The Asia-Pacific drinkable yogurt market is forecasted to grow at a CAGR of 2.2% during the forecast period (2020-2025).
- The market for drinkable yogurt is mainly driven by the increasing demand for probiotic foods and healthier snacking products among health-conscious consumers, including both adults and children. Moreover, the demand for more protein, improved nutrition, and convenience are some other factors driving the demand for drinkable yogurt.
- In addition, the growing trend of convenience among consumers, owing to their busy lifestyle and preference for various flavors, enabled manufacturers to develop products with various flavors and convenient packaging. For instance, in 2018, Yili, a Chinese dairy company, launched its first ambient drinking yogurt with large fruit and cereal pieces using Tetra Pak technology. The product comes in Tetra Top 200 ml with large re-sealable screw caps.
- Furthermore, recent launches of formulated functional products with new flavors have further fueled the global market, such as drinkable yogurt fortified with omega 3, collagen, aloe vera, plant sterols, and soy isoflavones.
Key Market Trends
Growing Demand for Probiotic Food & Beverages
The high prevalence of digestive disorders has benefitted the demand for probiotic food across various consumer groups. Drinkable yogurt, in different flavors, is the most preferred probiotic food. The progressive inclination of consumers in the Asia Pacific towards the digestive health-oriented products has driven probiotic food products in the country. This has led yogurt to hold a significant share in the sales value of the probiotics product market in the country. The on-going trend of healthy dietary and snacking options among the Asian population is yet another factor, driving the sales of probiotics, such as kombucha, yogurts, probiotic drinks, and others, across the region. According to the International Probiotics Association (IPA), China accounts for nearly half of the sales revenue in the Asia-Pacific probiotic food market wherein more than 90% is from dairy-based probiotic food and beverages in which dairy-based yogurt held a prominent share driving the market.
China to Drive The Regional Market
China, being the major consumer of yogurt, drives the regional yogurt market, and is anticipated to further supplement the global as well as the Asian market during the forecast period. Yogurt, owing to its multifunctional attributes, holds great prominence among consumers. A large section of the Chinese population is lactose intolerant, and hence, the dairy-free yogurt segment is recorded to be relatively more preferred due to its fermented nature, which makes it easily digestible. Also, market players are rolling out new innovations with claims catering to the current deficit scenario of the country. For instance, in 2019, Nongfu Spring, after three years of research and development, introduced its first “mainstream” vegan yogurt alternative, made from walnut, coconut, and almond.
The Asia-Pacific drinkable yogurt market is highly competitive and fragmented in nature owing to the presence of many regional and domestic players. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include Epigamia, Chobani, LLC, and Nestlé, among others.
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