Global Kefir Market to Garner $2.47 Billion by 2028: Allied Market Research

Rise in population of lactose intolerant people, strong network and distribution channel with retail stores, and availability of kefir products at affordable prices have boosted the growth of the global kefir market. Europe dominated in terms of revenue in 2020, accounting for more than one-third of the market. However, the demand for kefir is expected to get back on track due to increase in awareness of health and wellness among people.

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Portland, OR, July 20, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global kefir market was accounted for $1.62 billion in 2020, and is projected to reach $2.47 billion by 2028, growing at a CAGR of 6.4% from 2021 to 2028.

Rise in population of lactose intolerant people, strong network and distribution channel with retail stores, and availability of kefir products at affordable prices have boosted the growth of the global kefir market. However, low shelf life and lack of awareness in developing countries hinder the market growth. On the contrary, increase in demand for organic kefir products and untapped potential in Asia-Pacific would open lucrative opportunities for the market players in the future.

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Covid-19 scenario:

  • The Covid-19 pandemic and followed lockdown led to economical uncertainty and disruption in the supply chain. Moreover, shift in spending patterns of customers was observed during the pandemic.
  • The demand for kefir was declined due to lockdown across various regions and ban on international trade. Customers preferred to purchase essential items, which hampered the demand for flavored kefir milk and kefir yogurt.
  • However, the demand for kefir is expected to get back on track due to increase in awareness of health and wellness among people.

The global kefir market is segmented on the basis of nature, product type, application, source, and region.

Based on nature, the conventional segment held the lion’s share in 2020, accounting for more than three-fifths of the market. However, the organic segment is projected to register the highest CAGR of 5.7% during the forecast period.

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On the basis of application, the foods & beverages segment held the largest share in 2020, contributing to more than two-thirds of the market. However, the pharmaceutical segment is anticipated to portray the highest CAGR of 5.8% from 2021 to 2028.

The global kefir market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in terms of revenue in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is estimated to manifest the highest CAGR of 5.9% during the forecast period.

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The global kefir market includes an in-depth analysis of the prime market players such as Danone, Biotiful Dairy Ltd, Lifeway Foods, Inc., Fresh Made Dairy, Nestlé S.A., Maple Hill Creamery, LLC., Redwood Hill Farm & Creamery, Nourish Kefir, Yeo Valley, and Springfield Creamery, Inc.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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