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Market Analysis:Rapid urbanization and changing lifestyle are leading to an increased demand for innovative food products, especially dessert and confectionery, in the global market. Frozen yogurt is one such frozen dessert that is prepared by freezing yogurt and other dairy products along with additional flavors. Market research Future (MRFR) has published a report stating that the global frozen yogurt market is marked to expand at a noteworthy growth rate during the forecast period of 2018-2023.
Market Drivers and Restraints:
Paradigm shift towards consumption of low-fat and healthy desserts and changing consumer demand from ice-creams to low-calorie alternatives are majorly fueling the growth of the global frozen yogurt market. Increasing availability of innovative flavors and high demand for frozen yogurt with low sugar content are some important factors that are propelling the expansion of the global frozen yogurt market. rapid urbanization and increasing popularity of frozen yogurts among kids and young population of developed and developing regions are acting as driving factors for the growth of the global frozen yogurt market. Widening distribution channels due to increased availability of online platforms for ordering food over the internet and major investment involved in the advertisement of these products are also influencing the growth of the global frozen yogurt market.
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Rise in research activities for the introduction of innovative flavors and utilization of frozen yogurts for preparation of various customized desserts are influencing the growth of the global frozen yogurt market. However, the misconception regarding the probiotic nature of frozen yogurt and low penetration of these products in the underdeveloped regions are likely to restrain the growth of the global frozen yogurt market.
Industry Updates:
In October 2018, Menchie's, a frozen yogurt chain company, has announced the celebration of the grand opening of its franchise in Northwest Bakersfield, California by giving away free 8-ounce cup of frozen yogurt.
In October 2018, Kessel has introduced a new frozen yogurt machine, Reis and Irvy's Froyo Robot, that serves kosher and gluten-free yogurt and is also a self-cleaning machine.
In November 2018, Menchie's, North America's largest self-serve frozen yogurt franchise, has announced that it will honor servicemen and women with 6 ounces of frozen yogurt on Veterans Day.
Top Key Players Strategy:
The major player profiled by MRFR that are operating in the Global Frozen Yogurt Market are General Mills, Inc. (the U.S.), Menchie's Frozen Yogurt (the U.S.), Pinkberry (the U.S.), Amul (India), Yogurtland Franchising, Inc. (the U.S.), TCBY (the U.S.), Red Mango, Inc. (the U.S.), 16 Handles (the U.S.), and Danone (France).
Market Segmentation:
Frozen Yogurt Market has been segmented on the basis of type, functionality, and distribution channel. Based on type, the frozen yogurt market has been segmented into plain and flavored. Based on functionality, the frozen yogurt market has been segmented into lactose-free, low-fat, low-calorie, and others. The low-calorie segment is marked to expand significantly in the global frozen yogurt market owing to the increased consumer preference for low-calorie food and beverages in the global market. Based on distribution channel, the frozen yogurt market has been segmented into store-based and non-store based.
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Regional Analysis:
By regions, the global frozen yogurt market has been segmented into four major regions such as Asia Pacific, North America, Europe, and the rest of the world. The North America region commands for the largest share in the global frozen yogurt market owing to the presence of large number of players that are serving innovative flavors of frozen yogurt, high consumer demand and increased spending on convenience food in this region. Utilization of advanced technology has boosted the production of frozen yogurt, which in turn is propelling the growth of frozen yogurt market in the Europe region. The frozen yogurt market in the Asia Pacific region is growing at a steady rate owing to the increasing popularity of frozen yogurt among young population in this region.
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