Market players are focusing on geographical expansion to attain a competitive edge.
DUBAI, UAE / ACCESSWIRE / February 8, 2021 / Future Market Insights: FMI states in its recent study on the citrus yogurt that the market will record a CAGR of 4.5% between 2020 and 2028. Demand for citrus yogurt is anticipated to continue surging especially due to the growing popularity of high protein and low carb diets,
"Leading manufacturers are largely focused on product launch strategies. Efforts towards geographical expansion are expected to gain importance in emerging markets to consolidate market presence." says the FMI analyst.
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Citrus Yogurt Market - Important Highlights
- Dairy-based yogurt is expected to hold a major market share during the forecast years.
- Organic offerings of citrus yogurt to gain traction due to rising health awareness.
- Supermarkets are anticipated to remain the key distribution channel driven by robust supply chains.
- The Asia Pacific excluding Japan is expected to remain as a dominant market for citrus yogurt.
- The US shows favorable growth owing to its increased sales of organic food.
Citrus Yogurt Market - Drivers
- Rising awareness about the associated health benefits and the resultant changes in dietary habits will generate growth prospects.
- Easy access to various new fruit-flavored yogurts and the development of nutrient-rich formulations is contributing to the growth of the market.
- The rising development of the e-commerce channel is anticipated to boost the market growth.
Citrus Yogurt Market - Restraints
- Tough competition from plain yogurt and non-citrus flavored yogurt market is the main reason for the hindrance of the growth of the market.
- Citrus yogurts are comparatively more expensive which is restricting their adoption as compared to conventional yogurt products.
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COVID-19 Impact on Citrus yogurt Market
The pandemic has created opportunities for growth in the industry. The restrictions during the Lockdown have decreased the demand from the foodservice sector. However, the increasing preference of the consumer during this time for healthy foods to boost immunity is anticipated to create sales opportunities in the short term. The E-commerce market is expected to emerge as a key distribution channel during this period.
Competitive Landscape
The citrus yogurt market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge.
In October 2020, Danone S.A. announced its collaboration with Full Harvest, a leader in online sales of agricultural production, to build and launch a product named Two Good Save Yogurt. Future Market Insights has also profiled the citrus yogurt manufacturers in its detailed study such as General Mills Inc., The Hain Celestial Group Inc., Nestle S.A., Daiya Foods Inc., Chobani LLC, Forager Project LLC, Kite Hill.
About the Study
The study offers readers a comprehensive assessment of the citrus yogurt market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (dairy and nondairy), form(drinkable and spoonable), nature(organic, conventional), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/citrus-yogurt-market
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SOURCE: Future Market Insights