LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global frozen yogurt market to grow at a CAGR of almost 12% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global frozen yogurt market for 2017-2021. The market is segmented based on geography which includes, the Americas, EMEA, and APAC.
The global frozen yogurt market is growing due to various factors such as growing inclination toward new flavors, the increasing awareness of the health benefits of yogurt consumption among consumers, the growing demand for private label products, and consumers' perception of frozen yogurts being a healthy dessert. Consumers across the world enjoy trying out new flavors. It has been observed that consumers choose frozen yogurt products based on their favorite flavors. Thus, manufacturers invest a lot of time and money in inventing new healthy flavors. Several new products in a wide variety of flavors have been launched in the market.
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Technavio food and beverages research analysts highlight the following three factors that are contributing to the growth of the global frozen yogurt market:
- Emergence of frozen yogurt as a natural and healthy dessert
- Growing demand for private label frozen yogurts
- Inclination toward new flavors
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Emergence of frozen yogurt as a natural and healthy dessert
Consumers consume frozen yogurt as a natural refreshment, and it is gaining popularity among women, young adults, and other groups, who are looking for healthy desserts. Frozen yogurt is consumed as a low-fat meal that is tasty as well as nutritious.
Akash Pandey, a lead food research analyst at Technavio, says, “Frozen yogurt is mainly based on milk and contains ingredients like granola, fruits, and nuts. It has high nutritional value as it contains probiotics, antioxidants, minerals, fibers, proteins, vitamins, and calcium. These ingredients are crucial for the immune system and digestion. Consumers consume frozen yogurt mainly because of the indulgence factor and its low-fat content.”
Growing demand for private label frozen yogurts
Private label frozen yogurts are gaining popularity among consumers, especially among low-income groups, and the demand for private label frozen yogurts is expected to increase further during the forecast period. The retail sector is expanding worldwide with retailers developing their own private label products. Private label products are products that are manufactured and sold by the retailers.
“Retailers such as Walmart, Safeway, and Target are expanding their business by targeting and launching economic versions of premium frozen yogurt products during the last few years. In addition, there has been an increase in the number of consumers in the US who are willing to purchase private label products due to the convenience and variety that they offer. The prominent retailers are likely to continue investing in store brands, posing intense competition to branded products,” adds Akash.
Inclination toward new flavors
Frozen yogurt is offered in many flavors to satisfy consumers. Frozen yogurt is offered in many different flavors and combinations of flavors such as brownie and chocolate chip in addition to traditional flavors such as mango, strawberry, banana, and vanilla. Adding a topping of fruits on frozen yogurt is also a popular practice in the market. Fruits such as pomegranate, strawberry, kiwi, and peach are often added to frozen yogurt.
The consumers are very much interested in trying new flavors, and this is a key driver for the global frozen yogurt market. Manufacturers launch various flavors by mixing different elements. For example, Nanci's Frozen Yogurt, a US-based company, produces frozen yogurts in various flavors.
Top vendors:
- Kahala Franchising
- menchie’s global headquarters
- TCBY.com
- Yogurtland Franchising
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