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The global frozen yogurt market size was USD 1.63 billion in 2020. The increasing awareness of the importance of a healthy diet and nutritious food among consumers would create an opportunistic market for yogurt producers and retailers. According to our analysis, the global market exhibited a steady growth of 3.6% in 2020 compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 1.69 billion in 2021 to USD 2.14 billion in 2028 at a CAGR of 3.5% in the 2021-2028 period.
Frozen yogurt is mainly marketed as a prominent and healthier alternative for ice-creams and several desserts operated in the same business segments. It has exploded in terms of popularity over the last few years, owing to the increasing number of health-conscious consumers. Also, the introduction of a new range of flavors and superior services has spurred its demand. The popularity of yogurt is more in developed countries, as compared to developing countries. This is due to the rapid change in the lifestyle of urban consumers and the increasing importance of healthy foods. Several top players are focusing on expanding their chain stores in lower and medium-income countries to increase their footprint and revenue.
Increasing Significance of Healthy and Nutritious Foods Assisting Market Growth amid COVID-19 Pandemic
In this COVID-19 era, consumers are becoming more and more health-conscious, and hence, the consumption of foods, which add nutritious value, has been increasing drastically. Frozen yogurt has long been promoted as an ice cream’s better-for-you substitute. It boasts fewer calories and more nutrients per serving, as compared to the other alternatives available in the market. Moreover, when Pinkberry introduced its tart flavored variety, it strengthened the health appeal of yogurt even more by lowering the sugar content. Such health benefits have made yogurt more popular across the globe, and its demand increased rapidly. Top market players are undertaking several initiatives, such as showcasing the calories-per-serving signage for each of the flavors, and it is boosting the demand for yogurt.
The COVID pandemic had a short-term positive impact on the retail yogurt market as the market was fueled by the grocery stockpiling, while this market had witnessed a slight downward trend in consumption owing to the closure of specialty stores.
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Introduction of Self-Serve Model is a Prominent Trend
The self-serve model is gaining momentum. The health movement has also made way for the self-serve frozen yogurt model. Self-serve outlets give customers complete autonomy over toppings, flavors, and quantity, thereby allowing them to choose and control their intake based on their dietary needs. The number of self-serve stores has increased drastically, as compared to the full-service stores in the last few years. According to the Global Frozen Yogurt Association, more than 2/3rd of the total frozen yogurt stores are based on the self-serve model. In this model, the creations are charged by weights and not by toppings and flavors, which also motivate consumers to prefer this model.
Introduction of Tart Flavors to Bolster Market Growth
The combination of unique or unusual flavors is the current trend, and it’s becoming extremely popular in the market. Tart flavored desserts have gained immense popularity since their introduction on account of their superior taste and low sugar contents compared to conventional yogurt. According to our analysis and survey, more than 1/4th of consumers report tart varieties as their favourite. The increasing demand, as well as consumption of tart flavored desserts, is bolstering the frozen yogurt market growth across the globe.
Increasing Demand for Healthy Food among Young Consumers to Aid Growth
A healthy diet has become a trend in recent years, especially among the young generation. Frozen yogurt consists of probiotics that boost the immune system and help with digestion. It also contains vitamins B1, B2, A, D, and B12. Owing to such benefits, consumers prefer frozen type of yogurt over other alternatives, such as ice cream. Top players, such as Red Mango, are planning to open new locations near college campuses, where the young generation tends to be more health-centric.
Availability of Alternative Products and Entry of New Companies May Obstruct Growth
The market is facing a lot of competition in terms of alternative products, as well as the opening and entrance of new players in the market. Ice cream is still considered to be a major product worldwide. Most of the consumers are giving priority to taste over their health. But the young generation is becoming more health-centric, which is a positive sign for the market.
Also, the increasing number of new players, especially in developed countries, such as the U.S. and Canada, would create a threat for the existing and established major players.
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Chocolate Flavor Segment to Account for Major Market Share
Based on flavor, the market is segmented into chocolate, mango, banana, strawberry, pineapple, and others. The chocolate flavor segment accounted for the major share owing to its increasing popularity, especially among kids and females. Chocolate is the oldest and evergreen flavor in the market. Due to the introduction of new ranges of flavors, the market share of this segment is witnessing steady growth.
The strawberry and mango segments have gained significant traction in recent years as consumers are becoming choosier and are willing to explore new varieties. Top players are constantly working towards introducing more and more unique flavors in the market, which resulted in the wide option range available for consumers.
No-fat to Emerge as the Fastest-growing Variant across Developed Regions
Consumers in developed countries, such as the U.S., Canada, Germany, France, and others, are becoming more health-centric and are focusing on consuming minimum fat content foods. No-fat yogurts are the fastest-growing segment in these developed countries. At the same time, the low-fat yogurt segment remains dominant across the globe. Consumers in developing regions, such as Asia Pacific and South America, prefer low-fat frozen yogurt over zero-fat due to the price comparison and easy availability.
Specialty Stores to be the Major Distribution Channel in the Forthcoming Years
The specialty stores segment is one of the prominent sales channels to sell frozen yogurt. The introduction of the self-serve model would boost the share of this segment in the yogurt market. Top players have their chains of specialty stores, and most of them are based on the self-serve model. The online stores/sales channel segment is the most rapidly growing distribution channel. Digitization across the globe and the increasing presence of retailers on online sales platforms would assist growth.
North America Frozen Yogurt Market Size, 2020 (USD Million)
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North America dominated the market and gained the majority of the frozen yogurt market share. This is owing to the presence of top manufacturers, as well as distributors in this region. It is the most prominent region for the yogurt industry. Consumers are nowadays interested in healthier living – diet and exercise, in this region, which is assisting the demand for yogurt. Moreover, the self–serve model is becoming tremendously popular in countries, such as the United States and Canada.
Europe is projected to hold the second-largest share in the market and remain the same throughout the forecast period. Several major countries of Europe, such as Germany, France, Italy, and Spain, are the major countries in terms of market share. Owing to the presence of a large urban population, which is focused on healthy and nutritious foods. Frozen type of yogurt fulfills this criterion due to which its demand is witnessing an upsurge in this region.
Asia Pacific is an emerging region in the market because of the changing standard of living, increasing disposable incomes, surging number of health-centric consumers, and the rising presence of top international players.
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South American countries, such as Brazil and Argentina, are witnessing an upsurge in the consumption or sales of this type of yogurt, which is likely to contribute to the overall regional performance. The Middle East and Africa would observe steady growth in terms of the consumption of these products, which would further support the market growth.
Renowned Companies Focus on Moving towards Adoption of Self-Serve Model
The market is highly fragmented due to the presence of a significant number of established and regional players, especially in developed regions, such as North America and Europe. Companies such as Menchie's Frozen Yogurt, Pinkberry, Honey Hill Farms, and Red Mango Inc. are focusing on the expansion of their specialty stores in the Asia Pacific region, where the demand for frozen type of yogurt is increasing continuously.
An Infographic Representation of Frozen Yogurt Market
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The global frozen yogurt market research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible segments in the market. Various key insights presented in the market research report are an overview of related markets, recent industry developments, such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
By Fat contents
By Distribution Channel
Fortune Business Insights says that the global market size was USD 1.63 billion in 2020 and is projected to reach USD 2.14 billion by 2028.
Registering a CAGR of 3.5%, the market will exhibit steady growth during the forecast period (2021-2028).
Based on flavors, the chocolate segment is set to lead the market .
The increasing significance of healthy and nutritious foods is the key factor driving the market.
Pinkberry, Danone, General Mills, Honey Hill Farms, and Red Mango Inc. are the major players in the market.
North America dominated the market in terms of share in 2020.
Specialty stores are the leading distribution channel in the global market.
The expansion in developing regions and the introduction of new flavors and services are the key trends in the market.
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