The global high protein yoghurt market is stipulated to surpass $98 billion by the end of 2030 according to a recent report from Future Market Insights for the period 2020 and 2030. Over the span of 10 years the demand would show a growth at a CAGR of over 8 per cent.
According to the study, growing demand for protein consumption is expected to accelerate market growth. The study offered a detailed analysis of the industry, covering key drivers of growth, opportunities, restraints and dominant trends.
The study delved into the prevailing dynamics to offer interesting insights into the high-protein yoghurt market. Some of these are:
- In 2020, the estimated market value for high-protein yoghurt is $45bn. The market is expected to show growth over the forecast period.
- APEJ, North America and Europe are primary markets for high-protein yoghurt and are anticipated to exhibit steady growth.
- Conventional high-protein yoghurt holds a share of 84 per cent in the global high-protein yoghurt market.
- Consumers are moving towards high-protein yoghurt owing to its various types of flavour options available in the market. Manufacturers are focusing on innovations and product launches to cater to the rising demand for the product
- Store-based retailing has the largest market share, based on the sales channel, and is projected to rise at a promising rate over the forecast period.
- Key players are likely to focus on business expansion and product launches to compete in the developed markets
- The demand for high-protein yoghurt is expected to rise as consumers increasingly focus on health and fitness. High-protein yoghurt shows the intra-trend of complexity and investment that modern populations are making.
Various flavours to provide range of options to the buyers
Product innovation and development is a continuous process which has evolved the food industry over the decades. From several flavours available for high-protein yoghurt, most commonly available flavours under brand names include plain, strawberry, vanilla, raspberry, peach, chocolate, and blueberry. Additionally, there are certain unique flavours that are offered by various brands. As consumers always look for innovative flavours, therefore these products may provide range of option to the consumers and also beneficial for the manufacturers. The increasing flavour inspiration among the customers has raised the demand for vibrant flavours and more palatable products in the market, which has generated various new concepts in the yoghurt industry, high-protein yoghurt are gaining consumer’s attention with their nutritional value and vibrant flavour offerings by leading brands.
Who is winning?
As manufacturers seek to lessen the unpredictability caused by demand uncertainty and surging cost, they are aiming at higher control over the supply chain to aid organisational alertness and improve pace to market. Moreover, by focusing on building an organisation that is adequately flexible to prosper in today’s economy, manufactures are correspondingly keeping an eye on the bigger picture. Those operating in food and beverage industry are improving supply chain efficiencies thereby lowering operational costs to gain greater profits in highly competitive industry. The companies are also focused on new product launches and expansion of the company.
- In 2018, General Mills launched its latest yoghurt YQ by Yoplait, which is a high protein and less sweet yoghurt made with ultra-filtered milk. Yoghurt is offered in plain and flavoured varieties. The flavoured variety includes lime, mango, strawberry, peach, blueberry, coconut, and vanilla which has 9gms of sugar and 15gms of protein.
- In 2016, Chobani expanded its manufacturing facility in Twin Falls, Idaho, which helped the company to grow in the state. The company invested nearly $140 million in incremental investment to fuel momentum as the company continued to grow the category and push it into new areas. This move helped the company to meet demand for new and existing products.
- In 2017, GROUPE DANONE, acquired WhiteWave, which was a strategic move towards plant-based food and drinks, helping it to meet consumer expectations for healthier and sustainable choices. This acquisition enhanced the product portfolio with a health-focused and consumer-loved brand option.