The global Greek yogurt market is expected to reach a market size of USD 7,851.8 million in 2023 and is projected to rise at a CAGR of 7.1% to reach USD 14,991.9 million by 2033. Earlier, from 2018 to 2022, this market expanded at a CAGR of 6.6%.
| Report Attribute | Details |
|---|---|
| Greek Yogurt Market Historical Growth Rate (2018 to 2022) | 6.6% |
| Greek Yogurt Market Value (2023) | USD 7,851.8 million |
| Greek Yogurt Market Anticipated Forecast Value (2033) | USD 14,991.9 million |
| Greek Yogurt Market Projected Growth Rate (2023 to 2033) | 7.1% |
Greek yogurt is made by straining curd and removing it from the surplus watery whey, also known as yogurt cheese or sack yogurt. Yogurt that has been strained is thicker and creamier than curd that has not been strained. Greek yogurt provides several nutritional advantages, including a high protein, calcium, and vitamin B content, probiotic capabilities, low carbohydrate level, etc.
Furthermore, they are available in a range of toppings and tastes, including blueberry, vanilla, honey, and chocolate. Customers also favor it much while marinating cheese and meat and creating different sauces.
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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 business 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 fueled the market's expansion. Customers are increasingly favoring food sources that are chemical-free, gluten-free, and made using biological processes. Additionally, factors, including escalating urbanization, a rise in the middle class, a rapid increase in internet sales, etc., are accelerating the market's expansion.
The demand for clean-label products is being driven by customers' increasing knowledge of the need for transparency in the ingredient list of food items. The Institute for Food Technologists defines a clean label as using the fewest ingredients possible while ensuring that the client can identify the ingredient lists as being healthy. The demand for clean-label goods is also growing due to the strict laws and restrictions established by regulatory agencies like the Food and Drug Administration (FDA).
There are difficulties in the global Greek yogurt market. Global market expansion is anticipated to be constrained by important factors, including the rise in people who suffer from lactose sensitivity and the development of a new type of frozen yogurt derived from milk.
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 yogurt, including high protein yogurt, natural yogurt, lactose-free greek yogurt, low-fat yogurt, sugar-free greek yogurt, high protein dairy-free yogurt, zero sugar yogurt, unsweetened greek yogurt, natural greek yogurt, etc.
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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.
This also raises the demand for fermented milk products like full-fat yogurt, cheese, and butter. Hence, Greek yogurt drastically transformed American yogurt preferences, and its widespread consumer acceptance contributed to higher Greek yogurt sales.
As the Greek yogurt market is comparatively new, the startup has a great opportunity to expand its business. Hence, they are experimenting by releasing premium varieties and promoting yogurt with granola and other snacks to millennials.
For instance, Epigamia, an Indian startup, produces Greek yogurt for lactose-sensitive individuals with coconut milk along with regular Greek yogurt. They also have sugar-free options for the diabetic and obese populations.
Greek yogurt industry participants employ a wide range of strategies to achieve a competitive edge. They are spotting new trends to develop new products and upgrade them. They concentrate on growing their consumer base by providing unique and flavorful items.
The worldwide Greek yogurt industry offers a variety of additional well-liked varieties in addition to plain Greek yogurt, including strawberry, vanilla, raspberry, and blueberry. They have noticed that the top two trends driving the expansion of the Greek yogurt business are consumer desire for flavor fusion in Greek yogurt as well as sustainable packaging.
Example:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.1% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million, Volume in Kilotons, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Package Type, Nature, Flavor, Distribution Channel, Product Type, Region |
| Regions Covered | North America; Latin America; The Asia Pacific; The Middle East and Africa; Europe |
| Key Countries Profiled | United States, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Chobani LLC; Stonyfield Farm Inc; FAGE International S.A.; GROUPE DANONE; General Mills, Inc. |
| Customization | Available Upon Request |
The market is anticipated to be valued USD 7,851.8 million in 2023.
The market is estimated to evolve at a CAGR of 7.1% till 2033.
North America anticipates to retain a sizable market position, with a 33.2% share by 2033.
By 2033, the market is estimated to be worth USD 14,991.9 million.
In Europe, the market share to stand at 39%.
| Market Estimated Size (2023E) | USD 44,808.5 million |
|---|---|
| Projected Market Valuation (2033F) | USD 79,147.2 million |
| Value-based CAGR (2023 to 2033) | 5.9% |
| Market Size (2023) | USD 6.7 billion |
|---|---|
| Market Size (2033) | USD 11.7 billion |
| Market CAGR (2023 to 2033) | 5.8% |
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