Greek Yogurt Sales to Surge by 7.4% in 2019, Owing to Growing Consumer Preference of Healthy Snacks
Published : 29 Mar 2019 Industry: Food & Beverage
According to a recently released Fact.MR report, 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.
With growing utilization of Greek yogurt as a core ingredient in several food & beverage products, manufacturers are focusing on product innovations, fusion of flavors, and making it more nutritious which will meet the consumer need for health, taste, and convenience. This, in turn, is likely to create potential growth prospects of the Greek yogurt market. Further, emergence of dried Greek yogurt powder that reduces the risk of contamination and ensures longer shelf life is likely to complement the market expansion in the near future.
The study opines that North America will continue to remain at the forefront of Greek yogurt market, registering a value of nearly US$ 2 billion in 2018. Factors favoring the growth of North America Greek yogurt market range from large consumers acceptance of the products to expanding health-conscious demographic. Meanwhile, Europe is envisaged to record a growth of 6.6% in 2019 through 2018 in Greek yogurt market, owing to rising use of such products as alternatives for butter, mayonnaise, cheese cream and sour cream. With high protein, calcium, and potassium content, Greek yogurt is further expected to gain pace for breakfast and snacking.
Greek Yogurt Market to Witness Relatively High Sales through Modern Trade
Modern trade is foreseen to remain the most attractive sales channel of Greek yogurt market, contributing a revenue of more than US$ 2.6 billion in 2018. Growing number of supermarkets and hypermarkets, especially in emerging economies, is likely to influence maximum sales of Greek yogurt, lifting the market growth. To strengthen regional performance of the market, manufacturers in the Greek yogurt industry are also targeting convenience stores, which may experience a robust growth in the foreseeable future.
Spoonable Greek Yogurt Remains a Leading Product
In 2018, global sales of spoonable Greek yogurt closed in on a valuation of nearly US$ 4 billion, holding a sizeable share as compared to drinkable variants in the global Greek yogurt market.
Based on package type, consumers are showing high preference towards Greek yogurt available in cups and tubs, accounting for over two-third revenue share of the global market in 2017. Bottled Greek yogurt is also likely to experience a significant growth in the coming years.
Compared to organic variants, conventional Greek yogurt is expected to witness a maximum demand, and continue to maintain its leading position in the global Greek yogurt market.
The Fact.MR report highlights leading players in the global Greek yogurt market. Some of them include FAGE USA Dairy Industry, Wallaby Yogurt Company, Inc., The Hain Celestial Group, Inc., Cabot, General Mills, Chobani, Vivartia Holding S.A, Trader Joe's, Nestle SA, and Dannon.
This report also provides a comprehensive and accurate forecast of the global Greek yogurt market for the period of 2017-2022. It is estimated to grow at a significant CAGR of 7.6% over the forecast period.