U.S. food companies scrambling to catch up to smaller competitors in Greek-style yogurt market, which now accounts for nearly 25% of entire U.S. yogurt market, research shows
January 4, 2012
– U.S. food companies are scrambling to catch up to smaller competitors in the Greek-style yogurt market, which, according to research by Citigroup Inc., now accounts for nearly a quarter of the entire U.S. yogurt market, The Financial Times reported on Jan. 3.
Greek yogurt, which five years ago began attracting a cult following in the U.S., has become more mainstream due to consumers’ continuing search for healthier food options.
According to Citigroup, during the last year the Greek-style yogurt market doubled to over US$1 billion in annual sales. In 2007, Greek-style yogurt constituted approximately 1% of the entire U.S. yogurt market, Citigroup said.
Currently, Chobani -- which opened in 2007 and now has a staff of nearly 1,000 employees with annual sales of roughly $700 million -- has a 53% market share for Greek-style yogurt in the U.S. Greek dairy company Fage S.A. has a 17% market share; Dannon, the U.S. arm of Groupe Danone S.A., has a 14% market share; and General Mills Inc. trails with a 5% market share.
The primary source of this article is The Financial Times, London, England, on Jan. 3, 2012.