Yoghurt Market

The article discusses the forecasted growth of the global yoghurt market from 2022 to 2030, with an anticipated increase in consumption volume and market value. Key points include trends in consumption, production, imports, and exports, as well as the top consuming, producing, importing, and exporting countries. Overall, the market is expected to continue expanding driven by rising demand for yoghurt worldwide.

Market Forecast

Driven by increasing demand for yoghurt worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 12M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.0% for the period from 2022 to 2030, which is projected to bring the market value to $27B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Yoghurt

In 2022, global yoghurt consumption reached 9.2M tons, growing by 2.3% compared with the previous year's figure. The total consumption volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in the immediate term.

The global yoghurt market size dropped modestly to $16.9B in 2022, with a decrease of -2.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the global market reached the maximum level at $17.4B in 2021, and then reduced modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1.3M tons), Germany (698K tons) and India (684K tons), together accounting for 29% of global consumption. Japan, France, Pakistan, Nigeria, Russia, Bangladesh, Brazil, Mexico, the UK and Thailand lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +9.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.5B), Japan ($2.3B) and India ($2B) were the countries with the highest levels of market value in 2022, with a combined 46% share of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +8.5%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of yoghurt per capita consumption in 2022 were Germany (8.4 kg per person), France (5.5 kg per person) and the United States (3.9 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Nigeria (with a CAGR of +7.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Yoghurt

Global yoghurt production totaled 9M tons in 2022, leveling off at the year before. The total output volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 11% against the previous year. Over the period under review, global production attained the maximum volume in 2022 and is expected to retain growth in years to come.

In value terms, yoghurt production declined slightly to $16.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 20% against the previous year. Global production peaked at $17.2B in 2021, and then reduced modestly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (1.3M tons), Germany (698K tons) and India (684K tons), with a combined 30% share of global production. Japan, France, Pakistan, Russia, Nigeria, Bangladesh, Brazil, Saudi Arabia, Mexico and Iran lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +9.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Yoghurt

In 2022, approx. 325K tons of yoghurt were imported worldwide; which is down by -82.5% on 2021 figures. Overall, imports faced a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of 6.5%. Global imports peaked at 1.9M tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, yoghurt imports shrank rapidly to $528M in 2022. In general, imports faced a deep downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 7.8%. Global imports peaked at $3B in 2021, and then shrank rapidly in the following year.

Imports By Country

In 2022, the United Arab Emirates (39K tons), followed by Oman (24K tons), Kuwait (20K tons) and Iraq (19K tons) were the main importers of yoghurt, together committing 31% of total imports. Palestine (12K tons), Singapore (11K tons), Bahrain (11K tons), Lao People's Democratic Republic (10K tons), Botswana (9.8K tons), Hong Kong SAR (9.3K tons), Cambodia (8.5K tons), Belarus (8.4K tons) and Montenegro (8.3K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Cambodia (with a CAGR of +54.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest yoghurt importing markets worldwide were the United Arab Emirates ($53M), Singapore ($36M) and Oman ($33M), with a combined 23% share of global imports. Hong Kong SAR, Iraq, Palestine, Bahrain, Kuwait, Lao People's Democratic Republic, Belarus, Botswana, Cambodia and Montenegro lagged somewhat behind, together comprising a further 31%.

Cambodia, with a CAGR of +50.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average yoghurt import price amounted to $1,623 per ton, approximately reflecting the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average import price increased by 6.9%. Over the period under review, average import prices reached the maximum at $1,710 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($3,418 per ton), while Kuwait ($678 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Yoghurt

In 2022, the amount of yoghurt exported worldwide contracted rapidly to 164K tons, with a decrease of -90.9% against 2021. Overall, exports showed a significant decline. The pace of growth appeared the most rapid in 2013 with an increase of 14% against the previous year. Over the period under review, the global exports attained the maximum at 1.8M tons in 2021, and then shrank dramatically in the following year.

In value terms, yoghurt exports dropped notably to $179M in 2022. In general, exports saw a precipitous slump. The most prominent rate of growth was recorded in 2013 when exports increased by 18% against the previous year. Over the period under review, the global exports reached the maximum at $2.8B in 2021, and then declined remarkably in the following year.

Exports By Country

Saudi Arabia represented the main exporting country with an export of about 75K tons, which recorded 46% of total exports. Iran (31K tons) ranks second in terms of the total exports with a 19% share, followed by the United Arab Emirates (5.7%). Tunisia (6.1K tons), El Salvador (5.9K tons), Costa Rica (5.2K tons), North Macedonia (4.9K tons), Russia (3.8K tons), Ghana (3.3K tons) and Kazakhstan (2.9K tons) followed a long way behind the leaders.

Saudi Arabia experienced a relatively flat trend pattern with regard to volume of exports of yoghurt. At the same time, Ghana (+36.0%), Kazakhstan (+34.7%), North Macedonia (+33.2%), El Salvador (+14.7%), Iran (+12.9%) and the United Arab Emirates (+2.1%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in the world, with a CAGR of +36.0% from 2012-2022. Costa Rica experienced a relatively flat trend pattern. By contrast, Tunisia (-3.7%) and Russia (-13.1%) illustrated a downward trend over the same period. Saudi Arabia (+41 p.p.), Iran (+19 p.p.), the United Arab Emirates (+5.2 p.p.), El Salvador (+3.5 p.p.), Tunisia (+3.1 p.p.), North Macedonia (+3 p.p.), Costa Rica (+2.8 p.p.), Ghana (+2 p.p.) and Kazakhstan (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($92M) remains the largest yoghurt supplier worldwide, comprising 51% of global exports. The second position in the ranking was held by Iran ($12M), with a 6.7% share of global exports. It was followed by the United Arab Emirates, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Iran (+5.3% per year) and the United Arab Emirates (+1.3% per year).

Export Prices By Country

In 2022, the average yoghurt export price amounted to $1,094 per ton, declining by -29% against the previous year. In general, the export price recorded a noticeable curtailment. The growth pace was the most rapid in 2021 when the average export price increased by 5% against the previous year. The global export price peaked at $1,617 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Russia ($1,827 per ton), while Iran ($380 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.1%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform