Organic Greek Yogurt Consumption to Comprise 45% of the Global Market Share, Opines Fact.MR
Published : 06 Dec 2021 Industry: Food & Beverage
The global market for Greek yogurt is expected to reach US$ 12 Bn by the end of the forecast period 2021-2031, expanding at a CAGR of 11.1%. Increasing demand for nutrients as well as the highly versatile nature with respect to applications across multiple food preparations are pushing up sales of greek yogurt to a significant extent.
Historically, the market experienced noteworthy expansion, posting a CAGR of 8.1% from 2016-2020. The industry experienced a Y-o-Y expansion of 7.4% from 2018 to 2019. Prospects temporarily dipped during the peak of the coronavirus pandemic, as logistical constraints hampered the distribution of raw materials, impacting production. However, as reliance on online sales platforms surged, this shortfall was overcome, restoring demand.
Worldwide, consumers are shifting towards a nutrition-friendly diet. Increasing prevalence of fast-paced lifestyles had to the onset of various unhealthy eating habits, causing rising cases of obesity and other chronic diseases. Hence, emphasis on reducing fat and calorie intake has acquired precedence. This has boded well for the Greek yogurt industry.
Key Takeaways from the Market Study
- Spoonable Greek yogurt to account for 3/4th of the global revenue share until 2031
- By distribution channel, online sales to surge the fastest, registering a CAGR of 13%
- Consumption of organic Greek yogurt to remain prominent, capturing 45% revenue
- U.S to emerge as a promising market for Greek yogurt, posting a CAGR of 9.3% until 2031
- Sales in Germany to surge at an impressive 9% CAGR from 2021 to 2031
- China to be the fastest growing market, expected to flourish at a growth rate of 9.8%
- Global Greek yogurt market value to reach US$ 4.18 Bn in 2021
“The market for Greek yogurt is expected to post credible gains in the future, given its high degree of versatility across multiple food preparations. In addition, documented health and nutritional benefits has prompted increased consumption,” comments a Fact.MR analyst.
Manufacturers in the Greek yogurt market will primarily focus on strategic acquisitions, collaborations, and product releases in the following decade.
- Danone North America stated in February 2019 that it would expand its largest production facility in DuBois, Pennsylvania, to increase production of plant-based goods, particularly yogurt, to satisfy rising consumer demand.
- To enhance its cereal offering, General Mills Fiber One introduced 'Fiber One Strawberries' and 'Vanilla Clusters' in January 2019. The new variety seeks to please consumers who are looking for a new fiber-rich alternative in the cereal aisle to help them increase their fiber intake.
- Chobani, a key participant in the Greek yogurt market, introduced a new Savor range of goods in August 2018 as replacements to traditional sauces and sour cream that may be immediately squeezed onto any dish. The new product line comprises two varieties: one prepared with low-fat milk and one created with full milk.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Greek yogurt market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product type (spoonable and drinkable), package type (cups & tubs, bottles and other types), sales channel (modern trade, specialty stores, convenience stores, online retailers and other sales channels) and nature (conventional and organic) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Food & Beverages
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical & material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed food & beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Nandini Roy Choudhury
Sr. Consultant – Food and Beverages