The global kefir market size is expected to experience exponential growth by reachingUSD 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 healthand its role in boosting immunity favor the demand for the product during theforecast period. For instance, a report from the International Food InformationCouncil states that around 23% of the population look for food and beveragesthat aid them in good health. The hectic and busy schedule of people has augmentedgastric and obesity problems. Thus, the consumption of a probiotic thatmaintains gut health has increased globally.
COVID-19 Impact
Thenegative effect of the global pandemic, COVID-19, has been felt across severaleconomies facing unprecedented loss. This has considerably affected thebeverage industry worldwide. For instance, as per reports from Coca-Cola, itssales went down by 25% around the globe. In addition, the supply chain of rawmaterials was hampered. This affected the production of fermented drinks suchas tibicos. However, increased awareness regarding health in these pandemictimes has reestablished the market growth.
Key Market Segmentation:
Onthe basis of the product type, the market is bifurcated into dairy-based andnon-dairy.
Basedon 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
Byits nature, the market is segmented into organic and conventional. By itscategory, it is divided into flavored and non-flavored. The market is segmentedinto supermarket/hypermarket, convenience store, specialty store, and onlineretail based on its distribution. Lastly, based on region, the market isbifurcated into North America, Europe, Asia-Pacific, South America, and theMiddle East & Africa.
What does the Report Include?
Theglobal market for kefir reports provides in-depth analysis and focuses on keyaspects 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, andhighlights key industry developments by adopting several researchmethodologies. It also includes several direct and indirect factorscontributing to the market's growth over recent years.
Driving Factors
Rising Plant-Based Fermented Beverages to Propel Market Growth
Therising demand for quick, nutritious beverages is boosting the kefir marketgrowth. Moreover, these fermented drinks are available in various flavors andforms. People who are lactose intolerant can opt for water-based fermenteddrinks such as tibicos and plant-based kefir such as cashew, coconut, andalmonds. In November 2019, a study from DuPont Health and Nutrition suggestedthat around 65% of the population globally are inclined toward plant-based foodand beverages.
Regional Insights
Shift towards Veganism to Ensure Dominance of Europe
Europeis expected to hold the highest position in the market during the forecastperiod. This is ascribable to the significant shift of people in this regiontoward a veganism diet. Moreover, due to hectic lifestyles and busy schedules,demand for quick and healthy nutritious beverages boosts the kefir market sharein this region. The market in Europe stood at USD 609.66 billion in 2018 and654.78 billion in 2019.
AsiaPacific is anticipated to hold a significant share in the market due tomillennials developing an interest in varied varieties of beverages. Indeveloping economies such as China, India, and Indonesia, millennials arehighly inclined towards fermented beverages.
Competitive Landscape
Key Players to Focus on Establishing Partnerships to IntensifyIndustry Competition
Themarket is consolidated by the presence of major companies that are striving tomaintain their position by focusing on innovation and expansion. For instance,In March 2019, Lifeway Food launched vegan kefir. This is available indifferent flavors and is soy and gluten-free. Moreover, other key players suchas Nestle, Danone are adopting proactive strategies such as mergers,collaborations, partnerships, and facility expansion to favor the market'sgrowth in the forthcoming years.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/kefir-market-102463
