Frozen Yogurt Market - Growth, Industry Trends, COVID-19 Impact Analysis, Regional and Country-wise Forecasts (2022 - 2027)

Frozen Yogurt Market - Growth, Industry Trends, COVID-19 Impact Analysis, Regional and Country-wise Forecasts (2022 - 2027)

The global frozen yogurt market is growing at a CAGR of 3.4% during the forecast period (2021- 2026).

Frozen yogurt sales witnessed a slump initially due to COVID-19 restrictions on brick and mortar stores. However, major players are trying to stabilize their position in the market by focusing on e-commerce and online marketing to reach out to consumers beyond geographical barriers. Moreover, the pandemic drove the consumers towards immunity-booster products, as well as other fortified products that offer health benefits, and this resulted in major players improvising upon the composition of their yogurt products, by incorporating organic ingredients, making them cholesterol-free, and launching vegan variants with no added preservatives, or additives.

Over the medium term, increased consumer preference for non-dairy, low-calorie, high-protein and healthier desserts is the primary factor driving the market. Additionally, the rising popularity of low-fat frozen yogurt and the introduction of healthy product variants with a variety of flavors is likely to provide numerous options for consumers who are looking for a healthy alternative for frozen desserts.

Furthermore, hectic lifestyles, coupled with health and wellness concerns, are the factors responsible for driving consumers towards opting for convenient frozen dessert-based snacks, and frozen yogurt as meal replacements.

Key Market TrendsGrowing Preference for New Flavors and Low-Calorie Variants

Consumers look for frozen yogurt in convenient packings, such as bars and cups, with consumer-preferred flavors. Flavors and combinations that are unique are becoming increasingly popular. Frozen yogurt tastes such as savory, caramel, chocolate, and fruity ones are in high demand. However, in the case of India and China, plain and unflavored natural yogurt is in high demand. The market is still being driven by the rising demand for natural label claims.

In recent years, tart flavors have gained appeal, competing with more typical sweet flavors. To boost sales, frozen yogurt firms like Nestle are developing new flavors and bar-style products. Due to consumer preference for low-calorie products, yogurt with non-fat and low-fat flavors is gaining popularity. The probiotics included in frozen yogurt, which aid digestion, attractiveness, and weight loss, have piqued the interest of ice cream consumers.

North America Continues to Dominate the Global Frozen Yogurt Market

The United States holds a significant share in North America, wherein there is a significant shift in consumer preferences from dairy-based frozen yogurt to non-dairy based frozen yogurt products, especially among high-income consumers. Manufacturers with high consumer insights, capabilities, and best-in-class product development competencies are attracting more consumers through innovative product portfolios.

Furthermore, the frozen yogurt industry in North America is predicted to grow in the coming years, owing to a rise in popularity for healthier food options and its image as a functional dessert. While frozen yogurt's popularity has grown in the United States and Canada, Mexico is predicted to be an attractive market for both set yogurt and frozen yogurt during the projection period (2021-2026), with a significant single-digit growth rate. The market for frozen yogurt is expected to grow at a higher rate than set yogurt, primarily because of the emergence of frozen yogurt as a dessert category in itself and its pro-biotic nature, which is good for health.

The presence of frozen yogurt in numerous flavors offered by both local, as well as major players, with promising health benefits and exceptional flavor experience, is also driving the sales of frozen yogurt in the region.

Competitive Landscape

The global frozen yogurt market is competitive with major multi-national players like General Mills Inc., Danone, Unilever, and Nestle dominating the market, and multiple regional players responsible for splitting the market share of these key players. Major players have focused on the long-term strategies, involving product and flavor innovation as the market demand is shifting toward new flavors, apart from mergers & acquisitions. The competition among the players is high as there are many providers for frozen yogurt.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

General Mills Inc.
Danone S.A.
Nestlé S.A.
Unilever
Yasso Frozen Greek Yogurt
Dairy Farmers of America Inc.
Lactalis American Group, Inc.
HP Hood LLC.
Turkey Hill Dairy
Wells Enterprises

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