Analysis of the global Greek yogurt market

Date: 18.09.2023Source: Future Market Insights

According to Future Market Insights, the global Greek yogurt market is expected to reach a market size of US$ 7,851.8 million in 2023 and is projected to rise at a CAGR of 7.1% to reach US$ 14,991.9 million by 2033. Earlier, from 2018 to 2022, this market expanded at a CAGR of 6.6%.

The shift in customer preferences toward healthy and nutrient-rich food items and the rise in health consciousness among consumers are two key factors influencing the worldwide Greek yogurt industry. Greek yogurt has become incredibly popular among customers as a result of the rising demand for fat-free and weight-loss goods. Greek yogurt is frequently used in Western countries to prepare meals and is also eaten as a sweet snack when combined with fruits. Its use in the food and beverage industry has grown due to its ability to substitute for items like sour cream, smoothies, cream cheese, and butter.

The advent of authentic Greek yogurt made with natural and organic ingredients has also fuelled the market’s expansion. Customers are increasingly favouring food sources that are chemical-free, gluten-free, and made using biological processes. Additionally, factors, including escalating urbanisation, a rise in the middle class, a rapid increase in internet sales, etc., are accelerating the market’s expansion.

The dairy business is also benefiting from a plethora of technological developments that drive down costs. Businesses that have implemented updated technology have enhanced decision-making processes by obtaining current data straight from the dairy processing plants. According to Activia, over 30% of consumers claimed that the pandemic led them to try more functional foods and drinks.

Customers spend more money at stores that provide a wide selection of goods. Greek yogurt producers pay close attention to these consumer sentiments and use a variety of tastes to get customers to buy their goods. This increases sales and propels the worldwide expansion of Greek yogurt.

Europe holds a leading Greek yogurt market share. Europe is anticipated to own a majority of the global market share of more than 39.0% by the end of 2022. The Greek yogurt sector has a myriad of unexplored prospects that are driving the local market.

Due to the rising awareness of the health advantages of Greek yogurt intake, the region is expected to maintain its dominance during the forecast period. Furthermore, it is anticipated that the developing Eastern European market may outperform Western European markets, where dairy sales are declining as a result of the growing acceptance of dairy-free alternatives.

Several yogurt makers in Europe are updating their automated fresh milk production line-based facilities due to rising demand for different types of yogurts, including high protein, natural, lactose-free Greek, low-fat, sugar-free Greek, high protein dairy-free, zero sugar, unsweetened Greek, natural Greek yogurt, etc.

North America also holds a significant market share, estimated to be 33.2% by the end of 2033. The population of health-conscious customers in the North American market is expected to increase significantly throughout the forecast period as a result of the region’s serious obesity issue.

This results in consumers’ lifestyles and preference for healthy snacks, as Greek yogurt is considered one of the best healthy on-the-go snack items. However, this region still has the potential individuals that still prefer to consume fast food.  For more visit futuremarketinsights.com

David Cox / IDM

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