“In a fairly fragmented citrus yogurt market, companies are adopting diverse strategies to carve a niche. While product launches remain key focus, some of the market players are focusing efforts toward expansion to strengthen their foothold. To woo consumers there is immense focus on launching additive free products, which will bode well for the market in the coming years,” said a lead analyst at FMI.
Historical Data and Future Outlook
Somewhere in the range of 2014 and 2019, the citrus yogurt market has reflected consistent development. As per the U.S. Division of Horticulture (USDA), the worldwide market for yogurt has to a great extent stayed divided dissimilar to other dairy items, for example, spread or milk powder.
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Likewise, the USDA has expressed that development of the yogurt area has especially areas of strength for been major league salary locales, with Western Europe, Japan and the US representing higher per capita utilization in contrast with Center East and Africa and Latin America.
Then again, FMI has conjecture the worldwide citrus yogurt market to develop at 4.5% CAGR somewhere in the range of 2020 and 2028. The developing fame of high protein and low carb eats less, and the huge extension of web based business channels of circulation are probably going to help development in the area through this period. For example, according to the USDA, online business for basic food item has gone up by over 15% in the U.S. somewhere in the range of 2018 and 2019. Additionally, according to European Commission, over 43% of web based business exercises in Europe can be credited to staple buys.
COVID-19 Impact Analysis
The COVID-19 pandemic has resulted in significant changes in the food preferences of consumers around the world. Concerns over health, immunity, and transmission of the virus have bolstered the demand for health foods including probiotic products such as flavored yogurt.
The availability of high-protein product offerings in the sector is a major factor that is likely to drive demand in the short term. Also, plant based variants of citrus yogurts are expected to gain traction through the crisis.
Also, higher demand for RTE foods and, changes in consumer spending habits aimed towards essentials including food and beverage purchases will positively influence the growth of the citrus yogurt sector in the short term.
Who is Winning?
The citrus yogurt market is fairly fragmented and characterized by the presence of small and mid-scale manufacturers. Leading market players are effectively widening product portfolios for long term growth with a focus on natural and clean label ingredients.
Some of the leading players in the citrus yogurt market include General Mills Inc., Kite Hill, Danone S.A., Forager Project LLC, The Hain Celestial Group Inc., Chobani LLC, Nestle S.A., and Daiya Foods Inc. among others.
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More Valuable Insights on Citrus Yogurt Market
- Food Service (HoReCa)
- Convenience Store
- Food & Drink Specialty Stores
- Online Retail
- North America (U.S. & Canada)
- Latin America (Mexico, Brazil, Argentina & Rest of LATAM)
- Europe (EU-4, U.K., Russia, Benelux, Poland and Rest of Europe)
- Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, and New Zealand,)
- Middle East & Africa (GCC countries, South Africa, and Rest of MEA)