The global frozen yogurt market is set to gain momentum from the introduction to the self-serve model. The Global Frozen Yogurt Association mentioned that more than 2/3rd of the total stores worldwide are based on this unique model. It is gaining higher popularity nowadays as customers can choose their own toppings, quantity, and flavors based on their dietary needs. This information is given by Fortune Business Insights™ in a report, titled, “Frozen Yogurt Market Size, Share & COVID-19 Impact Analysis, By Flavors (Chocolate, Mango, Banana, Pineapple, Strawberry, and Others), Fat Contents (Low fat (0.5%-2%) and No fat (<0.5%)), Distribution Channel (Specialty Stores, Online, Supermarket/Hypermarket, Retailers, and Others) and Regional Forecasts, 2021 – 2028.” As per the report, the market size was USD 1.63 billion in 2020. It 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 forecast period.
COVID-19 Pandemic: Shift of People towards Healthy Food Items to Favor Growth
The COVID-19 pandemic has resulted in the rising inclination of people towards healthy and nutritious food. As frozen yogurt is considered to be a healthy alternative to ice creams, it is showcasing a surging demand across the globe amid the pandemic. Several food courts that were temporarily closed owing to lockdown and social distancing norms in various countries are now planning to reopen gradually. In May 2021, for instance, Costco Wholesale reported that during the third quarter of 2021 that ended on May 9, its sales went up from USD 36.45 billion in 2020 to USD 44.38 billion in 2021.
A list of renowned frozen yogurt manufacturers operating in the global market:
- Danone (Paris, France)
- Pinkberry (California, U.S.)
- Honey Hill Farms (Russellville, U.S.)
- Scott Brothers Dairy (Chino U.S.)
- Red Mango Inc. (Texas, U.S.)
- Yogurtland Inc. (California, U.S.)
- Gujarat Cooperative Milk Marketing Federation (Gujarat, India)
- Nestle S.A. (Vevey, Switzerland)
- General Mills (Minnesota, U.S.)
Report Coverage-
The research report focuses on analyzing this industry by taking into consideration contributions, prospects, and growth trends. It presents detailed profiles of key players present in the market to determine their competencies in each segment. Besides, it ensures to help our clients better understand the competitive landscape, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
High Popularity of Unique or Unusual Flavors to Augment Growth
Nowadays, people are looking for combinations of unusual or unique flavors to satiate their taste buds. Hence, various companies are conducting R&D activities to come up with novel flavors. Tart flavor is one of the newly introduced flavors that have gained immense popularity worldwide because of their superior taste and less sugar content, unlike the conventional flavors. In February 2021, for instance, Yogurtland introduced Small Batch Super Tart, its latest gluten-free yogurt flavor containing probiotics. However, the availability of alternatives, such as ice creams may hamper the frozen yogurt market growth in the near future.
Segments-
Chocolate Segment Generated 41.41% Share in 2020: Fortune Business Insights™
Based on flavors, the market is segregated into chocolate, mango, banana, strawberry, pineapple, and others. Amongst these, the chocolate segment earned 41.41% in terms of the frozen yogurt market share in 2020. This growth is attributable to chocolate being the most evergreen and oldest flavor available. Also, the surging launch of new product ranges by companies revolving around this flavor would aid growth.
Regional Insights-
Surging Adoption of Healthy Lifestyle to Help North America Dominate
In 2020, North America procured USD 771.6 million in terms of revenue and is set to remain at the forefront throughout the forthcoming years. The increasing shift of people towards healthy lifestyles would aid growth. On the other hand, Europe is anticipated to hold the second position in the upcoming years. The expansion of the tourism industry in developed countries, such as Italy, Germany, Spain, and France is likely to fortify the regional demand for frozen type of yogurt.
Competitive Landscape-
Key Players Focus on Introducing Unique Flavors to Attract More Consumers
The global market is highly fragmented with the presence of multiple small, large, and medium companies. Most of them are striving persistently to gain a competitive edge by launching innovative flavors of frozen yogurt for attracting more consumers.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/frozen-yogurt-market-100799
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