Fermented Milk Market by Type (Cheese, Yogurt, Butter, Sour Cream, and Others) and Distribution Channel (Specialty Stores, Supermarket & Hypermarket, and Online Stores): Global Opportunity Analysis and Industry Forecast 2019–2026.” As per the report, the global fermented milk industry was estimated at $264.77 billion in 2018 and is expected to hit $396.87 billion by 2026, growing at a CAGR of 5.1% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in health awareness of fermented milk market, surge in awareness among people for losing weight, and increase in demand for dairy beverages fuel the growth of the fermented milk market. On the other hand, harmful additives & ingredients in yogurt restrains the growth to some extent. Nevertheless, upsurge in demand of fermented milk in the developing nations, and trend for organic yogurt are expected to create an array of opportunities in the near future.
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Yogurt segment to lead the trail by 2026-
Based on type, the yogurt segment contributed to nearly half of the global fermented milk market share in 2018, and is expected to dominate throughout the forecast period. Yogurt manufacturers are launching yogurts with less sugar that are increasingly being preferred by health-conscious consumers which, in turn, has boosted the growth of the segment. At the same time, the sour cream segment would cite the fastest CAGR of 6.4% by the end of 2026. The other two segments analyzed in the market report include cheese and butter.
Specialty stores segment held the lion’s share in 2018-
Based on distribution channel, the specialty stores segment held the major share in 2018, garnering nearly three-fifths of the global fermented milk market. Increase in retail sales channels’ penetration in developing markets has created new avenues for the growth of the segment. The online stores segment, on the other hand, would register the fastest CAGR of 10.0% till 2026. This is due to increase in adoption of mobile phones, and rise in internet penetration across the globe.
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North America to rule the roost in terms of revenue-
Based on geography, North America accounted for more than one-third of the global fermented milk market revenue in 2018, and is projected to retain its dominance during 2019–2026. The trend of clean-label fermented products is driving the fermented milk market in North America. Simultaneously, the Asia-Pacific region would grow at the fastest CAGR of 7.1% throughout the estimated period. The growth of the market in this province is driven by dynamic product development, and changing consumer habits.
Key market players-
Britannia Industries Limited
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