LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the frozen yogurt market in the US 2017-2021 to grow at a CAGR of almost 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the frozen yogurt market in the US for 2017-2021. The report also lists non-fat frozen yogurt, low-fat frozen yogurt, and premium frozen yogurt as the three main product segments, of which the non-fat frozen yogurt segment accounted for 59% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the frozen yogurt market in the US:
- Health benefits associated with frozen yogurt
- Generating interest through innovative packaging and marketing campaigns
- Extensive reach through organized retailing
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Health benefits associated with frozen yogurt
Busy lifestyles of consumers have led them to look out for ways to adhere to a healthy lifestyle. This has motivated many to shift from normal ice creams and yogurts to frozen yogurt, which provides numerous health benefits. Frozen yogurt is made up of enriched milk, which comprises of fat-soluble vitamin A and D. It has enzymes that help in digestion and probiotics that aid in suppressing the growth of other harmful bacteria. It also contains good bacteria that boost the immune system by catalyzing essential vitamins, including B1 and B2.
“Frozen yogurt is also considered good for cardiovascular health, and it contains large quantities of both prebiotics and probiotics, which assist in enhancing liver health, improving oral health, and preventing colon cancer. Also, the US consumers consume frozen yogurt mainly because of the indulgence factor and its low-fat content,” says Sharan Jagannath, a lead analyst at Technavio for food research.
Generating interest through innovative packaging and marketing campaigns
Vendors in the market are adopting integrated marketing communication using magazines, newspapers, and social media, such as YouTube and Facebook, to sell their products. These communication channels play a key role in generating product awareness. Players are also launching innovative advertising campaigns, such as school events, that promote the consumption of frozen yogurt. They are also promoting their products through celebrity endorsements, showcasing them as the latest trend in healthy food. For instance, in April 2016, NASCAR driver, David Ragan, made his appearance in sweetFrog Premium Frozen Yogurt store.
“Packaging design has become equally important in facilitating sales. Vendors in the frozen yogurt market in the US are offering customized packaging to attract customers. Also, environmental concerns have led frozen yogurt manufacturers to use more biodegradable and environment-friendly packs to reduce emissions,” says Sharan.
Extensive reach through organized retailing
Along with the rise in population, organized retail has also grown worldwide with the establishment of hypermarkets, supermarkets, and specialty stores. This has also fueled the global frozen yogurt industry. Among the formats mentioned above, supermarkets comprise a major distribution channel, which supplies nutritious and affordable food, including frozen yogurt.
As consumer preference is shifting toward super marts, vendors have increased their demand for more shelf space to extend their reach. Since 2014, the number of shops in the US has increased by 60%. Although new self-service machines are available in the market, many vendors prefer retail shops.
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