North America Yogurt Market is forecasted to witness a CAGR of 3.9% during the forecast period (2019

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Feb 27, 2020, 15:00 ET

NEW YORK, Feb. 27, 2020 /PRNewswire/ --

Market Overview
North America Yogurt Market is forecasted to witness a CAGR of 3.9% during the forecast period (2019 - 2024).

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- The market is mainly driven by the increasingly health-conscious population. Various health benefits associated with yogurt consumption are making people in the region opt for it as a healthy snack option.
- Some major trends in the yogurt market include reduced-sugar yogurts, novel or exotic flavors in yogurts, and yogurts for the label-conscious.
- Nutrition-enhanced yogurt and product innovation in yogurt drinks present opportunities to players in the North America yogurt market.

Scope of the Report
North America yogurt market has been segmented by type, form, distribution channel, and geography. By type market has been segmented as spoonable yogurt and drinkable yogurt, wherein spoonable yogurt has been further segmented into set yogurt, greek yogurt, and frozen yogurt. By distribution channel, the market has been segmented as supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and other distribution channels. Other distribution channels include vending machines and drug stores.

Key Market Trends
Frozen Yogurt Remains the Fastest Growing Segment

Increase in cases of obesity in North America, particularly in the U.S and increased awareness among individuals regarding weight management through yogurt consumption are factors expected to help the market grow. The increased health consciousness among consumers has encouraged them to opt for yogurt, as it has various health benefits such as improved digestion, enhanced immune function, and a reduced risk of several diseases, including obesity. Moreover, there are options for low-fat yogurt and reduced fat yogurt. A US Census Bureau statistic has shown that 37.05 million Americans consumed regular frozen yogurt in 2018, which is higher as compared to its low-fat and reduced-fat variants. According to Cargill, Inc., this strong demand in whole-milk and full-fat yogurt is prevalent as a result of more consumers understanding the benefits of fats in foods.

Innovation in Packaging Trends Driving the Market

Attractive packaging is said to be one of the driving factors for the market. Yogurt is widely available across retail shelves in North America and therefore, packaging plays a crucial role in its sales. In the United States, yogurt is available in packaging of cups, tubs, drinks, and tubes, among which, yogurt sold in cups were found to be the most sold category in 2017, followed by yogurt sold in tubes. This is majorly due to the increasing demand for ready-to-eat food and beverages. Busy lifestyles encourage the use of ready-to-eat on-the-go snacks, and thus cup yogurt is widely sold across the region.

Competitive Landscape
North America yogurt market is fragmented with the presence of a few global players such as Chobani, Fage, Danone, and Yoplait and various regional players. There is ample scope for regional players to gain competitive advantage, provided that they bring in substantial innovation at ingredients and packaging levels. Certain strategies have aided market players in the region to have a strong customer base. These include product innovation, attractive packaging, new product launches, mergers, acquisitions, and other strategic partnerships, which have augmented sales rate and have provided product differentiation.

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