Yogurts Market (Product -Traditional, Australian, Icelandic, Greek, Non-dairy, and Kids; Packaged Containers - Cups, Pouch, Tubs, and Bottles) - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 07/05/2017 -- Over the years, changing lifestyles of consumers and increased level of globalization have brought massive changes in the diets of a number of regions. North America, one of the leading destinations for immigrants from across the globe, has also witnessed an effect of this trend - the inclusion of yogurts in everyday diets of the people residing in its countries is evidence. Estimated to have been introduced in the United States in the first decade of the 20th century, yogurts became a common food item in the country as well as the North America region.
Yogurts continue to form an important element of North American diets and have assumed a key role in the rapidly changing lifestyles of consumers. Forming a core ingredient of a number of highly popular recipes in the region, yogurts are gaining an increased level of popularity owing to their high nutritional contents. The yogurt market in North America is expected to witness expansion at a steady pace over the next few years, benefiting from the promising pace of product diversification and vast improvements in packaging methods.
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Transparency Market Research estimates that the North America yogurt market will exhibit a 3.0% CAGR over the period between 2016 and 2024, rising from a valuation of US$11.18 bn in 2015 to US$14.59 bn by 2024.
In this blog post, Transparency Market Research analysts highlight some of the key trends observed in the North America yogurt market of late and their influence on market's future growth prospects:
Q. What product varieties dominate in terms of consumption in North America yogurt market?
A. Apart from the traditional yogurt variety, the North America market mostly favors yogurt varieties such as Australian, Greek, Icelandic, Kids, and Non-dairy. Of these, the Greek yogurt variety tops in terms of preference and consumption in the region. The segment accounted for over 40% of the overall North America yogurt market in 2015 and is expected to remain the most favored yogurt variety owing to its nutritional content, which included high calcium, protein, and low levels of carbohydrates and fats. The vast set of fitness-conscious consumers in the region will continue to prefer this variety of yogurt in the next few years as well.
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Q. How intense is the level of competition in the market?
A. The vendor landscape of the North America yogurt market is highly consolidated. The top five vendors in the market, namely Private Label, Chobani, Fage, Yoplait, and Danone collectively accounted for a massive 74.3% of the overall market in 2016. The consolidated nature of the market makes it highly competitive and tough for the entrance or establishment of new vendors.
Leading vendors command immense control on the market owing to their brand value, vast product portfolios, and the continued efforts to add more flavors to their yogurt portfolios.