Skim Yogurt Market to Reach $9.9 Billion, Globally, by 2031 at 7.6% CAGR Allied Market Research

Skim Yogurt Market to Reach $9.9 Billion, Globally, by 2031 at 7.6% CAGR Allied Market Research

Allied Market Research published a report, titled, “Skim Yogurt Market by Type (Plain Yogurt, Flavored Yogurt, Fruits Yogurt), by Nature (Organic, Conventional), by Distribution Channel (Hypermarket and Supermarket, Specialty Stores, Convenience Stores, Online Sales Channel, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global skim yogurt industry generated $4.6 billion in 2021, and is anticipated to generate $9.9 billion by 2031, witnessing a CAGR of 7.6% from 2022 to 2031.

Prime determinants of growth

Rapid growth of the fast food industry due to the fast moving life of consumers in the developed and developing countries along with rise in obesity drive the growth of the global skim yogurt market. Moreover, skim yogurt is also available in various flavors such as cherry, strawberry, coconut, and vanilla, which is also fueling the growth of the market. However, rise in the consumption of skim yogurt products led to an increase in the influx of fake and counterfeit products in the market, which in turn, is expected to restrict the market growth. Moreover, the availability of skim yogurt on e-commerce platforms increased the convenience for consumers, which presents new opportunities in the coming years.

Covid-19 Scenario

  • The outbreak of the Covid-19 pandemic had a negative impact on the global skim yogurt market, owing to temporary closure of production facilities, disruptions in the supply chain, unavailability of raw materials, and shortage of labor.
  • The market is going to recover soon in the post-pandemic, owing to growing awareness regarding the health benefits of skim yogurt.

The flavored yogurt segment to maintain its leadership status throughout the forecast period

Based on type, the flavored yogurt segment held the highest market share in 2021, accounting for nearly half of the global skim yogurt market, and is estimated to maintain its leadership status throughout the forecast period. Rise in consumption of flavored yogurt as a dessert and also as an essential ingredient for healthy diet has positively impacted the growth of the flavored yogurt market. However, the plain yogurt segment is projected to manifest the highest CAGR of 9.3% from 2022 to 2031. It is because plain yogurt is consumed regularly at pre-meal and with-meal to induce satiety, prevent energy and for controlling obesity. In addition, it also helps in reducing high blood pressure and controlling the cholesterol level. Moreover, plain yogurt is easily available in hypermarkets, online channels, convenience stores and others which further augments the growth of the market.

The conventional segment to maintain its leadership status throughout the forecast period

Based on nature, the conventional segment held the highest market share in 2021, accounting for more than four-fifths of the global skim yogurt market, and is estimated to maintain its leadership status throughout the forecast period. The major demand for conventional skim yogurt is from the commercial segment owing to the bulk requirement in less prices. Moreover, conventional skim yogurt is used in food & beverages, restaurants, hotels and others, which also augment the growth of the market. However, the organic segment is projected to manifest the highest CAGR of 9.8% from 2022 to 2031. This is owing to the growing consumer preference toward organic products as they are more beneficial in terms of nutrients such as antioxidants then the conventionally grown ones.

The hypermarkets/supermarkets segment to maintain its lead position during the forecast period

Based on distribution channel, the hypermarkets/supermarkets segment accounted for the largest share in 2021, contributing to around two-fifths of the global skim yogurt market, and is projected to maintain its lead position during the forecast period. This is attributed to the wide variety of organized products offered by hypermarkets/supermarkets and the convenience they offer customers to pick their choice. Moreover, the online sales channel segment is expected to portray the largest CAGR of 10.4% from 2022 to 2031. The increase in penetration of various online portals in developing regions and the rise in number of offers or discounts, attracts the consumer to purchase skim yogurt products through online channels.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global skim yogurt market, and is likely to dominate the market during the forecast period. High spending capabilities of individuals due to increased disposable incomes, economic stability and innovation in products by companies in order to expand their business operations across different countries in this region drive the growth in North America. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 9.8% from 2022 to 2031. Rise in awareness regarding natural and organic skim yogurt products has led to surge in demand for organic skim yogurt products in Asia-Pacific.

Leading Market Players: –
  • Muller UK and Ireland Group LLP
  • General Mills Inc.
  • Nestle S.A
  • Danone, Inc.
  • Wallaby Yogurt Company
  • Tillamook Dairy Co-Op
  • Byrne Dairy
  • Juhayna Food Industries
  • Gujarat Co-operative Milk Marketing Federation Ltd.
  • Mother Dairy Fruit and Vegetable Pvt Ltd.

 

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