Greek Yogurt Market Outlook
Greek yogurt is a value-added yogurt that has gained prominence owing to the removal of lactose from regular yogurt. Consumption of dairy products owing to their health benefits to the immunity system and digestion. The global Greek yogurt market report by Market Research Future (MRFR) looks at the success of the industry and the various challenges it can face for the period 2019 to 2028 (forecast period). The news of the COVID-19 pandemic has caused a disruption in the supply chain of Greek yogurt production and its effects are included in the report.
The global Greek yogurt market is projected to reach approximately USD 10.2 billion by 2024. It can grow at a significant CAGR of 7.1% during the forecast period.
The rising wave of health-consciousness among the masses and avoidance of overprocessed foods are primary drivers of the market. Active probiotics present in yogurt which can assist in the digestion of foods can drive its sales. Adoption of healthy diets and the availability of various products which can assist in weight loss can influence the market greatly. Availability of raw materials, high disposable income levels of consumers, and acceptance of packaged foods can drive the market demand.
However, alternatives to the product such as kefir and skyr can threaten the market growth.
The global Greek yogurt market has been segmented based on flavor, category, and distribution channel.
Based on flavor, the global market classifies the product into unflavored, blueberry, vanilla, raspberry, strawberry, blends, and others.
By category, the global market is divided into organic and conventional.
Based on distribution channels, the global market is segmented into store-based and non-store-based. The store-based segment is further segmented into convenience stores, supermarkets & hypermarkets, and others.
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The global Greek yogurt industry has been studied with regard to four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe is predicted to dominate the global Greek yogurt market owing to the consumption of probiotics and healthy foods. However, the presence of sweet and savory snacks can pose a threat to the market.
North America has captured a large share of the market due to the demand for low-fat and organic yogurt among the populace. Packaging of yogurt seems to attract consumers towards the products and sales as evident by the success of Chobani. The company has decided to launch Greek yogurt aimed at kids by introducing it in colorful packaging and fun fruit characters to engage them. Clean labeling of foods to display transparency has worked well for consumers.
APAC is expected to perform remarkably in the global Greek yogurt market owing to its penchant for new consumables. Variants of Greek yogurt in numerous flavors have appealed to consumer tastes. The production of milk, as well as value-added dairy products, will bode well for the market. The organized form of the retail sector, awareness of the product, and disposable income levels of consumers are prime factors driving the market growth in the region.
Byrne Hollow Farm, Danone S.A., Sun Valley Dairy, FAGE USA Dairy Industry Inc., Jalna Dairy Foods Pty Ltd., Stonyfield Farm, Inc, General Mills, Inc., Ehrmann AG, Nestlé S.A., and Chobani LLC are prime players operational in the global Greek yogurt market.
Innovation seems to be the primary strategy for differentiating among peers. For instance, General Mills packages its Greek yogurt in glass pots. Combinations of flavor-variety-brand are likely to keep the industry in a state of constant flux.
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