There has been a noticeable expansion in the use of yogurt powder owing to rapid increase in the number of health conscious population and need for maintaining proper digestive health.
DUBAI, UAE / ACCESSWIRE / September 24, 2020 / The yogurt powder market hit a value of US$ 200 million in 2019. On the basis of region, North America and Europe holds the largest revenue share. Middle East and Africa is likely to witness potential growth in this market through 2029. Though COVID-19 might have reduced the consumption due to lesser transportation yet need for quality food and inclination towards healthier lifestyle will remain the same, helping the industry revive soon.
“Investment is seen largely in marketing of attractive packaging solutions. Leading players are now collaborating with product manufacturers for a better insight into the scenario and to strengthen their regional market scenario. Need for skimmed yogurt powder in bakeries and household segments will drive the market at a considerable pace,” states the FMI Analyst.
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Yogurt Powder Market – Important Takeaways
- North America and Europe holds the largest revenue share while Middle East region is set to witness better growth.
- Leading players are working on marketing, higher compatibility and innovation of products to accelerate market growth.
- Global yogurt powder market will register a CAGR value of 7.5% through the forecast period (2029-2029).
- Product wise, skimmed yogurt powder will present better investment opportunities as the market is expected to expand.
Yogurt Powder Market – Driving Factors
- Innumerable use of yogurt powder in food, bakery, beverages, household, cosmetic and personal car is driving the market.
- Visible expanding preference for diet conscious meals and addition of probiotics in diets will help the market witness steady growth.
- There is an increasing demand for skimmed yogurt powder in North America and Europe due to rising number of health conscious population.
- Owing to rising income, shifting life-style and investments by international companies, competitive structure will be shaped.
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Yogurt Powder Market – Key Restraints
- Entry of new players can be at stake due to higher cost competition.
- Poor product innovation is affecting the market growth negatively.
Expected Impact on Market by Coronavirus Outbreak
Falling in the food and beverage industry, yogurt powder market is likely to revive soon because people are shifting to a better and healthier lifestyle. Manufacturing and production of raw materials required is easily available but due to slower trade process on account of social distancing, market can face pressure too. Though food retail and manufacturers might experience loss yet the demand is only going to increase due to the benefit it provides.
Major players in the market include Glanbia Plc, Epi Ingredients, Ace International LLP, Almil AG and Kerry Inc., All of these leading players work on building collaborations with major manufacturers to magnify their production capacity.
Major participants rely on investing into promoting products and unique packaging solutions to expand the market and in developing non-fat yogurt. R&D is investing in expanding product portfolio for better margin.
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More on the report
FMI’s analysis presents segmentation on the basis of applications (food, beverage, confectionary, cosmetic, household etc.), nature (organic, conventional), flavours (mango, vanilla, banana etc.) type (skimmed, semi-skimmed, whole yogurt), on the basis of distribution channel and region (North America, Europe, Asia, Middle-East, Africa and Oceania)
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SOURCE: Future Market Insights
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