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The global market size of yogurt powder was estimated at US$ 525 Mn in 2019 and is expected to witness CAGR of 7 % during the forecast period (2019-2028).
Increasing demand for healthy and nutritious food products with a higher shelf life is expected to drive growth. Yogurt powder has rich nutritional properties of fresh yogurt due to the high content of vitamin B6, vitamin B12, calcium, vitamin D, protein and riboflavin, among others. Also, It does not require refrigeration and it can be stored at room temperature.
Rising adoption of a healthy lifestyle and a nutritious diet is expected to drive the demand for yogurt powder. The product is beneficial for the improvement of the digestive and immune system. Improved preference for on-the-go nutritious food is expected to fuel the growth of yogurt powder market.
Consumers are becoming more mindful of intestinal health, as the incidence of health conditions associated with the digestive system is growing at a high pace. Probiotics have been seen as beneficial consumables for the preservation of sound digestive health, and the consumer base has been steadily increasing since the recent past. As a result, the market for yogurt powder is directly influenced by the growing proclivity of daily dietary probiotics.
Skimmed Yogurt Powder segment drives the Growth of Global Yogurt Powder Market.
The skimmed yogurt powder segment held the significant share of XX% in global yogurt powder market in 2019 and it is expected to witness a CAGR of 7% during the forecast 2020-2028. High demand of skimmed yogurt powder is expected due to its low fat content; this is one of the major factor driving the growth of skimmed yogurt powder segment. In addition to this, skimmed yogurt powder is commonly added as an ingredient in meat products, baby formulas, confectionery, ice cream, processed cheese and frozen dairy products.
Cosmetics & Skin care Segment is expected to account for major share Global Yogurt Powder Market.
By application segment, Cosmetics & Skin care products held the significant share of xx% of yogurt powder market in 2019 and it is expected to witness a CAGR of xx % during the forecast period. Large consumer base prefer skin care products and cosmetics made from natural ingredients. Skin care and cosmetics manufacturers are using yogurt powder as an organic and natural ingredient. Customers has become more conscious that ultimately pushes manufacturers to use healthy products such as yogurt powder.
Europe Dominates the Global Yogurt Powder Market.
Europe held the significant market share of 31.5 % in 2019 and is expected to remain dominant over the forecast period. The growing popularity of yogurt-based breakfast recipes in Europe, particularly in the Scandinavian countries, is expected to bode well for regional development. High consumer awareness of the health benefits of the product is projected to further fuel growth.
Asia Pacific is expected to witness a CAGR of 7.3 % during the forecast. Rising consumer demand for nutritious and healthy food products due to aging populations and the prevalence of obesity is expected to drive the regional market. According to the Asian Development Bank Institute (ADBI), more than 40% of the Asian population live in Asia by June 2019.
The industry is fragmented in nature due to the presence of some strong foreign players, including Glanbia Nutritionals, Epi Ingredient, Kerry Inc., Batory Foods, Easiyo Products, and ENKA SÜT A.S. Product innovation and new product launches have given key manufacturers a competitive edge. They are also engaged in business strategies such as mergers and acquisitions and expansion of distribution channels to expand their customer base. For starters, In January 2019, EasiYo, a renowned brand of New Zealand yogurt, entered into a partnership with Ornua Nutrition Ingredients (ONI), a food ingredient manufacturer, to extend its distribution channel in Europe.
Major players focus on increasing their product exposure, especially in developed countries, in order to maximize their consumer reach. The establishment of product innovation R&D centers coupled with strategic partnerships with investment firms to develop new and innovative products on the basis of customer demand is expected to be a key success factor. Companies are likely to concentrate on technological innovation, especially in developing countries and untapped markets on a global scale.
Yogurt Powder Market Segmentation:
- Skimmed Yogurt Powder
- Semi-skimmed Yogurt Powder
- Whole Yogurt Powder
- Food & Beverage
- Sports & Nutrition Beverage
- Dips & Dressings
- Nutritional & Snack Bars
- Frozen Novelties
- Bakery & Confectionary
- Cosmetic & Skin Care Products
By Distribution Channel:
- Online Retail
- Specialty Stores
- Departmental Stores
- North America
- Latin America
- Asia Pacific
- Middle East & Africa