Surge in health consciousness among consumers, growth in preference for clean-label snacking, and increase in application of Greek yogurt as a functional food drive the global Greek yogurt market
PORTLAND, Oregon, June 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Greek Yogurt Market Type (Whole Milk, Low Fat, and Nonfat), Flavor (Plain, Strawberry, Blueberry, Vanilla, and Others), Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Online Stores, and Others), and Source (Organic and Conventional): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global Greek yogurt market garnered $7.2 billion in 2019, and is estimated to reach $11.2 billion by 2027, registering a CAGR of 10.9% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in health consciousness among consumers, growth in preference for clean-label snacking, and rise in application of Greek yogurt as a functional food drive the global Greek yogurt market. However, availability of dairy substitute products such as plant-based food restrains the market growth. On the other hand, surge in demand for organic dairy products create new opportunities in the coming years.
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- The supply and production chain of Greek yogurt has not been much affected by the pandemic, as according to the restrictions followed by the governments in various region, the availability of essential products would not be affected.
- The international sale of Greek yogurt, on the other hand, has been impacted in terms of revenue due to the restrictions on the international import and export of dairy products during global lockdown.
The low-fat segment to maintain its lead status in terms of revenue throughout the forecast period-
Based on product type, the low-fat segment accounted for more than one-third of the global Greek yogurt market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to various product launches and increased demand for Greek yogurt across the globe. However, the nonfat segment is estimated to portray the highest CAGR of 12.2% from 2020 to 2027, owing to increase in the number of health and fitness conscious consumers over the globe.
The supermarket/hypermarket segment to maintain its leadership position during the forecast period-
Based on distribution channel, the supermarket/hypermarket segment contributed to the highest market share in 2019, with nearly two-fifths of the global Greek yogurt market, and is estimated to maintain its leadership position during the forecast period. This is attributed to high visibility, attractive assortment, and availability of dairy products with wide range of various brands. However, the online stores segment is estimated to generate the fastest CAGR of 12.3% from 2020 to 2026. This is due to the increase in smartphone and internet penetration, rise in buying grocery products from online channels due to busy lifestyle, and convenience offered by e-commerce.
Europe to dominate the market in 2027, North America to grow at a significant pace-
Based on region, Europe accounted for the highest share based on revenue, holding for more than three-fifth of the global Greek yogurt market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to the rise in awareness of health benefits of Greek yogurt in this region. However, Asia-Pacific is estimated to portray the fastest CAGR of 12.7% from 2020 to 2027, owing to increase in demand for Greek yogurt due to change in lifestyle and rise in number of health conscious consumers in this region. In addition, North America is anticipated to register a CAGR of 10.8% during the forecast period.
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Leading market players-
- Chobani, LLC.
- Fage International S.A.
- Muller UK & Ireland Group LLP
- Nestle S.A.
- Parmalat S.P.A.
- The Hain Celestial Group( The Greek Gods)
- HE kroger Co.
- Wallaby Yogurt Company
- General Mills, Inc. (YOPLAIT)
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SOURCE Allied Market Research