The global greek yogurt market size is expected to reach USD 46.5 billion by 2028, expanding at a CAGR of 7.0% from 2021 to 2028, based on a new report by Grand View Research, Inc. A shift in dietary consumption coupled with the growing adoption of probiotic-rich foods has been propelling the demand for Greek yogurt. Moreover, the rising popularity of Greek yogurt as a healthy snacking option is one of the major drivers fueling the market growth. Key players such as Danone and Chobani are introducing Greek yogurt in premium flavors by combining fruit and yogurt, thereby gaining attention from health-conscious consumers.
The high number of COVID-19 cases and lockdowns across the world contributed to the rise in the retail sale of yogurt and other dairy products as several consumers stockpiled dairy products such as yogurt and cheese. Moreover, the decreased access to hotels and restaurants during the pandemic increased the demand for healthy, ready-to-eat snacks, thereby proliferating the demand for Greek yogurt. As per Lecico GmBH, due to the shifting consumer preferences, customers are more likely to read product labels to confirm if they meet the nutrition standards.
Gather more insights about the market drivers, restrains and growth of the Global Greek Yogurt Market
Also, several innovations with the use of technology are providing cost-saving opportunities for the dairy industry. Companies that have adopted newer technologies have an improved decision-making process by receiving present data directly from the dairy processing plants. In 2021, Danone North America launched multi-serve yogurt tubs to cater to consumer demand. According to Activia, close to 30% of consumers stated that they tried more functional foods and beverages due to the pandemic.
Greek Yogurt Market Report Highlights
Based on flavor, the strawberry segment held the largest revenue share in 2020 owing to the popularity of the strawberry-flavored yogurtIn 2019, Chobani launched Greek yogurts combined with different kinds of nut butter which provide more protein and fewer sugar options. The different flavors include vanilla, plain, and honey with almond nut butter and vanilla with cashew butterIn 2020, Europe held the largest market share owing to a rise in disposable income, high demand for probiotics, and growing demand for organic milk in the regionAsia Pacific is anticipated to witness the fastest growth during the forecast period from 2021 to 2028. In 2018, The Yogurt Shop from Australia introduced several kinds of fruit-flavored Greek yogurt products in the country to gain traction in the Chinese market. The company is expecting to triple its sales by 2022The market is characterized by the presence of several players such as Muller UK & Ireland Group, Chobani, and Fage International S.AKey Companies & Market Share Insights
Some of the companies operating in the market are Nestle S.A, Hain Celestial Group, Chobani, and Fage International S.A. Companies in the industry are constantly launching and innovating new flavors. The new entrants are experimenting by launching premium flavors and targeting millennials to try yogurt with granola and other snacks. The key players are concentrating on introducing new flavors with natural ingredients and are partnering with universities to expand the product reach.
For instance, in 2021, Chobani became the foremost company in the U.S. dairy industry to be validated with the Fair Trade seal of approval. The certification indicates that the company is working with farms and cooperatives to improve the conditions of the employees.List of Key Players in the Greek Yogurt Market
Chobani Holdings LLCDanoneFage International S.ANestle S.AGeneral Mills, Inc.Parmalat S.p.AMuller UK & Ireland GroupThe Kroger Co.Wallaby Yogurt CompanyThe Hain Celestial GroupStonyfieldOrder a free sample PDF of the Greek Yogurt Market Intelligence Study, published by Grand View Research.
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