Meal replacement products market is growing at a CAGR of 3.4% during the forecast period (2019-2024).
- Increased consumer preference for low-calorie, high-protein, and healthier desserts is the primary factors driving the market.
- The rising popularity of low-fat frozen yogurt where the introduction of innovative products in a variety of flavors and regional tastes is likely to lay out numerous options for consumers to relish exclusive yogurt altogether.
Scope of the Report
Frozen yogurt is sold in convenience stores, specialty stores, supermarket/hypermarkets, online retailers, and others. The products are available in different flavors to meet distinct taste preferences of consumers.
Key Market Trends
Increasing Consumption of Frozen Yogurt Across the Globe
Many consumers are increasingly looking for convenient frozen dessert-based snacks, which deliver health benefits, taste good, and offer a healthy snacking experience. Change in ice cream consumption behavior has given rise to frozen yogurt sale across the globe. Probiotics found in frozen yogurt, which assists digestion, beauty, and slimming, has attracted the ice cream consumers. In the United States, the majority of the consumers opt frozen desserts, such as ice creams and frozen yogurts as meal replacements. Further, hectic lifestyles, coupled with health and wellness concerns, are driving these changes.
North America Held the Largest Share
The United States is the largest market in North America and worldwide, wherein there is a significant shift in consumer preferences, especially among high-income consumers. Manufacturers with high consumer insights, capabilities, and best-in-class product development competencies are attracting more consumers through innovative product portfolios. The presence of frozen yogurt in numerous flavors offered by both local, as well as major players, with promising health benefits and exceptional flavor experience, is also driving the sales of frozen yogurt in the country.
General Mills Inc., Danone, Unilever, and Nestle are some of the companies leading the frozen yogurt market. Major players have focused on the long-term strategies, involving product and flavor innovation as the market demand is shifting toward new flavors. The competition among the players is high as there are many providers for frozen yogurt. Manufacturers operating in this market are constantly engaged in extensive R&D activities, in order to develop natural and safer products, rather than synthetic products.
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