Currently, greek yogurt is one of the most popular dairy products across the globe. Since greek yogurt is prepared through the straining process in order to separate the yogurt from the excess watery whey, it is also known as strained yogurt. The straining process makes the yogurt much thicker and creamier as compared to the regular or traditional yogurt. Greek yogurt contributes significantly to the growth of the global yogurt market. This is mainly attributed to its benefits such as higher protein and lower carbohydrates value as compare to traditional yogurt. Presently, greek yogurt is the highest growing product category among others including regular yogurt and yogurt drinks and second holds largest market share in terms of revenue, after traditional yogurt in the overall yogurt market. Demand for greek yogurt market is expected to increase in the next five to six forecast years owing to increasing lunch of new product with variety of flavours such as blueberry, vanilla, honey, chocolate and others.
Global Greek Yogurt Market Segmentation, Dynamics and Key Players
On the basis of product type, the global greek yogurt market is segmented into regular greek yogurt and non-fat greek yogurt, which is made from skim milk. Owing to increase the consumption of fat free and healthy products, non-fat greek yogurt products are gaining increasing popularity among the consumers.
On the basis of distribution channel, the global greek yogurt market is segmented into supermarket/ hypermarket, grocery stores, convenience stores, and online retailing. In terms of revenue contribution, supermarket / hypermarket is expected to hold the highest share among all the other segments. However, online retail for global greek yogurt market witnesses steady growth in the forecasted years. This is attributed to increasing visibility of greek yogurt especially through online retailing.
Geographically, global greek yogurt market is segmented into North America, Latin America, Western Europe, Eastern Europe, Japan, Asia-Pacific excluding Japan, and Middle East and Africa (MEA). North America and Western Europe are the two most lucrative market for greek yogurt in the world. In North America around half of the yogurt sold is greek yogurt.
Increase in health consciousness among consumer has led to shift in eating preference towards healthy and nutrition food products. Availability of high nutritional value, which includes high protein, probiotics, vitamin such as vitamin D, B12, minerals such as potassium, iodine and calcium in greek yogurt is key factor that has led to increased adoption of greek yogurt among consumers and thus, fuelling the global greek yogurt market growth.
Increasing application of greek yogurt is another growth driver for greek yogurt market since it is used for various medium in different countries. For instance, in Mediterranean region greek yogurt is mainly used as savoury but in the US, Mexico and Canada it is used as sweet snack with added fruits and flavours. Greek yogurt is also used in making many sauces for instance beef and lamb sauces. Greek yogurt is also used as a substitute products, for instance it is used as a substitute product for sour cream, cream cheese and butter. Thus, increasing its application among food products.
Among dairy products, greek yogurt is a good option for the consumers who have slight lactose intolerance, since in the production process much of the lactose is removed from the greek yogurt. This leads to drive the scope of greek yogurt among such consumers globally. However, high lactose intolerance is restrain for adoption of greek yogurt, thus restricting the market growth. There is a high opportunity to expand and increase the revenue for greek yogurt in the Asia Pacific excluding japan and Middle East countries.
Some of the key players operating in the global greek yogurt market are Chobani LLC, Stonyfield Farm, Inc, FAGE International S.A., GROUPE DANONE, and General Mills, Inc. Owing to have strong distribution and marketing strategies companies are able to meet the increasing demand for global greek yogurt.