A Technavio report states global Greek yogurt market expected to grow at a compound annual growth rate of more than 10% from 2016-2020, as hypermarkets and supermarkets dominated the market with a market share of 46.8% in terms of revenue in 2015.
The large amount of shelf space available in supermarkets and hypermarkets was responsible for the strong sales of Greek yogurt in 2015.
The wider availability of different brands, ease of reading the product labels, and convenience in comparing different products make this retail channel more popular when it comes to purchasing Greek yogurt.
“Rising health consciousness has led to robust sales of the Greek yogurt over the past few years,” says lead analyst Vijay Sarathi.
“Its high protein content and numerous other health benefits have resulted in its increased consumption.”
“In addition, the introduction of new flavors and variants in novel packaging is expected to contribute to the increased sales and consumption of Greek yogurt, thus helping the global Greek yogurt market to grow considerably over the next four years.”
Retail channels
This trend is not just prevalent in the US but also in other developed and developing markets.
Growing organized retailing in developing countries worldwide has resulted in the setting up of numerous supermarkets and hypermarkets.
The penetration of modern grocery retail chains in ASEAN countries such as Thailand, Indonesia, Malaysia, and the Philippines have increased from 11%-38% in 2009 to 16%-45% in 2014.
Modern grocery retail in the ASEAN reported growth at a CAGR of 12% from 2009-2014.
This store format also has enough space to house freezers and refrigerators to store different types of Greek yogurt.
Food specialty stores accounted for a market share of 20.4% in terms of revenue in 2014.
As of May 2015, it was estimated that US had about 48,000 food and drink specialty store with an annual growth rate of about 4%.
In Asia, countries such as India and Sri Lanka, there are specialty stores for the sale of dairy products through which Greek yogurt is also sold.
Singapore has about 1,400 specialty food and drinks outlets as of 2014.
In 2015, convenience stores accounted for a market share of 16.9% in terms of revenue.
As of February 2015, 54% of the world’s total population lived in urban areas, and it is expected to reach 66% by 2050; most of the population from urban areas will be people who are pressed for time and favor the convenience store format.
In most countries, convenience stores are usually located within residential townships or at close-by areas or near offices, making them convenient for busy consumers to make quick purchases.
Independent retailers and the others category include cash-and-carry stores, online retailers, and other small mom-and-pop stores.
They together had a market share of 15.9% in the retail space of Greek yogurt market in 2015.
