Commercialization of different types of yogurt products in the global market is expected to ensure the growth of the Greek yogurt market over the forecast period
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, January 13, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research 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 expected to reach 11.2 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027. Europe led the market in 2019, accounting for 44.1% of the total market share. The Greek yogurt market presents an incremental revenue opportunity of $4.0 billion from 2019 to 2027.
The Greek yogurt market holds substantial scope for market growth. The market is currently in its growth phase; however, its contribution to the global market is expected to increase significantly over the forecast period. Rising demand for flavored yogurt has forced the market to produce innovative products such as strawberry, blueberry, and vanilla flavors. Growing global population and rising per capita income is driving the growth of the market, thereby increasing the production of dairy products. Changing consumer tastes and preferences have affected sales in response to dietary concerns from manufacturers to develop differentiated products. Many players are entering the Greek yogurt market with innovative food products, using milk as a base. Emerging innovative food products are expected to increase market competition in the coming years.
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Population growth in developing countries, such as China and India, has increased the demand for yogurt, butter, and cheese to meet their dietary needs. This increase in population coupled with per capita income has increased the demand for dairy products, further increasing milk production. In emerging countries, the per capita income is higher than in developed countries, and therefore, the consumption of dairy products such as yogurt, butter, cheese, buttermilk, and flavored milk is ultimately 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 fat-free. The entire milk segment was valued at $2.6 billion and is expected to grow with a CAGR of 10.9 (2019-2027) to reach $3.9 billion by 2027. The non-fat segment is expected to be the fastest growing segment with a CAGR of 12.2% during the forecast period. The fastest growth in the non-fat segment is attributed to increased consumer demand for different types of dairy products made from organic and non-dairy milks.
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By flavor, it is categorized into plain, strawberry, blueberry, vanilla, and others. By distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, online stores and others. By source, it is divided into organic and conventional. By region, the market is analyzed in North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, 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, USA and UK, NORDIC countries, India, China and ASEAN countries are the biggest spenders on dairy products. Furthermore, 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.
Main results of the study
The low-fat products segment is expected to grow at a CAGR of 11.1% during the forecast period.
Europe is expected to lead the Greek yogurt market growth, registering a CAGR of 10.5%.
Conventional Greek yogurt is expected to contribute with the largest Greek yogurt market share over the forecast period, with around 95% market share in 2027 and a CAGR of 10.8%.
The supermarket/hypermarket distribution segment is expected to dominate the global Greek yogurt market with a CAGR of 11.3% during the forecast period.
The strawberry segment is expected to grow at a CAGR of 10.8% during the forecast period.
The global market is fragmented with the presence of several market players in various regions. The strong presence of private labels provides fierce competition for global players. The major players operating in the global Greek yogurt market are Chobani Global Holdings, Inc., FAGE International SA, General Mills Inc. (Yoplait), Danone SA, Stonyfield Farm (lactalis), Nestlé SA, Unternehmensgruppe Theo Müller, The Hain Celestial Group (The Greek Gods), The Kroger Co. and Wallaby Organic.
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior executives from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.