Technavio’s latest market research report on the global cultured dairy products market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global cultured dairy products market from 2018-2022. (Graphic: Business Wire)
According to Technavio analysts, the global cultured dairy products market will grow at a CAGR of over 7% during the forecast period owing to new product launches which is emerging as a major factor driving the market’s growth.
New product development, improved taste and versatility, as well as high levels of marketing support, will increase the demand for cultured dairy products in the market, which has witnessed a rise in the number of new product launches in the past few years.
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The three emerging market trends driving the global cultured dairy products market according to Technavio research analysts are:
Growing demand for organic cultured dairy products
Organic food and beverages are becoming popular due to their health benefits. In 2014, Germany accounted for 13% of the retail sales share of organic food globally. In the UK, many socially conscious millennials and older consumers have started to choose organic food, which is currently a niche category (that accounted for 1.4% of the UK food and drink market in 2016) but is expected to grow at a high rate during the forecast period. In the US, organic dairy products are currently growing at more than 5% CAGR. Thus, many cultured dairy product manufacturers have started launching organic cultured dairy products.
According to a senior analyst at Technavio for food research, “The organic beverages segment is a niche segment, which are mostly priced higher than conventional products. The premium price is due to the comparatively high production costs as well as consumers’ willingness to pay extra for organic products.”
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Global cultured dairy products market segmentation
This market research report segments the global cultured dairy products market by product type (yogurt, cheddar cheese and cream cheese, kefir, and others) and by distribution channel (hypermarkets and supermarkets, food specialist, independent retailers and convenience stores, and online retailers). This report also presents an analysis of the market’s growth across different geographic regions such as the Americas, APAC, and EMEA.
In 2016, with a market share of around 46%, EMEA dominated the global cultured dairy products market followed by the Americas and APAC. This is because cultured dairy products like yogurt, cream cheese, and cheddar cheese are widely popular in EMEA. Also, demand for other cultured dairy products like kefir is increasing at a higher rate as many regional dairy manufacturing players have started manufacturing these products.
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