For nearly a decade, Greek and “Greek style” yogurt has been the driving force behind growth in the yogurt and drink yogurt markets. With top players including Chobani, Danone, FAGE and Yoplait, the market has seen a quick growth over the last few years.
The overall world market is estimated to an over $50bn with the following split: Europe 39%, Asia/Pacific 28%, North America 15%, South America 13% and Middle East/Africa 5%.
The Greek yogurt revolution will continue its worldwide ascent. The US market is estimated to an annual 5% growth before exceeding $4bn in 2020, accounting for over 50% of the US total yogurt market.
Interest has spread beyond the US – to Europe, Asia and Australasia – and has inspired a new generation of high-protein origin yogurt products. Continuous innovations, introduction of new flavors, novel packaging, new technologies and product lines extensions have contributed to the Greek yogurt phenomenon.
Evolving consumer tastes, preferences and product differentiations are some of the major reasons there are a lot of innovations, in terms of formulations and packaging driving the Greek yogurt market.
Greek yogurt manufacturers are heavily focusing on innovative formulation, positioning and packaging to address the growing need of consumers who find Greek yogurts to be more filling and nutritious over other alternatives.