Yoghurt and sour milk products recorded a slightly better performance in 2021 after sales growth dipped substantially over the course of 2020. Category sales are confined to yoghurt as sales of sour milk products remain negligible due to the limited availability of such products.
Despite the challenges faced by the leading yoghurt brand Yakult during 2020, the healthy image of drinking yoghurt in general and Yakult in particular supported sales to some extent throughout 2020 and 2021. The COVID-19 pandemic brought the purported health benefits of Yakult into sharp focus as many consumers were looking for ways to boost their immunity and avoid succumbing to a serious case of COVID-19.
Numerous new products were launched in drinking yoghurt during 2020 and 2021 as category players looked to capitalise on the increased interest in functional/fortified drinking yoghurt, a product which has a reputation for boosting immunity. Immune system functionality has been brought into sharp focus as a health and wellness benefit since the onset of the COVID-19 pandemic, creating the ideal preconditions for the launch of new products that conform to such standards.
Sour milk products is not expected to emerge as a sizeable dairy category in the Philippines during the forecast period. These products have never gained any widespread popularity in the country and most people are unaware of their existence due to limited availability and very low levels of visibility.
April 2020 saw the Philippine Stock Exchange (PSE) approve the application of Monde Nissin Corp, the local distributor of the Dutch Mill brand of drinking yoghurt, for its shares to be listed on the local stock exchange. The company has been listed on the main board of the PSE since June 2020.
With the COVID-19 pandemic having heightened consumer interest in health and wellness products that promise to boost immune system function, the forecast period is likely to see the leading players in drinking yoghurt tapping into the rising consumer interest in plant-based alternatives to dairy-based products generally as well. Drinking yoghurt fortified with probiotics and various essential nutrients that are beneficial to the immune system are already becoming more popular, but all options currently available in this space are dairy-based.
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This report originates from Passport, our Yoghurt and Sour Milk Drinks research and analysis database.
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