The latest report by IMARC Group, titled “Greek Yogurt Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global Greek yogurt market reached a value of US$ 7.4 Billion in 2018. Greek yogurt is prepared by curdling full-fat, low-fat or fat-free milk, and slowing straining the excess liquid and lactose present in it by using a fine mesh cloth. It is characterized by a thick, dense and creamy texture while maintaining the distinctive sourness of curd. It is rich in protein, calcium, vitamin-B, probiotics, potassium and iodine and contains low concentrations of sodium and carbohydrates. It aids in improving bone and mental health as well as reducing hunger and appetite. It also significantly boosts metabolism and lowers the risk of developing type 2 diabetes. Consequently, it has emerged as a preferred food choice for many across the globe and has acquired a distinctive place in the food and beverage industry.
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The growing number of health-conscious consumers is one of the key factors driving the market. With the increasing prevalence of lifestyle diseases, consumers are more inclined toward exploring and adopting healthy food alternatives. This, coupled with the rising awareness about several benefits offered by Greek yogurt, has made it a common element in the diet of consumers. In addition to this, since its consumption is widely considered to aid in weight loss, it is gaining rapid popularity amongst the fitness-conscious population. Moreover, it is a preferred food option for lactose intolerant consumers since it contains a small amount of lactose. Apart from this, frozen Greek yogurt is also gaining preference as a dessert and extensively replacing traditional calorie-rich items like ice-creams and cheesecakes. Other factors such as the development of flavored, gluten-free and low-fat Greek yogurt containing minimal or no additives and preservatives are also driving the market growth. On account of the aforementioned factors, the global Greek yogurt market size is projected to reach US$ 12.3 Billion by 2024, exhibiting a CAGR of around 9% during 2019-2024.
- On the basis of the product type, the market has been bifurcated into regular Greek yogurt and non-fat Greek yogurt.
- Based on the flavor, the market has been divided into flavored and unflavored. Amongst these, the flavored segment exhibits a clear dominance in the market.
- On the basis of the distribution channel, the market has been categorized into hypermarkets and supermarkets; specialty stores; convenience stores, independent retailers, online and others. At present, hypermarkets and supermarkets represent the most popular mode of distribution.
- On the geographical front, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined in the report with the detailed profiles of the key player including Chobani LLC, Stonyfield Farm, Inc, Fage International S.A., General Mills, Inc., Dannon, Alpina Foods, Auburn Dairy, Delta Food (Vivartia), EasiYo, Ehrmann, Emmi Group, Glenisk, Kalypso Farms Dairy, Kri Kri, Mevgal, Muller UK & Ireland, Olympus, etc.
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