Market Trends of Flavored Yogurt Industry
This section covers the major market trends shaping the Flavored Yogurt Market according to our research experts:
Rising demand for Plant-based yogurt
Globally, the consumption of plant-based flavored yogurt with lower lactose content is rising owing to the proliferation of the lactose intolerance population around the world. According to the United States National Library of Medicine, Around 65% of the world's population is lactose intolerant, and that number is consciously rising. In wake of growing lactose intolerance around the globe, a variety of new products are being introduced by brands to address consumers' needs. There is increasing interest in dairy-free flavored yogurts made with plant-based products like soy, oats, coconuts, rice, and others.
Moreover, the demand for plant-based yogurt is rising continuously globally. According to the 2021 United States retail sales data for the plant-based industry by the Plant Based Food Association found that, over the past few years, consumers have purchased more plant-based foods than ever before. According to a report by Good Food Institute, the sales of plant-based foods have grown by 54% since 2018. As plant-based food sales grew this past year, consumers showed a clear commitment to purchasing food that tastes good and aligns with their values, as well as being better for their health, the planet, supply chain workers, and animals. Some brands are positioning their products beyond the plant-based category with additional functional claims such as a high protein content or probiotic properties and the introduction of new flavors. Many countries have successfully adopted this trend, including the United States, United Kingdom, India, China, Brazil, Poland and others.
Asia-Pacific is the Fastest Growing Region
The Flavoured Yogurt market in Asia-Pacific is experiencing rapid expansion. In the coming years, the fast-paced developing economies in the region are expected to boost the industry's growth. Moreover, there is no doubt that the continued expansion of the food and beverage industry in major countries in the Asia Pacific like India and China will ensure the continuous market growth of flavored Yogurts in the future. Moreover, this market is driven by changing lifestyles, increasing disposable incomes, and the growing popularity of flavored yogurts owing to their gut health benefits. Additionally, the increasing popularity of ready-to-eat foods and the innovation of new products are some of the factors contributing to the success of flavored yogurt in the region. For instance, in May 2022, Jooma, a Chinese plant-based yogurt brand, recently launched a coconut yogurt line and revamped its almond yogurt recipe, in addition to color-coding its various products to appeal to a wider market.
