Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Dry Yogurt
Dry yogurt is the dehydrated form of yogurt which is generally produced from cultured milk by using skimmed milk that has been pasteurized. During its manufacturing, the pasteurized milk is cooled to a temperature of 40-43˚C followed by addition of yogurt cultures. The product is then fermented till the pH reaches 4.6 after which the process of spray drying and packing is done. There are a number of flavors available depending upon the requirements by the end users and application especially in the areas where fresh yogurt cannot be used directly. The health benefits associated with the product has made it a part of number of cuisines and healthcare products. Along with these benefits, the ease of production, transportation and high shelf life are estimated to boost the product demand in future.
Market Size and Forecast
The global dry yogurt market is anticipated to record a CAGR of around 8.1% over the forecast period i.e. 2019-2027 owing to the health benefits associated with the product, for instance, high immunity, low sugar content and high protein proportion, which are anticipated to result in the market growth. Further, the availability of different flavors with ease of production owing to ease of procurement of raw materials that are low cost and are rich with probiotics are additional factors anticipated to drive the market growth.
The market is segmented by nature, by flavors, by end user, by product, by applications and by sales channels. The product segment is further segmented into skimmed dry, semi-skimmed and whole dry, out of which, the skimmed dry segment is anticipated to hold the leading share on account of increasing inclination of consumers towards the healthier lifestyle and improved eating habits. The natural ingredients, long shelf life, ease of storage and the high product stability of the product are estimated to be factors responsible for driving the market growth. The usage of the product in numerous applications for instance, cakes, pastries, ice creams and other bakery items is anticipated to expand the product demand. On the basis of applications, the market is further segmented into food industry, bakery, frozen novelties grocery, beverages, dips and dressings, nutrition and snack bars, dry mixes, cosmetics and personal care, filling, desert and others, out of which the food and beverage industries combined have the majority of market share owing to the application of dry yogurt in variety of products like nutrition bars, energy drinks, dry mixes and others. This is followed by personal care and cosmetics segment which is estimated to have second largest market shares owing to the ease of using and mixing the powered form coupled with ease of production. The end user segment is further segmented into household, food and beverage, cosmetic, industrial and HoReCa, out of which HoReCa segment is expected to witness a significantly high market share owing to the use of yogurt in various dishes and food.CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Low Cost of Production
The low cost of production associated with the product owing to its dry nature which is easy to store, is easy to transport and has better shelf life as compared to the other yogurts that require refrigeration and cannot be stored for longer durations is estimated to be a driving factor for the market. The reduction in transportation and manufacturing costs of dry yogurt as compared to conventional yogurt is anticipated to drive the market growth.
Innovations in Flavors
The availability of different flavors, with companies trying to develop new flavors so as to cater the market demand as per end user is estimated to propel the market growth. The different flavors have been developed in order to provide the consumer with food that has health benefits as well as taste and is conveniently available.
Restraints
The availability of alternatives that are less costly and have proper lactose limits that is healthy is anticipated to act as key restraints for the growth of global dry yogurt market during the forecast period.
Market Segmentation
Our-in depth analysis of the global dry yogurt market includes the following segments:
By Nature
By Product
By Channel of Sales
By Flavors
By Application
By End User
By Region
On the basis of regional analysis, the global dry yogurt market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The global dry yogurt market is estimated to be led by the market in North America during the forecast period owing to presence of huge consumer base on the back of awareness among the people about the health benefits associated with the product. Additionally, the presence of major key players in the region coupled with recent innovations in dry yogurt in the market is estimated to drive the market growth. The market in Europe is estimated to hold the second largest share owing to presence of huge bakery sector in the region. The market in Asia-Pacific is anticipated to witness significant growth owing to expanding food and beverages segment and prominence of cosmetic industry coupled with increasing consumer awareness regarding the health benefits associated with the product.
The global dry yogurt market is further classified on the basis of region as follows:
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