USD 31.55 Billion
Report ID:
SQMIG30I2272 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
118
|Figures:
77
Greek Yogurt Market size was valued at USD 31.55 Billion in 2022 and is poised to grow from USD 33.92 Billion in 2023 to USD 60.49 Billion by 2031, at a CAGR of 7.50% during the forecast period (2024-2031).
The Global Greek Yogurt Market is a dynamic and thriving industry that has captivated the taste buds of consumers worldwide. Greek yogurt, known for its rich, creamy texture and tangy flavor, has gained immense popularity and has become a staple in the diets of health-conscious individuals. It is a strained yogurt variant that offers numerous health benefits, making it a preferred choice among fitness enthusiasts and those seeking a nutritious snack or breakfast option. The purpose of the Greek yogurt market is to cater to the evolving preferences and demands of consumers who are seeking healthier and indulgent food choices. Greek yogurt stands out from regular yogurt due to its unique manufacturing process, which involves removing the whey, resulting in a thicker and more protein-rich product. This distinctive characteristic has positioned Greek yogurt as a versatile ingredient in a variety of dishes, including desserts, smoothies, dips, and dressings. The market serves the purpose of providing consumers with a nutritious and delicious alternative to traditional yogurt and other snack options. The Greek yogurt market is driven by several factors that contribute to its steady growth. Firstly, the rising health consciousness among consumers, coupled with an increasing focus on protein intake, has propelled the demand for Greek yogurt. With its higher protein content compared to regular yogurt, Greek yogurt aligns with the growing desire for healthier food choices. Additionally, the versatility of Greek yogurt in various culinary end users has boosted its demand in both households and the food service industry.
However, the market does face certain restraints. One of the main challenges is the premium pricing of Greek yogurt compared to regular yogurt, which may limit its accessibility for price-sensitive consumers. Furthermore, the production process of Greek yogurt requires more milk, leading to higher manufacturing costs. These factors can pose a hindrance to market growth, particularly in price-sensitive regions or during economic downturns. The Greek yogurt market is witnessing key trends that are shaping its future trajectory. Firstly, there is a growing emphasis on product innovation and diversification, with manufacturers introducing a wide range of food flavors, blends, and packaging formats to cater to varying consumer preferences. Additionally, there is a rising demand for Greek yogurt with lower sugar content and enhanced functional properties, such as probiotics and added nutrients. Opportunities in the market are abundant, driven by the increasing penetration of Greek yogurt in emerging economies and untapped markets. As awareness regarding the health benefits of Greek yogurt spreads, manufacturers have an opportunity to tap into new consumer segments and expand their market presence. Furthermore, collaborations and partnerships with retailers, food service providers, and health-conscious influencers can further boost market growth by increasing product visibility and reaching a wider audience.
Global Market Size
USD 31.55 Billion
Largest Segment
Regular Greek Yogurt
Fastest Growth
Regular Greek Yogurt
Growth Rate
7.50% CAGR
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Global Greek Yogurt Market is segmented on the basis of product type, distribution channel, end user, and region. By product type, the market is segmented into regular Greek yogurt, and flavored Greek yogurt. By distribution channel, the market is segmented into retail stores, online retail platforms, and e-commerce channels. By end user, the market is segmented into food and beverage, healthcare and dietary supplement, and food service. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Greek Yogurt Market Analysis By Product Type
The largest segment in the Greek yogurt market is regular Greek yogurt. Regular Greek yogurt holds a dominant position due to its widespread popularity and versatility. With its creamy texture and tangy taste, regular Greek yogurt has become a staple in the diets of health-conscious consumers worldwide. It is appreciated for its high protein content, low carbohydrate content, and probiotic properties, making it an ideal choice for individuals seeking a nutritious and satisfying snack or breakfast option. The regular Greek yogurt segment is experiencing substantial demand and accounts for a significant portion of the overall market share. Its growing adoption can be attributed to the increasing consumer inclination towards healthier food choices and the rising awareness about the benefits of Greek yogurt.
The fastest-growing segment in the Greek yogurt market is flavored Greek yogurt. Flavored Greek yogurt has gained tremendous traction in recent years, appealing to consumers who desire both the health benefits of Greek yogurt and a wide array of indulgent flavors. This segment offers a delightful experience with an assortment of options such as fruity, dessert-inspired, and exotic flavors, catering to diverse consumer preferences. The flavored Greek yogurt segment is witnessing remarkable growth due to the continuous introduction of innovative and enticing flavor combinations by market players. The availability of options like strawberry, blueberry, honey, vanilla, and more has expanded the consumer base, attracting those seeking a flavorful twist to their yogurt experience.
Greek Yogurt Market Analysis By Distribution Channel
The largest segment in the Greek yogurt market is retail stores. Retail stores, including supermarkets, hypermarkets, and convenience stores, have long been the primary destination for consumers seeking their favorite Greek yogurt brands. These brick-and-mortar establishments offer a tangible shopping experience, allowing customers to browse through a wide variety of Greek yogurt options and make informed purchasing decisions. The convenience of immediate product availability and the ability to physically examine the packaging and freshness of the product contribute to the dominance of retail stores in the market. The retail stores segment accounts for a significant market share due to its widespread presence across various regions, catering to the diverse demands of consumers. As Greek yogurt continues to gain popularity as a healthy and delicious snack option, retail stores serve as convenient hubs for consumers to access their preferred brands. With an extensive distribution network and strategic placement within communities, retail stores remain the largest distribution channel in the Greek yogurt market.
On the other hand, the fastest-growing segment in the Greek yogurt market is online retail platforms. In recent years, there has been a significant surge in online shopping, driven by the convenience, accessibility, and wide range of product choices offered by e-commerce platforms. The Greek yogurt market has also witnessed a rapid shift towards online retail channels, as consumers increasingly opt for the convenience of doorstep delivery and the ability to explore and compare various brands and flavors from the comfort of their homes. The online retail platforms segment is experiencing exponential growth, fueled by the global digital transformation and the rising popularity of e-commerce. With the advancement of technology and secure online payment systems, consumers are embracing the convenience of ordering Greek yogurt online. This trend is further accelerated by the proliferation of mobile devices and the ease of mobile shopping.
Greek Yogurt Market Analysis By Flavor
The strawberry segment held the largest revenue share of more than 30% in 2020. The demand for strawberry-flavored Greek yogurt can be attributed to an increasing preference for berry-based Greek yogurts. Strawberry is one of the most popular flavors of yogurts across the globe. The year-on-year sales of strawberry-flavored yogurt are nearly 2.5 times higher than that of vanilla. The associated health benefits of combining berries and yogurt are the major contributing factors fueling the growth of the segment. The trend of replacing nutrient-deficient snacks and high-calorie foods with flavored yogurts is anticipated to bode well for growth.
Several companies in the industry are formulating and marketing new flavors to gain traction among millennials and health enthusiasts. For instance, in 2020, Chobani launched a line of lactose-free Greek yogurts in unique flavors like lemon meringue pie, banana cream pie, and super berry rocket. Such innovations are projected to create growth opportunities for the market in near future.
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The dominating region in the global Greek yogurt market in North America. North America has witnessed a phenomenal rise in the consumption of Greek yogurt over the years, establishing itself as the epicenter of this creamy delight. The region's love affair with Greek yogurt can be attributed to its numerous health benefits, rich and creamy texture, and versatile nature. North America's dominance in the Greek yogurt market is backed by robust consumer demand, an extensive distribution network, and a highly developed food industry infrastructure. The region boasts a large population of health-conscious individuals who appreciate Greek yogurt's high protein content, low sugar content, and probiotic properties.
On the other hand, the fastest-growing region in the global Greek yogurt market is Asia Pacific. While Greek yogurt is relatively new to the region, it is quickly gaining traction among health-conscious consumers who seek nutritious and delicious dairy options. Rapid urbanization, changing lifestyles, and increasing disposable incomes in countries like China, India, and Japan are fueling the demand for Greek yogurt in the region. Asia Pacific offers immense growth potential for Greek yogurt manufacturers, as they capitalize on the region's rising health awareness and evolving taste preferences. With a growing population and a shift towards healthier dietary choices, the region presents a lucrative opportunity for Greek yogurt producers to expand their market share.
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Greek Yogurt Market Drivers
Increasing consumer recognition of its health benefits
One of the primary drivers behind the growth of the Greek yogurt market is the inherent health benefits it offers. Greek yogurt has gained increasing popularity among consumers due to its diverse nutritional advantages compared to regular yogurt. The current surge in demand for protein-rich products is a notable trend, as these items are known to provide a sense of fullness, stabilize blood sugar levels, and promote the development of lean muscle, ultimately facilitating fat loss.
Consequently, the consumption of Greek yogurt is anticipated to experience rapid growth, given its higher protein content relative to conventional yogurt. Additionally, numerous studies have highlighted that Greek yogurt contains reduced levels of lactose. This reduction is attributed to the multiple straining processes involved in its production, which removes whey and imparts a distinctive creamy texture while significantly reducing lactose content. Consequently, Greek yogurt stands as a preferable choice for individuals seeking lower lactose content in their dietary choices.
Influenced by shifting consumer preferences toward healthier and nutrient-rich food products
The Greek Yogurt Market is significantly influenced by shifting consumer preferences toward healthier and nutrient-rich food products, coupled with a heightened awareness of health among consumers. Greek yogurt's popularity has surged due to increasing demand for fat-free and weight-management products, particularly in the United States, Mexico, Canada, and other regions, where it is used in meal preparation and enjoyed as a sweet snack when paired with fruits. Within the food and beverage industry, Greek yogurt is frequently employed as a substitute for ingredients like butter, cream cheese, sour cream, and in the creation of smoothies and creams.
Furthermore, the market's growth is propelled by the introduction of Greek yogurt made from natural and organic ingredients, aligning with consumer preferences for gluten-free, chemical-free, and natural food sources. Other factors, such as urbanization, a growing middle-class population, and the rapid expansion of online sales, contribute to the overall increase in revenue within the Greek yogurt market.
Greek Yogurt Market Restraints
Price Sensitivity
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The global Greek yogurt market is highly competitive, with numerous players vying for market share and consumer loyalty. Key market players in this segment have established themselves as leaders in the Greek yogurt market through their strong brand presence, extensive distribution networks, and continuous product innovation. To stay competitive, market players are focusing on product differentiation and expanding their product portfolios to cater to evolving consumer preferences. They are introducing new flavors, incorporating natural and organic ingredients, and launching healthier variants with reduced fat and sugar content. Additionally, manufacturers are investing in marketing and advertising campaigns to create brand awareness and promote the benefits of Greek yogurts, such as its high protein content and probiotic properties. Strategic partnerships and collaborations are also common in the Greek yogurt market, with companies forming alliances to expand their geographic reach and tap into new consumer segments. Furthermore, mergers and acquisitions are prevalent as companies seek to enhance their market position and leverage synergies in manufacturing, distribution, and R&D capabilities.
Greek Yogurt Market Top Player’s Company Profile
Greek Yogurt Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global Greek Yogurt Market is experiencing robust growth and is poised for further expansion in the coming years. The market is being driven by several factors, including the growing awareness among consumers regarding the health benefits associated with Greek yogurt, such as high protein content, probiotic properties, and lower sugar content compared to traditional yogurt. Additionally, the rising popularity of Greek yogurt as a versatile ingredient in various culinary end users, including desserts, smoothies, and savory dishes, is further fueling market growth. Furthermore, the increasing demand for Greek yogurt in emerging economies, along with the introduction of innovative flavors and product variations by key market players, is expected to propel the market even further. Overall, the global Greek yogurt market is witnessing a positive trajectory and is likely to witness substantial growth in the forecast period.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 31.55 Billion |
Market size value in 2031 | USD 60.49 Billion |
Growth Rate | 7.50% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Greek Yogurt Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Greek Yogurt Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Greek Yogurt Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Greek Yogurt Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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Report ID: SQMIG30I2272
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