In 2020, sales of yoghurt and sour milk products registered a return to volume growth after several years of decline. This growth was helped by lockdown.
Flavoured yoghurt and plain yoghurt saw volume sales contract in 2020, as a result of the disruption of consumption habits by the pandemic. These products are typically sold in individual packs and consumed as a snack in the office, at the gym or at school.
Sales of yoghurt and sour milk products with a more functional position are also enjoying increased demand in 2021, despite the typically higher price points. High protein yoghurts, for example, are typically consumed by people who exercise or play sports.
Category leader Danone Argentina SA continues to lose share in 2021 and is anticipated to continue to do so over the forecast period. The company, which operates a broad portfolio of brands including Yogurisimo, Ser, Gran Compra, La Serenísima, Actimel, Activia and Vidacol has struggled to maintain volume sales as a result of its high price points, a position that the company is reluctant to retreat from.
The current economic turmoil is set to create upheaval in the competitive environment, which could favour domestic producers that are able to deliver low-cost products. There is potential opportunity for Inversiones para el Agro, which has acquired Gándara, an emblematic and traditional brand in Argentina.
Over the forecast period, demand is likely to continue rising for healthy products that are also tasty, providing further growth potential for protein-enriched products and flavoured yoghurt. The reopening of the economy will help lift on-the-go sales, especially of comparatively affordable drinking yoghurt products.
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