Yogurt drinks will continue to grow in popularity, driving overall market gains, according to Packaged Facts.
Yogurt remains popular with consumers around the world, even though Americans eat it at a much smaller rate per capita compared to other countries.
In a new report titled “The Yogurt Market and Yogurt Innovation, 3rd Edition”, market research firm Packaged Facts estimated retail dollar sales in the U.S. yogurt industry were just shy of $9 billion in 2017. Sales increased at a compound annual growth rate (CAGR) of 2% between 2012 and 2017.
In recent years, U.S. consumers have embraced not only Greek yogurt, but have also taken to authentic, clean-label and organic versions, and to yogurt drinks, which are becoming more accepted with sales growing rapidly. Yogurts with new flavors and in new formats have also kept consumers interested in the category, and have helped broaden yogurt’s appeal as a breakfast item, snack, dessert, or meal replacement.
This sustained consumer interest in yogurt is expected to spur the industry to continued sales growth looking ahead to 2022. Over the next five years Packaged Facts predicted yogurt drinks will continue to grow in popularity, with sales increasing to drive overall market gains. Meanwhile, major marketers will respond to opportunities in growth niches—particularly in plant-based, vegan non-dairy yogurt.
The Yogurt Market and Yogurt Innovation, 3rd Edition focuses on the market for yogurt sold to consumers in the U.S. through retail channels. The market is broken out into two categories: refrigerated yogurt (spoonable) and refrigerated yogurt drinks. Market size data are provided at the retail sales level for 2012-2017 and projections for 2018-2022.
The report covers all retail distribution channels that carry yogurt, including supermarkets and grocery stores, mass merchandisers and supercenters, warehouse clubs, specialty food stores, health/natural food stores, convenience stores, drugstores, dollar stores, and direct-sales channels such as online and mail order. Yogurt in other forms (frozen yogurt, yogurt dips, snacks, etc.) or yogurt sold in other venues such as foodservice channels, are not part of the formal scope of the market or included in sales quantification.
Source: Nutraceuticals World