KANSAS CITY — The global yogurt market is forecast to grow by $26.08 billion between 2019-23, growing at a CAGR of 5.36%, according to Technavio. This acceleration is mainly driven by — and will continue to be driven by — new product launches in the segment.

“The introduction of new flavors and product innovations is one of the critical trends gaining traction in the market,” Technavio said. “The increasing number of product launches is raising awareness, versatility, and the availability of new and innovative yogurt flavors in the market. The primary factor driving the growth of the market is the new product launches, which help in increasing revenue flows of vendors and expanding their consumer base. Hence, vendors are focusing more on innovative product launches to attract more customers. To cater to the demand of the consumers market players are increasing their sales by launching new products, which are contributing to the growth of the market.”

Trends burgeoning among new yogurt offerings include unique flavors, better-for-you options and dairy-free, plant-based yogurt alternatives.

“In addition to exotic new flavors, vendors are also introducing new and healthy formulations of yogurt such as lactose-free yogurts to cater to the rising number of lactose-intolerant people,” Technavio said. “These products are developed using alternatives to dairy products such as coconut milk and soy milk. Yogurt market analysis indicates that such initiatives will lead the market to grow at a CAGR of over 5% during the forecast period.”

View slideshow of new yogurt products.