The worldwide greek yogurt market is supposed to arrive at a market size of US$ 7,345 million out of 2022 and is projected to ascend at a CAGR of 6.9% to arrive at US$ 14354.48013 million by 2032. Prior, from 2017 and 2021, this market extended at a CAGR of 6.2%.
The end product, Greek yogurt, is rich in protein and calcium, which helps develop muscles and prevents excessive loss of muscle mass. Greek yogurt also contains probiotics which help in the improvement of digestive health. Key players operating in the global greek yogurt market are launching new products with several flavors such as blueberry, strawberry, vanilla, and more, to attract consumers towards the consumption of their products.
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The growing popularity among consumers regarding the health benefits that can be reaped from consuming greek yogurt is a strong force driving the market's growth years before now and is expected to continue during the forecast period.
Furthermore, burgeoning cases of weight-related diseases such as diabetes and obesity have further created a surge in demand for greek yogurt in the market. The global greek yogurt market is expected to register a double-digit CAGR during the forecast period.
Greek Yogurt Market Growth Driver and Opportunity
The growing population size of health-conscious consumers across the globe is driving the global greek yogurt market's growth. Health benefits such as maintaining blood sugar level, obesity prevention, developing muscles, and improving bone density are reaped by consumers when they consume greek yogurt.
Consumers spend more on the market with varieties of products from which they can choose. Manufacturers in the greek yogurt market focus on these consumers' sentiment by introducing various flavors to attract consumers to purchase their products, which will improve sales and drive the growth of greek yogurt globally.
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Moreover, the availability of greek yogurt at various retail centers is expected to foster the rise in demand for greek yogurt in the global market. Consumers find it convenient to visit stores to purchase food products like greek yogurt. The increase in smartphone and internet penetration is expected to fuel the industry's growth as greek yogurt can be bought online.
The online segment of the distribution channel will be the fastest-growing segment with a CAGR of 12.3% by 2026. Due to the convenience offered by e-commerce and consumers' busy lifestyles, the online segment is slated to fuel the global greek market's growth.
Greek Yogurt Market Restraint
Global greek yogurt market is not without its challenges. Significant factors such as the growing population of lactose intolerance patients and the production of a new variety of frozen yogurt made from milk are expected to restrain the market's growth globally.
Greek Market: Region-wise Analysis
Geographically, Europe is the largest market for greek yogurt after accounting for the highest market revenue in 2019. The region is anticipated to remain in dominance during the forecast period due to the growing awareness regarding the health benefits reaped from the consumption of greek yogurt.
The Asia Pacific market is slated to grow tremendously during the forecast period as the population size of consumers in the region is on the rise. Besides, consumers' changing lifestyle is another factor expected to fuel the region's growth during the forecast period.
Greek Yogurt Market: Competitive Landscape
The global greek yogurt market is fragmented and highly competitive. Major players operating in the industry are focusing on innovative products with variety of flavors to woo consumers to the global market. Prominent players in the market include;
- Chobani LLC
- Stonyfield Farm Inc
- FAGE International S.A.
- GROUPE DANONE
- General Mills, Inc.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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Yoghurt Market Size : Sales of yoghurt are expected to rise due to retail market expansion in various locations and lower lactose content for lactose-intolerant persons eager to consume dairy products.
Non GMO Yogurt Market Growth : Depending on geographic regions, global Non-GMO yogurt market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa.
Savory Yogurt Market Analysis : The increasing number of health-conscious customers is expected to drive the savory yogurt market. Furthermore, growing interest of savory flavor yogurt in drinkable yogurt and an increase in whole milk cultured dairy product in the recent years is also expected to drive the savory yogurt market.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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