Kefir Market Size to Hit USD 1.23 Billion by 2027; Increasing Awareness towards Healthy Gut to Stoke Demand, Says Fortune Business Insights™
The global kefir market size is expected to experience exponential growth by reaching USD 1.23 billion by 2027 while exhibiting a CAGR of 5.4% between 2020 and 2027. Fortune Business Insights, in its latest report, titled “Kefir Market, 2020-2027.” Factors such as the rising awareness about digestive health and its role in boosting immunity favor the demand for the product during the forecast period. For instance, a report from the International Food Information Council states that around 23% of the population look for food and beverages that aid them in good health. The hectic and busy schedule of people has augmented gastric and obesity problems. Thus, the consumption of a probiotic that maintains gut health has increased globally.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. This has considerably affected the beverage industry worldwide. For instance, as per reports from Coca-Cola, its sales went down by 25% around the globe. In addition, the supply chain of raw materials was hampered. This affected the production of fermented drinks such as tibicos. However, increased awareness regarding health in these pandemic times has reestablished the market growth.
List of Key Players Profiled in the Global Kefir Market are;
Lifeway Foods, Inc.
The Hain Celestial Group, Inc.
Biotiful Dairy Limited
Green Valley Creamery
Fresh Made Dairy
Maple Hill Creamery, LLC
The Icelandic Milk and Skyr Corp
Key Market Segmentation:
On the basis of the product type, the market is bifurcated into dairy-based and non-dairy.
Based on product type, the dairy-based segment is expected to hold a major share. This is attributable to the increased demand for fermented milk-based products
By its nature, the market is segmented into organic and conventional. By its category, it is divided into flavored and non-flavored. The market is segmented into supermarket/hypermarket, convenience store, specialty store, and online retail based on its distribution. Lastly, based on region, the market is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
What does the Report Include?
The global market for kefir reports provides in-depth analysis and focuses on key aspects such as seaplanes product type, key players, applications, engine type, and seating capacity. Furthermore, the report offers insights on market trends, competitive landscape, competition, product pricing, market status, and highlights key industry developments by adopting several research methodologies. It also includes several direct and indirect factors contributing to the market's growth over recent years.
Rising Plant-Based Fermented Beverages to Propel Market Growth
The rising demand for quick, nutritious beverages is boosting the kefir market growth. Moreover, these fermented drinks are available in various flavors and forms. People who are lactose intolerant can opt for water-based fermented drinks such as tibicos and plant-based kefir such as cashew, coconut, and almonds. In November 2019, a study from DuPont Health and Nutrition suggested that around 65% of the population globally are inclined toward plant-based food and beverages.
Shift towards Veganism to Ensure Dominance of Europe
Europe is expected to hold the highest position in the market during the forecast period. This is ascribable to the significant shift of people in this region toward a veganism diet. Moreover, due to hectic lifestyles and busy schedules, demand for quick and healthy nutritious beverages boosts the kefir market share in this region. The market in Europe stood at USD 609.66 billion in 2018 and 654.78 billion in 2019.
Asia Pacific is anticipated to hold a significant share in the market due to millennials developing an interest in varied varieties of beverages. In developing economies such as China, India, and Indonesia, millennials are highly inclined towards fermented beverages.
Key Players to Focus on Establishing Partnerships to Intensify Industry Competition
The market is consolidated by the presence of major companies that are striving to maintain their position by focusing on innovation and expansion. For instance, In March 2019, Lifeway Food launched vegan kefir. This is available in different flavors and is soy and gluten-free. Moreover, other key players such as Nestle, Danone are adopting proactive strategies such as mergers, collaborations, partnerships, and facility expansion to favor the market's growth in the forthcoming years.
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