Flavored yogurt is available in the market in various product types such as set, frozen, drinkable, and Greek. Greek yogurt is yogurt that is been strained to remove its whey content, which results in a thicker consistency of yogurt than the regular unstrained yogurt, while preserving the original yogurt's distinctive sour taste. Greek yogurt is often made with fermentation process. Additives such as sweeteners, flavors, and fruits are used to enhance the aroma, taste, and consistency of yogurt products. Food & beverage manufacturers have invested a lot in R&D to enhance characteristics, taste, and nutritional value of flavored Greek yogurt.
Greek yogurt has almost every nutrient needed for the human body and is considered as an effective food for weight loss and nutritional diet. It is rich in a range of nutrients including calcium, vitamins, and trace minerals such as phosphorus, magnesium, and potassium. Significant protein content in the Greek yogurt influences appetite control and suppresses hunger.
Moreover, certain variety of yogurts available in the market are enriched with probiotics, which helps in boosting the digestive health, by reducing common gastrointestinal disorder symptoms such as diarrhea, bloating, and constipation. The above mentioned nutrients such as probiotics, vitamins, and minerals, are beneficial in prevention of illness and enhancement of immunity as well as play a major role in bone health, reducing osteoporosis. In addition, yogurt improves heart health by maintaining blood pressure and increasing good HDL cholesterol. These health benefits of yogurt are anticipated to drive the growth of the global flavored yogurt market during the forecast period. Apart from health benefits, fermentation process helps to prolong the shelf life of the dairy products and also enhances the taste and aroma of the products. Hence, versatile properties exhibited by Greek yogurt are attributed to the significant growth of the Greek yogurt market.
Growth in demand for flavored yogurt in emerging nations is attributed to the rise in disposable income, innovative flavors of Greek yogurt products offered by key players, and an increase in health awareness among consumers. This is expected to provide numerous opportunities for the expansion of the global Greek yogurt market.
However, presence of additives and stringent regulations related to strain of culture used in fermentation of milk limits the market growth.
Some of the key macroeconomic factors such as rise in health awareness and A surge in per-capita income also play an important role in contributing to the overall growth of the Greek yogurt market. However, Asia-Pacific is expected to exhibit significant growth in the future, owing to a rise in demand for different types flavored Greek yogurt such as butter and cheese consumed in fast food products. In addition, the region has witnessed considerable A surge in the number of millennials, who are the forefront consumers of fermented Greek yogurt.
The Greek yogurt market is segmented into type, flavor, distribution channel, source, and region. By product type, it is categorized into whole milk, low fat, and nonfat. By flavor, it is classified into plain, strawberry, blueberry, vanilla, and others. By distribution channel, the market is divided into supermarket/hypermarket, convenience stores, online stores, and others. By source, it is bifurcated into organic and conventional. By Region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key companies profiled in the report include Chobani Global Holdings, Inc., FAGE International S.A, General Mills Inc.(Yoplait), Danone S.A., Stonyfield Farm (lactalis), Nestlé S.A., Unternehmensgruppe Theo Müller, The Hain Celestial Group (The Greek Gods), The Kroger Co., and Wallaby Organic.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging market trends and opportunities in the fermented milk market.
- The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
KEY MARKET SEGMENTS
By Type
- Whole Milk
- Low Fat
- Nonfat
By Flavor
- Plain
- Strawberry
- Blueberry
- Vanilla
- Others
By Distribution Channel
- Supermarket/Hypermarket
- Convenience Stores
- Online Stores
- Others
By Source
- Organic
- Conventional
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
Executive Summary
According to the report titled, 'Greek Yogurt Market by Type, Flavor, Distribution Channel, and Source: Opportunity Analysis and Industry Forecast, 2020-2027' the Greek yogurt market size was valued at $7.2 billion in 2019, and is projected to reach $11.2 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027. Europe dominated the market in 2019, accounting for 44.1% of the total market share. The Greek yogurt market exhibits an incremental revenue opportunity of $4.0 billion from 2019-2027.The Greek yogurt market holds a substantial scope for market growth. The market is currently in its growth stage; however, its contribution to the global market is expected to increase significantly during the forecast period. Increase in demand of flavored yogurt has enforced the market to produce innovative products such as strawberry, blueberry, and vanilla flavors. Growth of the global population and rise in per capita income boost market growth, thus increasing the production of dairy items. The change in taste and preference of consumers affected the sales in response to dietary concerns for manufacturers to develop differentiated products. Numerous players are entering the Greek yogurt market with innovative food products, using milk as their base. Emerging innovative food items are expected to increase the market competition in the years to come.
The growth in the population in the developing countries, such as China and India, has increased the demand for yogurt, butter, and cheese to fulfill their food requirement. This increase in population coupled with per capita income has increased the demand for dairy products, further increasing the production of milk. In emerging countries, per capita income is more as compared to developed countries and hence, the consumption of dairy products such as yogurt, butter, cheese, butter milk, and flavored milk is eventually higher.
The Greek yogurt market is segmented into type, flavor, distribution channel, source, and region. By product type, it is categorized into whole milk, low fat, and nonfat. The whole milk segment was valued at $2.6 billion and is expected to growth with a CAGR of 10.9 (2019-2027) to reach $3.9 billion by 2027. The nonfat segment is expected to be the fastest growing segment with a CAGR of 12.2% during the forecast period. The fastest growth of nonfat segment is attributed to the increased demand for consumers for different types of dairy products made by organic and non-dairy milks.
By flavor, it is categorized into plain, strawberry, blueberry, vanilla, and others. By distribution channel, the market is divided into supermarket/hypermarket, convenience stores, online stores, and others. By source, it is bifurcated into organic, and conventional. By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa.). Countries such as Australia, the U.S., and the UK, NORDIC countries, India, China, and ASEAN countries are the largest spenders on dairy products. In addition, factors such as product availability, socio-economic status, per capita expenditure, and consumer purchasing power are responsible for the growth of the Greek yogurt market in these regions.
Key Findings of the Study:
The low fat products segment is expected to grow at a CAGR of 11.1% during the forecast period.
Europe is anticipated to dominate the Greek yogurt market growth, registering a CAGR of 10.5%.
Conventional Greek yogurt is projected to contribute with highest Greek yogurt market share during the forecast time period, with around 95% market share in 2027, and CAGR of 10.8%
The supermarket/hypermarket distribution segment is anticipated to dominate the global Greek yogurt market, with a CAGR of 11.3% during the forecast period.
The strawberry segment is estimated to grow at a CAGR of 10.8% during the forecast period.
The global market is fragmented with the presence of several market participants across various regions. The strong presence private label brands offers tough competition to the global players. The key players operating in the global Greek yogurt market include Chobani Global Holdings, Inc., FAGE International S.A, General Mills Inc.(Yoplait), Danone S.A., Stonyfield Farm (lactalis), Nestlé S.A., Unternehmensgruppe. Theo Müller. The Hain Celestial Group. The Greek Gods). The Kroger Co., and Wallaby Organic.
Companies Mentioned
- Chobani Global Holdings Inc.
- FAGE International S.A
- General Mills Inc.(Yoplait)
- Danone S.A.
- Stonyfield Farm (lactalis)
- Nestlé S.A.
- Unternehmensgruppe Theo Müller
- The Hain Celestial Group (The Greek Gods)
- The Kroger Co.
- Wallaby Organic
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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