needs and preferences of individuals and attract a large consumer base. In line with this, they are providing drinkable yogurts with low-sugar or fruit-infused variants to appeal to health-conscious consumers, which is contributing to the growth of the market. Furthermore, flavor varieties in yogurts encourage repeat purchases, thereby increasing the revenue of a company.
- Growing focus on Health and Wellness:
The increasing focus on overall health and wellness among the masses is contributing to the growth of the market. In line with this, consumers are becoming more health-conscious and are seeking food products and beverages that offer enhanced taste and nutritional benefits. Moreover, it contains live bacterial cultures, vitamins, and minerals that support digestive health among individuals. Apart from this, the rising consumption of drinkable yogurts, as they assist in enhancing the immune system of individuals, is bolstering the growth of the market. Furthermore, increasing concerns about obesity and diet-related health issues are encouraging people to seek healthier snacking alternatives, thereby impelling the market growth.
Leading Companies Operating in Global Drinkable Yogurt Industry:
- Abel & Cole Limited (William Jackson Food Group)
- Arla Foods Ingredients Group P/S
- Chobani LLC
- CP-Meiji Co. Ltd.
- Danone S.A.
- Dutch Lady Milk Industries Berhad (Royal FrieslandCampina N.V.)
- Lactel (Lactalis International)
- Pillars Drinkable Yogurt
- Schreiber Foods Inc.
Drinkable Yogurt Market Report Segmentation:
By Type:
- Plain Yogurt
- Flavored Yogurt
Flavored yogurt represented the largest segment as consumers are increasingly preferring delightful taste experience.
By Category:
- Dairy-Based Yogurt
- Non-Dairy Based Yogurt
Non-dairy based yogurt accounted for the largest market share due to rising lactose intolerance among individuals.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
Supermarkets and hypermarkets hold the biggest market share as these stores offer a wide range of drinkable yogurt at one place.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the drinkable yogurt market on account of changing dietary preferences of individuals.
Global Drinkable Yogurt Market Trends:
Consumers are seeking products with sustainable packaging options due to rising environmental concerns. In addition, key manufacturers are adopting eco-friendly packaging materials, such as recyclable or biodegradable containers, which resonate with eco-conscious consumers and assist in enhancing their brand reputation while contributing to sustainability goals.
The rising demand for specialized drinkable yogurt products that cater to specific dietary preferences and restrictions of individuals is supporting the growth of the market. Moreover, there is an increase in the adoption of drinkable yogurts made from plant-based alternatives, such as almond, soy, and coconut milk. These offerings appeal to individuals with lactose intolerance or those following vegan diets.
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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