Plant-based citrus yoghurt market on the rise
A new study has found citrus yoghurt sales are likely to be concentrated in conventional formulations, but plant-based alternatives will feature more prominently in the latter part of the decade.
The rise in demand is likely due to a higher prevalence of health awareness among consumers, changing dietary behaviours and the increasing popularity of ready-to-eat foods.
According to the U.S. Dairy Export Council, the global fermented beverage and drinkable yogurt sales have grown with a 12% CAGR since 2015, surpassing AU$2.3 billion last year.
According to the Food and Agriculture Organisation of the United Nations, some six billion people globally consume milk and milk products.
However, the report notes the vast base of lactose-intolerant consumers will generate long-term opportunities for non-dairy citrus yogurt products for years to come.
Plant-based yoghurt has also seen an increase during the COVID-19 pandemic on the back of consumers becoming more health-conscious.
Sales for dairy and non-dairy citrus yoghurt will primarily be through hypermarket/supermarket channels due to sophisticated and robust supply chains.
The majority of growth will be seen in the Asia–Pacific region, excluding Japan, which is projected to grow to more than 38% of the overall market share by 2028.
A lead analyst from the study said to woo consumers, there is currently an immense focus on launching additive-free and non-dairy products, which will bode well for the market in the coming years.
“In a fairly fragmented citrus yogurt market, companies are adopting diverse strategies to carve a niche. While product launches remain the key focus, some of the market players are focusing efforts toward expansion to strengthen their foothold,” the analyst said.
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