Hain Celestial to launch almond-milk-based yogurt to capitalize on growth opportunities in dairy-free products market; coconut, almond, rice milk showing major growth, company's president says
September 14, 2011
– Hain Celestial Group Inc. is planning to launch an almond milk-based yogurt as it finds new ground in the dairy alternatives sector, the company’s chief executive said, FoodNavigator-USA.com reported Sept. 13.
The firm will achieve another industry first this fall with the introduction of the first refrigerated energy shots, and it sees a large growth opportunity in dairy-free products.
The whole soymilk category was a big growth category before big declines in soymilk, but coconut, almond and rice are showing major growth and there are many other non-dairy products coming in the future, according to Hain Celestial president Irwin Simon.
The company has a growing presence in the yogurt market following its acquisition of the Greek Gods brand last year, along with the introduction of new yogurts for infants under the Earth’s Best brand, Simon said.
Simon believes their Greek yogurt is showing good growth and could eventually be a US$100M business for Hain Celestial.
Hain Celestial has continued to produce double-digit top and bottom line growth, while some of the largest names in grocery have endured volume declines in the U.S. as buyers have cut back and prices have increased to deal with higher commodity prices, said Simon.
The company initially sold 80% of its products in natural shops, but it is currently selling 70% through mass-market retailers, according to Simon.
The primary source of this article is FoodNavigator-USA.com, Montpellier, France, on Sept. 13, 2011.