Greek yoghurt takes off in the USA
Greek yogurt sales in the USA have increased by a staggering 2500 per cent in the last five years, making it one of the fastest growing products on the market.
Figures from Swiss global financial services company UBS, show that Greek yoghurt brands are driving the vast majority of yogurt category growth in the USA, with sales growth exceeding 100% each year.
According to UBS, in 2008 overall yoghurt category sales in the USA were dominated by traditional (non-Greek) yogurt, which represented 98% of category sales. Since that time Greek yoghurt sales have increased at a 130% Compound Annual Growth Rate. Greek yoghurt now represents 19% of the overall yoghurt category in the USA.
One of the leading Greek yoghurt brands in the USA, Chobani, has gained tremendous market share, growing from just 5% in March 2008 to 48% in March 2011.
A report from UBS states, “Greek yogurt brands such as Chobani and Fage have captured market share more quickly than almost any segment in a major food category ever. To put this in perspective, this is more than energy drinks have captured of carbonated soft drinks in the last six years.”
According to UBS, “Consumer data suggests that the wealthy and educated consumers – often female – are switching to Greek yogurt. These consumers seek out Greek yogurt for health qualities (high protein, low fat, natural) and because it is more filling.
“Greek yogurt is convincing consumers that yogurt can be a healthy and convenient meal option.”