South Africa market has showcased decline in the historical period owing to the falling per capita consumption rate. To sustain in the declining market players operating in the South Africa dairy product industry have focused their attention towards innovation and new product development. The market players have launched various new flavors of yoghurt and ice cream, UHT and long life milk and dairy products with high nutritious value to attract more number of consumers. The major example of such innovative product launch was noted down by Fairview Wine and Cheese.
The company launched natural yoghurt for health cautious people residing in the country. The product was specially launched for health cautious people as product specifies the absence of artificial chemicals. Additionally, yoghurt being one of the growing segments in South Africa dairy product market with the CAGR of ~% would also assist the company in increasing its consumer base in the country, hence leading to high revenue generation.
The market players are also observed to focus on acquisitions to expand their market share in the market. The major instance for such acquisitions could be listed as R&R ice cream acquisition of Nestle South Africa ice cream in March, 2015. These acquisitions are expected to consolidate the market during the forecast period with less number of organized players operating in the market.
To know more on the coverage, tap on the link underneath:
Ankur Gupta, Head Marketing & Communications