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Yogurt Global Market Analysis

Yogurt Global Market Analysis. March 23, 2012 North America, Latin America, Europe, Asia. Yogurt Market Scope. The yogurt market includes spoonable yogurt, drinkable yogurt, Greek, and probiotic varieties. Global Yogurt Continues to Grow. Global Retail Sales of Yogurt 2011-2016.

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Yogurt Global Market Analysis

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  1. Yogurt Global Market Analysis March 23, 2012 North America, Latin America, Europe, Asia

  2. Yogurt Market Scope • The yogurt market includes spoonable yogurt, drinkable yogurt, Greek, and probiotic varieties

  3. Global Yogurt Continues to Grow Global Retail Sales of Yogurt 2011-2016 US$ Billion 4% 4% 4.4% 4.1% 4.2% 2011-16 absolute growth ***4.1% and $16 Billion*** *Year on year growth

  4. Top Yogurt Markets • Largest Consuming Yogurt Countries • Fastest Growing Yogurt Countries

  5. Global Trends • Eco-friendly packaging has become a standard in yogurt packaging. • 16 % of launches featured the environmentally friendly claim • Market witnessed a shift from traditional, spoonableproducts towards yogurt drinks • On-the-go marketability claims were pushed, especially for school age children, as a benefit of drinkable yogurt • There is a heightened demand for: • low/no/reduced fat, low/no/reduced sugar, organic, no additives/preservatives, all natural, and GMO free products • U.S. consumers are willing to pay a premium price of ~$3.52 per 16 oz package on average for Greek yogurt • It is a filling, high in protein, low fat and low carbohydrate food

  6. Yogurt-NA Company $ Share • Industry Background-NA • $9.9+ billion industry • 2011-16 CAGR % Value growth: 9.9% • Greek yogurt share has grown to 13.2% • Over 50% of the market is dominated by Danone, Groupe and Sodiaal SA • Major Marketers (Brands) • Danone, Groupe (Danone, Activia) • Sodiaal SA (Yoplait) • Private Label(Private Label) • Agro FarmaInc (Chobani)

  7. Yogurt-NA • Packaging • Plastic cups sealed with an aluminum foil top is typical • Set type packaging is when fruit is in the bottom of the cup and yogurt is on top • Swiss type packaging is when fruit and yogurt are blended together • FDA regulates the label • must indicate whether the yogurt has been ‘heat-treated’ or ‘active cultures’ • Drinkable styles are found in bottles

  8. Yogurt-NA • Packaging-NA Danone, Groupe Sodiaal SA Plastic Tub Foil seal closure Unknown company $0.98 (6oz) Tube Flexible packaging Unknown company $7.55 (32x2. 25 oz) Plastic Bottle Foil Seal closure Graham Packaging $4.68 (12x3 10 floz) Plastic Tub multi laminate seal closure Spartech Packaging $7.41 (16x3. 53 oz) Private Label Agro FarmaInc Plastic Tub Foil seal closure Unknown company (6oz) Plastic Tub Foil seal closure Unknown packaging company $0.45 (6oz)

  9. Trends & Considerations-NA • Trends & Considerations • Yogurt and sour milk drinks increased by 9% in current value terms to reach US$8.0 billion in 2011 • Americans are turning to yogurt as a nutritious breakfast or tasty snack • Spoonable yogurt will continue to outperform drinking yogurt • drinking yogurt sales are expected to decline by 15% in 2011 • Difficult to compete with fresh smoothies from places like Jamba Juice, etc.

  10. Trends & Considerations-NA • Trends & Considerations • Pro/pre biotic spoonableyogurt is expected to see the fastest growth in 2011 • 25% current value increase • Unit prices of yogurt expected to increase slightly in 2011 due to an increase in milk prices • Greek yogurt is gaining numerous fans (it is especially popular with health conscious women) • Seen as the best yogurt for weight loss • Appeals to consumers who enjoy thick, creamy texture • Being used as a substitute for sour cream and mayonnaise in cooking

  11. Yogurt-LA Company $ Share • Industry Background-LA • $10.2US+ billion industry • 2011-16 CAGR % Value growth: 15.8% • Danone #1 Market share at 32.3% • Major Marketers-LA • Danone (Danone, Activia) • Nestle SA (Nestle, Chamyto) • Yakult Honsha (Yakult) • AlpinaProductos (Alpina)

  12. Yogurt- LA • Packaging • Yogurt is typically found in plastic cups and sealed with an aluminum foil top • Drinkable yogurt styles found in bottle • Also available in Flexible Packages

  13. Baby Formula-Brazil • Packaging Danone Nestle Plastic Tub Foil seal closure $0.58 (3.88oz) Plastic Bottle Foil seal closure $0.44 (8.65oz) Plastic Bottle Plastic cap closure $1.13 (9.47 oz) Plastic Tub Foil seal closure $1.60 (5.3 oz) BrfBrasil Foods AlpinaProductos Plastic Bottle Plastic cap closure $3.30 (30 oz) Plastic Tub $0.94 (6.18 oz) Plastic Tub $0.54 (5.12 oz)

  14. Trends & Considerations-LA • Trends & Considerations • Vanilla yogurt is a natural accompaniment to fruit dishes served in the morning • Drinking yogurt posted stronger retail volume than spoonable in 2011 • accounts for 65% of total value sales • consumers seem to prefer liquid versions • Functional drinking yogurt is seen as healthy and convenient • Consumers in developing urban areas have increasingly busier lifestyles

  15. Yogurt – Europe Company $ Share • Industry Background – Europe • $28.6 billion industry • CAGR % value growth for 2011-16 • EE: 9.8% • WE: 3.9% • Largest markets: Germany, France, UK, Spain, and Italy • Major Marketers (Brands) • Danone (Danone, Activia, Nutriday) • Private Label (Private Label) • MolkereiAlois Muller (Muller, Froop) • Sodiaal SA (Yoplait)

  16. Yogurt – Europe • Packaging • Yogurt found in plastic cups and sealed with an aluminum foil top • Drinkable yogurt styles found in bottle • Occasionally found in glass jars

  17. Yogurt- Europe • Packaging – Europe Danone Sodiaal Plastic Tub Paper seal closure $2.48 (8X4 41 oz) Plastic Tub Foil seal closure $1.65 (4x4 41 oz) Plastic Tub Multi laminate seal closure $3.49 (4x4 24 oz) Private Label MolkereiAlois Muller Plastic Tub Foil seal closure Optipack Packaging $0.66 (5.3 oz) Plastic Bottle Foil seal closure $2.40 (6x3 53 oz) Plastic Tub Foil seal closure w/ plastic overcap $0.52 (17.65 oz)

  18. Trends & Considerations-Europe • Trends & Considerations • Recession and current economy has reduced consumer purchasing power and confidence • consumers moving away from branded to private label products. • Fruited spoonable yogurt saw the strongest performance in value and volume growth in 2011 • Drinkable yogurt saw record sales in 2011 • The popularity varies by country (less popular in France) Source: Euromonitor 2010

  19. Trends & Considerations • Trends & Considerations • Increased consumption of products designed for on-the-go • Danone designed first bio-mass based plastic container for Activia in Germany

  20. Yogurt – Asia Company $ Share • Industry Background – Asia • $17.7 billion industry • 2011-16CAGR % value growth: 9.6% • Private label only accounts for 0.7% of market • Major Marketers (Brands) • Yakult Honsha (Yakult) • Meiji Holdings (Bulgaria, LG21) • Morinaga & Co (Morinaga) • China Mengniu Dairy (Mengniu) 52.1%

  21. Yogurt- Asia • Packaging • More variety in drinkable yogurt packages • Found in plastic bottles, pouches, and cardboard cartons

  22. Yogurt- Asia • Packaging Meiji Holdings Yakult Honsha Plastic Tub $1.93 (4x2 82 oz) Plastic Lined Board Carton $3.34 (3x3 38 oz) China Mengniu Dairy Morinaga & Co Pouch $1.79 4.59 0z Plastic Bottle $0.58 (11.83 oz) Plastic Tub $1.22 (4.24 oz)

  23. Trends & Considerations-Asia • Trends & Considerations • Yogurt tends to be less sweet and have more of a ‘dairy’ taste • Tends to be more liquid than solid • Asia presents huge opportunity for marketing yogurt as a healthy snack option • Rising incidence of life-style related health concerns such as diabetes and obesity • China represents the fastest growing regional market for yogurt, in terms of consumption (value and volume)

  24. Overall Trends and Considerations • Trends and Considerations • Marketers differentiate by focusing on health benefits, branding, and incorporation of ingredients (namely fruit) • Households with children constitute the segment with potential growth opportunities • Market is shifting in some countries from traditional, spoonable yogurts to drinkable varieties • Probiotics total sales expected to grow with consumer awareness of health benefits • Popularity of private label yogurts varies by country Source: Euromonitor 2010

  25. Packaging Considerations and Opportunities • Weaknesses of current packaging include: • Must remember to pack a spoon when consuming traditional yogurt on-the-go • The glass jars (sometimes found in Europe) are expensive, dangerous, and heavy • Yogurts covered by foil only are a risk • Possibility of tampering with the seal and damaging the product • Yogurt containers are labeled #5, but most curbside residential recycling programs only accept #1 & #2 • Stoneyfield Farms will take containers back and recycle for customers

  26. Packaging Considerations and Opportunities • Opportunities to improve packaging include: • Green packaging: Biopackaging materials (iepolylactate) are gaining popularity over PP and thermoformed cups • Polylactates offer advantages in preventing color changes, preventing formation of hydroperoxides, and decrease in beta-carotene and riboflavin concentrations in the final product • Emerging technologies such as high hydrostatic pressure (HHP) reduces fermentation time of yogurt milk • Hinged lids for larger containers would add convenience

  27. Packaging Considerations and Opportunities • Opportunities to improve packaging include: • Innovative design changes that include spoon with the container • Similar to individualized ice cream containers • Pouches offer excellent visual appeal, portability, and are sustainable • BAP technology to ensure freshness of the product and create an easier opening experience

  28. Yogurt – Aptar Developments • Aptar Developments • Features/Benefits • Convenient • Attached spoon • Hinged Closure • Prevents missing caps 110mm Dispensing Scoop n’ Lid 110mm Non-Dispensing Scoop n’ Lid

  29. Yogurt – Aptar Developments • Aptar Developments • Features/Benefits • Differentiating design • Dispensing convenience • Accurate product placement and cutoff Valve captured between fitment and snaptop overcap

  30. Yogurt – Aptar Developments • Aptar Developments • Features/Benefits • Differentiating design • Dispensing convenience • Accurate product placement and cutoff • Child-safe • Larger branding space Non-Choke Elliptical spout SimpliSqueeze

  31. Yogurt- Aptar Dairy Developments 2035 Frost Snap Top SimpliSqueeze 2234 Snap Top SimpliSqueeze

  32. Yogurt- Aptar Dairy Developments Custom Widemouth Closure Custom Snap Top

  33. 2-1/8’’ Snap Top 38-400 SimpliSqueeze Custom Snap Top SimpliSqueeze Custom Snap Top SimpliSqueeze Custom Snap Top SimpliSqueeze

  34. Yogurt- Aptar Dairy Developments 54 mm Snap Top 33-400 SimpliSqueeze 2-1/8’’ Snap Top 33-400 Frost Ribbed Pour Spout 38-400 Directional Pour Spout 33-400

  35. Yogurt- Aptar Dairy Developments Custom 44 mm Snap Top

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