U.S. Yogurt Market Expected to Reach $14.5 Billion by 2024: Report

According to a new market report published by Transparency Market Research, the North America yogurt market was valued at $11.18 billion in 2015 and is expected to reach $14.59 billion by 2024, growing at a CAGR of 3 percent from 2016 to 2024.

Yogurt is a diversified product, company officials say. Besides the traditional yogurt, other varieties of yogurts most commonly consumed are Greek yogurt, Icelandic yogurt, Australian yogurt and kids' yogurt. Greek yogurt, Australian yogurt and Icelandic yogurt, unlike traditional yogurts are strained yogurts. During the straining process, the yogurt is strained to remove the extra liquid content commonly known as whey. Owing to the removal of whey, strained yogurt are denser and thicker, with relative high protein content. Greek yogurt and Icelandic yogurt are simple strained yogurt. However, Icelandic yogurt, originating from Iceland, have a milder flavor in comparison to Greek yogurt. Whereas, Australian yogurts are also strained yogurt but mixed with honey for improved taste and flavor. Variety of kids' yogurt are available for the consumers. Most of the kids' yogurt are generally organic yogurt with additional flavors for improved taste.

In terms of product types, the yogurt market has been segmented into Traditional yogurt, Australian yogurt, Icelandic yogurt, Greek yogurt, Non-dairy yogurt, Kids yogurt and other yogurts. Greek yogurt is the fastest growing product segment in the North America yogurt market. Greek yogurt also accounts for considerable revenue demand, second only to the traditional yogurts category. Traditional yogurt is the largest product type owing to its low price, and widespread availability. Traditional yogurts the most produced yogurt type hence they are ready available in both online and offline retail outlets. However, the demand for kids' yogurt is also on the due to the health benefits of yogurts. Moreover, to augment the sale of kids' yogurt the manufacturers are coming up with new products with new taste and flavors at a regular interval. As the commercially available yogurt products tend to reach product lifecycle maturity, the year on year growth of the yogurt market is expected to slow down during the forecast period in comparison to the last decade.

In terms of packaged containers, the yogurt market has been segmented into cups, pouch, tubs and bottles. Yogurt pouch is projected to be the fastest growing packaged container segment in North America during the forecast period. Cups accounted for the largest product segment in 2015, with 68.8% market share of the total North America yogurt market demand. Owing to the low packaging cost and ease of use, the demand for yogurt cups is anticipated to grow during the forecast period. 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.

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.

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.