According to a report published by Allied Market Research, 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 percent from 2020 to 2027.
The report is titled “Greek Yogurt Market by 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.”
Drivers, restraints, 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.
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.
Low-fat segment to maintain lead status
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 percent from 2020 to 2027, owing to increase in the number of health and fitness conscious consumers over the globe.
Supermarket/hypermarket segment to maintain leadership position
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 percent 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
Based on region, Europe accounted for the highest share based on revenue, holding for more than three-fifths 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 percent 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 percent during the forecast period.
Leading market players include: 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), The Kroger Co., Wallaby Yogurt Co., Danone and General Mills Inc. (Yoplait).