The sales of functional, probiotic foods, and beverages in
recent years have risen substantially owing to higher prevalence of health
awareness among consumers. Changing dietary behaviors and the increasing
popularity of ready-to-eat foods have been fuelling the demand for citrus
yogurt, finds Future Market Insights (FMI) in a new study.
Citrus yogurt manufacturers are increasingly leveraging the
potential of their offerings as potential alternatives to ice creams and food
spreads, while also focusing on strategies towards product launches and
geographical expansion.
According to the U.S. Dairy Export Council, the global
fermented beverage and drinkable yogurt sales have grown with a 12% CAGR since
2015. In a recent market study, Future Market Insights (FMI) has stated that
the global citrus yogurt market surpassed US$ 1.9 Bn in 2020.
As per the Food and Agriculture Organization of the United
Nations, 6 billion people globally consume milk and milk products. However, the
vast base of lactose intolerant consumers will generate long term opportunities
for non-dairy citrus yogurt products for years to come.
Key Takeaways
- Dairy-based
citrus yogurt is estimated to hold major market share. However,
plant-based alternatives are estimated to display a stronger growth rate
through 2028.
- Sales
through hypermarket/supermarket channels will remain dominant, owing to
sophisticated and robust supply chains.
- Conventional
formulations will hold the lead over organic options, accounting for close
to 90% through the forecast period.
- Asia
Pacific excluding Japan is a dominant regional market, which is projected
to grow to more than 38% of the overall market share by 2028.
“In a fairly fragmented citrus yogurt market, companies are
adopting diverse strategies to carve a niche. While product launches remain key
focus, some of the market players are focusing efforts toward expansion to
strengthen their foothold. To woo consumers there is immense focus on launching
additive free products, which will bode well for the market in the coming
years,” said a lead analyst at FMI.
COVID-19 Impact Analysis
The COVID-19 pandemic has resulted in significant changes in
the food preferences of consumers around the world. Concerns over health,
immunity, and transmission of the virus have bolstered the demand for health
foods including probiotic products such as flavored yogurt.
The availability of high-protein product offerings in the
sector is a major factor that is likely to drive demand in the short term.
Also, plant based variants of citrus yogurts are expected to gain traction
through the crisis.
Also, higher demand for RTE foods and, changes in consumer
spending habits aimed towards essentials including food and beverage purchases
will positively influence the growth of the citrus yogurt sector in the short
term.
Who is Winning?
The citrus yogurt market is fairly fragmented and
characterized by the presence of small and mid-scale manufacturers. Leading
market players are effectively widening product portfolios for long term growth
with a focus on natural and clean label ingredients.
Some of the leading players in the citrus yogurt market
include General Mills Inc., Kite Hill, Danone S.A., Forager Project LLC, The
Hain Celestial Group Inc., Chobani LLC, Nestle S.A., and Daiya Foods Inc. among
others.
More Valuable Insights on Citrus Yogurt Market
Product Type
- Dairy
- Non-Dairy
Form
- Drinkable
- Spoonable
Nature
- Organic
- Conventional
Distribution Channel
- Food
Service (HoReCa)
- Hypermarket/Supermarket
- Convenience
Store
- Food
& Drink Specialty Stores
- Online
Retail
- Others
Region
- North
America (U.S. & Canada)
- Latin
America (Mexico, Brazil, Argentina & Rest of LATAM)
- Europe
(EU-4, U.K., Russia, Benelux, Poland and Rest of Europe)
- Japan
- Asia
Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, and
New Zealand,)
- Middle
East & Africa (GCC countries, South Africa, and Rest of MEA)
Access Full Report: https://www.futuremarketinsights.com/reports/citrus-yogurt-market