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Greek Yogurt Market: Yougurt in Cups and Tubs to Gain Maximum Revenue Share || Key Players: Trader Joe's Company, Chobani, LLC, FAGE International S.A., Wallaby Yogurt Company, Inc., and Vivartia Holding S.A.
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Recommended daily dairy consumption shows the quantity of various dairy products to be consumed to maintain a healthy diet. Among various dairy products, yogurt plays an essential role in maintaining a balanced diet. However, instead of consuming regular yogurt, people are increasingly opting for Greek yogurt as it is a great source of protein and calcium and has high nutritional value. Manufacturers are focusing on making Greek yogurt more nutritious and improving the flavor by adding nuts and fruits containing minerals and fiber.
Food manufacturers are also reformulating perishable dairy products, especially Greek yogurt manufacturers have started producing dried Greek yogurt powder to incorporate it into various applications such as dips, sauces, smoothies, protein shakes, etc. Eliminating the risk of contamination, storage and short shelf life, dried Greek yogurt powder is also gaining popularity among the Greek yogurt manufacturers.
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North America is expected to dominate the global market for Greek yogurt during the forecast period, 2017-2022. Towards the end of 2022, the North America Greek yogurt market is projected to reach close to US$ 2,800 million revenues.
Europe is expected to be the second-largest market for Greek yogurt. Owing to the increasing use of Greek yogurt as a substitute for cream cheese, butter, and sour cream has increased its application in different food products, emerging as one of the factors driving the Greek yogurt market in Europe.
Spoonable Greek yogurt is estimated to bring in nearly US$ 5,600 million revenue towards the end of 2022. The spoonable Greek yogurt is projected to account for nearly three-fourth of the revenue share by the end of 2017.
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Spoonable Greek Yogurt- Highly Preferred Product
Compared to the drinkable variant, spoonable variant is expected to emerge as one of the most preferred product in the Greek yogurt market. Spoonable Greek yogurt is expected to witness impressive growth, surpassing US$ 5,500 million revenue by the end of 2022. Meanwhile, drinkable Greek yogurt is projected to create an incremental opportunity of over US$ 600 million during the forecast period, 2017-2022.
Greek Yogurt in Cups and Tubs to Gain Maximum Revenue Share
Greek yogurt in cups and tubs is projected to account for more than two-third revenue share of Greek yogurt market by the end of 2017. Cups and tubs Greek yogurt packages are estimated to reach nearly US$ 5,000 million revenue by 2022 end. Meanwhile, Greek yogurt in bottles is also expected to experience robust growth during the forecast period.
High Sales through Modern Trade
Accounting for more than two-fifth of the revenue share by the end of 2017, modern trade is expected to emerge as one of the most lucrative sales channels in the Greek yogurt market. Modern trade is projected to create an incremental opportunity of more than US$ 900 million during 2017-2022.
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