The Asia-Pacific frozen yogurt market is projected to witness a CAGR of 6.3% during the forecast period.
- The retail frozen yogurt market faces fierce competition from the foodservice channel and the healthy growth of refrigerated Greek yogurt sales. Health benefits associated with yogurt and the increasing number of flavors available are driving the market.
- Moreover, the shift in the frozen dessert consumption pattern due to consumer preference for low calorie and high protein products is further accelerating the growth. Intense competition from the ice cream market and other frozen dessert markets has negatively affected the market growth.
Key Market Trends
Increasing Demand for Vegan Yogurt
Vegetarian food is always in demand in the Asia-Pacific region, and the trend for specific vegetarian food, like meat and dairy alternatives, is increasing. Asian consumers are interested in no-meat and non-dairy products, even if they are not vegetarians. About half of the Indonesian population and about two-third of the Indian people are interested in healthier diets. Chinese consumers are more health-conscious than Indonesians and Indians. In Japan, the demand for plant-based yogurt witnessed a rapid growth in 2017, due to a continued keen interest in its health benefits, among the consumers, across different age groups.
China Remains the Fastest-growing Market
Frozen yogurt is bound to achieve great success in the Chinese market, as the increasing demand for low-fat, healthy food will likely encourage people to spend more on these products. The rising income level of consumers, drastic development of manufacturing capabilities, premiumization trend in the country, and increasing adoption of premium products among consumers are projected to cater to the increasing demand for frozen yogurts in China.
Mergers and acquisitions are the primary strategies adopted by players for innovative new product offerings. Innovation in product flavors is another main focus are for companies to maintain their brand positioning. Some of the significant players in the frozen yogurt market in the Asia-Pacific region are Frosty Boy, Nestlé SA, Ben & Jerry's Homemade Inc., and Unilever, among others.
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