Market Overview
Frozen yogurt is produced with the fermentation of milk. The emergence of vegans has led to its production using soy or almond milk as well. It served as a frozen dessert and contains potassium, calcium, and proteins. The global frozen yogurt market by application report by Market Research Future (MRFR) analyzes the various facets affecting the industry for the period of 2019 to 2024 (forecast period). The impact of the COVID-19 virus on the industry has been taken into consideration.
Market Scope
The global frozen yogurt market by application is projected to grow at a significant rate of 4.5% over the forecast period to reach a market value of USD 8.65 billion by the end of 2024.
Huge demand for low-fat and fat-free yogurt is expected to drive the demand for frozen yogurt. Easy availability of the product in various innovative players in supermarkets and retail stores can bode well for the market sales. Players are investing in research and development of non-dairy ingredients to be used in future products. Establishment of various fro-yo stores in affluent neighborhoods coupled with its low cost can drive its growth exponentially. In addition, its ability to provide similar services to coffee shops and bakeries can strengthen its growth.
But the slowing down of the consumption of frozen yogurt market by application growth in the long run.
Key Players
Nestlé SA, TCBY, Chobani, LLC, Wells Enterprises, Yogurtland Franchising, Inc., Unilever, Menchie's, Frosty Boy, Kahala Franchising, L.L.C., Danone, Red Mango, LLC., General Mills, Inc., Gujarat Co-operative Milk Marketing Federation Ltd, Twisted Frozen Yoghurt, and 16 Handles are main players in the global frozen yogurt market by application. Consolidation among various players to cater to the strong demand can be witnessed in the coming years.
Market Segmentation:
The global frozen yogurt market by application has been divided, based on category, such as conventional and lactose-free.
By product type, the global market has been segmented into full-fat, fat-free, and low-fat.
The global market has been bifurcated, based on distribution channel, into store-based and non-store-based. The store-based segment is further segmented into supermarkets & hypermarkets, convenience stores, and others.
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Regional Analysis
Globally, North America is projected to dominate the frozen yogurt market by application during the forecast period due to the known benefits of consuming yogurt and the growing preference for low-calorie desserts among consumers. Its popularity among new demographics and its availability in a variety of flavors in the regional market and continuous development of new flavours are anticipated to boost the frozen yogurt market by application in the region. Presence of prominent market players such as Chobani, LLC, General Mills, Inc., TCBY, and Menchie's are also influencing the global frozen yogurt market by application.
APAC is expected to register the highest CAGR in the frozen yogurt market by application during the forecast period. Preference for frozen yogurt as opposed to ice-cream can work in favor of the market. Increasing demand for frozen dessert among consumers and demand for lactose-free yogurt can grow due to rise of digestive disorders like lactose intolerance. Hence, many market players are offering lactose-free or dairy-free frozen yogurt for consumers with various flavors, which is further catalyzing the market growth of frozen yogurt in the region.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.