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The Europe - Greek Yogurt Market size is projected to increase by USD 1,119.51 million and the market size is estimated to grow at a CAGR of 6.3% between 2022 and 2027.
This Europe greek yogurt market report extensively covers market segmentation by distribution channel (offline and online), and product (flavored greek yogurt and plain greek yogurt). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The increasing use of super fruits in Greek yogurt is notably driving market growth. Growing health consciousness among consumers in Europe is one of the major drivers for the growth of Europe - greek yogurt market. There has been a significant increase in the prevalence of health issues, such as diabetes, obesity, and allergies, among Europeans over the past few years. Hence, consumers are focusing on healthy diets to prevent or reduce the occurrence of such chronic diseases and illnesses. Various superfruits, such as acai, goji berry, noni, pomegranate, and grapes (which are called superfruits and berries because they add high nutritional value as they are a source of antioxidants, vitamins, and minerals), are increasingly being used by players manufacturing which resulting increase in Europe - greek yogurt market demand.
The Europe Greek Yogurt Market shows an accelerated CAGR during the forecast period.
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Growth in demand for private-label brands is an emerging trend shaping the market growth. Greek yogurt offered by private-label brands is found in hypermarkets, supermarkets, grocery stores, and departmental stores. Private-label brands offer a substantial range of Greek yogurt, which includes those of established vendors. Moreover, price-conscious consumers are gradually opting for private-label offerings in supermarkets. Different online retailers are also extensively offering several types of private-label Greek yogurt under their own brands.
For instance, Amazon Inc. offers varieties of Greek yogurt under its brand 365 Everyday Value. 365 Everyday Value Organic Greek Whole Milk Yogurt is one of the prominent products offered by the company. Also, in China, Alibaba Group offers opportunities to local vendors and private-label brand owners to sell Greek yogurt through its e-commerce portal which results in Europe - greek yogurt market expansion. Thus, the availability of private-label Greek yogurt varieties in the Greek yogurt market in Europe is expected to drive the growth of the market in focus substantially during the forecast period.
The high cost of Greek yogurt is a significant challenge hindering the market growth. The steep cost of Greek yogurt products has been a challenge to the market, manufacturers, and consumers. This is because it takes three times as much milk to make traditional Greek yogurt as it does to make conventional yogurt. The manufacturing process of Greek yogurt involves the separation of liquid whey from the mix to form solid blocks of curds. Due to its high production cost, the final product is also priced high. Hence, many price-sensitive consumers opt for the much more reasonably priced conventional packaged yogurt for daily consumption. The production process of Greek yogurt is one of the primary reasons for its high price.
However, to produce a smaller quantity of yogurt than regular yogurt, the production of Greek yogurt requires the use of a considerable amount of milk. The straining of Greek yogurt, which removes whey and any excess liquid, produces a denser and creamier product but also incurs higher production costs. These factors related to the high cost of Greek yogurt will restrict the growth of the market during the forecast period.
Flavored Greek yogurt is available in both low-fat and non-fat varieties. Consumers, especially Millennials, are increasingly opting for Greek yogurt, as it not only offers nutritional value but is also available in varied flavors. Thus, Greek yogurt is a popular dessert among consumers, and many vendors are now offering a wide variety of flavors to attract customers. Various vendors are primarily focusing on offering high protein content in their Greek yogurt products with choices on the types of flavors. For instance, Danone SA offers Oikos Triple Zero Nonfat Yogurt, a sugar-free and fat-free Greek yogurt that contains 15 grams of protein per serving. Also, it is available in a wide range of flavors, such as apple cinnamon, banana creme, cherry, and chocolate. Such varieties of Greek yogurt are primarily preferred by health-conscious consumers. Hence, the demand for flavored Greek yogurt is likely to increase during the forecast period, as popular Greek yogurt manufacturers in Europe are coming up with a variety of flavors (even a fusion of flavors) to attract consumers.
The market share growth by the offline segment will be significant during the forecast period. The segment comprises department stores, supermarkets, hypermarkets, convenience stores, and in-store bakeries. Tesco Plc (Tesco), Walmart Inc. (Walmart), and Target Corp. (Target) are some of the largest retail chains that have a separate retailing section for Greek yogurt. Vendors use promotional and marketing strategies, such as branding through signages and discounts on product packages at their stores.
The offline segment was the largest and was valued at USD 1,869.94 million in 2017.
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Specialty stores offer a large variety of brands, several product portfolios (brand-specific or multi-branded), and similar types of products across all outlets. Operating their own retail outlets enables players and distributors to plan their budgets for marketing, advertising, promotions, brand building, training, and IT support. They can reach out to consumers on their own rather than depending on independent retailers to sell their products. Many consumers prefer specialty retailers for buying nutritional products, such as Greek yogurt and other dairy products. Moreover, with the increasing penetration of gluten-free food menus in restaurants, the demand for healthy dairy products, such as fat-free Greek yogurt, will also grow during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The greek yogurt market in Europe report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Europe greek yogurt market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Europe Greek Yogurt Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.3% |
Market growth 2023-2027 |
USD 1,119.51 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.2 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arla Foods amba, Danone SA, Dodoni SA Agricultural Dairy Industry of Epirus, Emmi Group, Fage International SA, General Mills Inc., J Sainsbury plc, KOLIOS SA Greek Dairy, Kri Kri SA, Nestle SA, Royal FrieslandCampina NV, The Hain Celestial Group Inc., The Kraft Heinz Co., Unilever PLC, and Yakult Honsha Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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