According to the latest report by Fact.MR, the global Greek yogurt market is expected to witness robust growth, registering 7.6% CAGR during 2017-2022. Considered as a healthier substitute for regular yogurt, Greek yogurt is high in protein, hence the demand for Greek yogurt is increasing. Manufacturers are also offering a variety of flavors to enhance the taste and are also mixing low-sugar, high-fiber cereal to make the Greek yogurt more filling and high in nutrients. Following are the few insights on the future of the global Greek yogurt market.
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Recommended daily dairy consumption shows the quantity of various dairy products to be consumed to maintain a healthy diet. Among various dairy products, yogurt plays an essential role in maintaining a balanced diet. However, instead of consuming regular yogurt, people are increasingly opting for Greek yogurt as it is a great source of protein and calcium and has high nutritional value. Manufacturers are focusing on making Greek yogurt more nutritious and improving the flavor by adding nuts and fruits containing minerals and fiber. Food manufacturers are also reformulating perishable dairy products, especially Greek yogurt manufacturers have started producing dried Greek yogurt powder to incorporate it into various applications such as dips, sauces, smoothies, protein shakes, etc. Eliminating the risk of contamination, storage and short shelf life, dried Greek yogurt powder is also gaining popularity among the Greek yogurt manufacturers.
North America is expected to dominate the global market for Greek yogurt during the forecast period, 2017-2022. Towards the end of 2022, the North America Greek yogurt market is projected to reach close to US$ 2,800 million revenues.
Europe is expected to be the second-largest market for Greek yogurt. Owing to the increasing use of Greek yogurt as a substitute for cream cheese, butter, and sour cream has increased its application in different food products, emerging as one of the factors driving the Greek yogurt market in Europe.
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Spoonable Greek yogurt is estimated to bring in nearly US$ 5,600 million revenue towards the end of 2022. The spoonable Greek yogurt is projected to account for nearly three-fourth of the revenue share by the end of 2017.
Compared to bottled Greek yogurt, the Greek yogurt available in cups and tubs is expected to be highly preferred by consumers. Greek yogurt in cups and tubs is estimated to account for nearly three-fifth of the revenue share by 2017 end.
Sales of Greek yogurt through modern trade is expected to witness impressive growth. Towards the end of 2022, Modern trade is projected to reach close to US$ 3,400 million value. Meanwhile, speciality stores are also expected to experience robust growth during the forecast period, 2017-2022.
Conventional Greek yogurt is estimated to account for more than two-third of the revenue share by the end of 2017. The conventional Greek yogurt is projected to create an incremental opportunity of over US$ 1,500 million during 2017-2022.
The report has also profiled leading players in the global market for Greek yogurt, which will remain active through 2022. These include companies such as Danone, General Mills, Inc., Nestlé S.A., The Hain Celestial Group, Inc., Cabot Corporation, Trader Joe's Company, FAGE International S.A., Chobani, LLC, Vivartia Holding S.A., and Wallaby Yogurt Company, Inc.
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6 Key Insights on Greek Yogurt Market for Forecast Period 2017-2022
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