Greek Yogurt Market Know the Key Growth Drivers Developments and Innovations 2017-2022
The global Greek yogurt market surpassed a value of US$ 5.6 billion in 2018, and is projected to witness a Y-o-Y growth of 7.4% in 2019. The thick and creamy texture along with a myriad of health benefits has contributed to escalating popularity of the Greek yogurt in the recent years.
[UKPRwire, Fri Jul 19 2019] The global Greek yogurt market surpassed a value of US$ 5.6 billion in 2018, and is projected to witness a Y-o-Y growth of 7.4% in 2019. The thick and creamy texture along with a myriad of health benefits has contributed to escalating popularity of the Greek yogurt in the recent years. Growing consumer shift towards convenient items, on the back of busier and more active lifestyles in various regions across the globe has been directly influencing the growth of global Greek yogurt market. Rising consumption of Greek yogurt containing high probiotics that helps improve immune system and fight several health problems is considered to be a key factor driving the global market.
Greek Yogurt Market – Key Insights
Global Greek yogurt market grew at a CAGR of 6.5% during 2012-2016 period; significant growth of the market can be attributed to robust adoption of Greek yogurt in a variety of health drinks and bakery products.
In 2018, the global Greek yogurt market surpassed a value of US$ 5.6 billion, and is projected to record a Y-o-Y growth of 7.4% in 2019.
North America is likely to retain its leading position in the Greek yogurt market, representing a relatively large percentage of the revenue share. Increasing cases of obesity and overweight along with proliferation of health-conscious population are expected to have a positive impact on the growth of North America Greek yogurt market.
North America is also expected to be the most attractive region for Greek yogurt industry, growing at a robust CAGR of 8.1% during 2017-2022.
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What are the Key Growth Drivers of Global Greek Yogurt Market?
Significant development in the dairy industry lined with reinvention of reposition of various traditional dairy products as healthy foods has been largely influencing the expansion of Greek yogurt market at the global level.
In the recent years, Greek yogurt has become staple at grocery stores with rising consumer adoption for its high nutritional benefits and use as a core ingredient in a number of highly popular recipes. This is considered to be one of the important factors accelerating growth of the Greek yogurt market.
Owing to less sugar and relatively high protein content, Greek yogurt has also gained widespread application in various food & beverage products, ranging from health drinks to baked goods. As consumers have become more aware about health, taste, and convenience of various food products on the coattails of changing lifestyles and rising incomes, the Greek yogurt market is expected to witness a robust growth in the coming years.
High in probiotics, potassium, and calcium, Greek yogurt is increasingly consumed as a healthy snack and as a substitute for butter, mayonnaise, cheese cream and sour cream, which is foreseen to be highly impactful on its market expansion.
Manufacturers in Greek yogurt industry are focusing on various product innovations such as fusion of flavors, dried and powdered form, gluten-free and low-fat varieties, to cater specific consumers demand. This, in turn, is anticipated to open new avenues of growth of Greek yogurt market.
Products with minimal or no additives and preservatives is a key trend in the Greek yogurt market, and is likely to continue in the years to come. In addition, abundance of international as well as regional raw material suppliers is expected to reflect favorably on the global expansion of Greek yogurt market.
What are the Challenges Impeding the Growth of Global Greek Yogurt Market?
Although Greek yogurt is gaining increasing popularity for its thick and creamy texture and wide-ranging application, more availability of other varieties of yogurt may pose as a potential threat to the growth of global Greek yogurt market. Further, emergence and growing popularity of newer variety of frozen yogurt made from enriched milk will possibly create a hindrance in worldwide sales of Greek yogurt.
In the production process of Greek yogurt, much of the lactose is removed, but prevalence of high lactose intolerance may limit its adoption, eventually restricting the market growth.
Greek Yogurt Market – Competitive Landscape
In February 2019, Danone North America announced to expand its largest production facility in DuBois, Pennsylvania to increase the production of plant-based foods, including yogurt, to meet the growing consumer demand.
In January 2019, General Mills’ Fiber One launched ‘Fiber One Strawberries’ and ‘Vanilla Clusters’ to expand its cereal portfolio. The new variety aims to delight consumer looking for new fiber-rich option in the cereal section that will help improve their fiber intake.
In August 2018, Chobani, a leading player in the Greek yogurt market, released a new Savor line of products as alternatives to traditional condiments and sour cream which can be directly squeezed onto any dish. The new line of products includes two different varieties: one made with low-fat milk and the other with whole milk.
Other leading players in the Greek yogurt market include FAGE USA Dairy Industry, Wallaby Yogurt Company, Inc., The Hain Celestial Group, Inc., Cabot, Vivartia Holding S.A, Trader Joe's, and Nestle SA.
Compared to drinkable Greek yogurt, the spoonable variants are likely to emerge as a highly preferred product in the global market of Greek yogurt, bringing more than US$ 4 billion in 2018. The segment accounts for nearly three-fourth share of the global Greek yogurt market, and the trend is expected to continue in the coming years.
On the basis of package type, Greek yogurt available in cups and tubs is envisaged to gain high traction, securing more than two-third revenue share in Greek yogurt market in 2017. Meanwhile, bottled Greek yogurt is also foreseen to witness robust sales during 2017-2022.
While modern trade continues to remain a lucrative sales channel for Greek yogurt market, specialty stores and convenience stores are anticipated to experience significant growth during the forecast period.
The recent report published by Fact.MR on Greek yogurt market is a result of an exhaustive and detailed research methodology. The reliable and comprehensive insights into global Greek yogurt market are obtained through a two-step research process involving primary as well as secondary resources. The secondary research was carried out by studying paid resources, trade journals, and other associated publications relevant to Greek yogurt market. The primary research, on the other hand, involved interviewing industry experts. Along with a historical analysis, results from these processes were triangulated to determine the accurate and exhaustive forecast data of global Greek yogurt market for the 2017-2022 period.
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