1. THE YOGURT MARKET AND YOGURT INNOVATION:
GREEK YOGURT AND BEYOND
Packaged Facts Presents A Short Preview

2. About Packaged Facts
For 50 years, Packaged Facts has been a leading publisher of market research in the food,
beverage, consumer packaged goods, and demographic sectors. Our comprehensive,
timely, quality research and presentation of market intelligence have made Packaged
Facts a premier source of market information for top industry decision makers.
Packaged Facts’ reports track consumer trends, survey market players, and provide a
broad, top-level overview of each market with raw data as well as relevant, plain English
interpretation and analysis of key market factors.
Our research is written by industry experts who offer insights on buyer behavior,
competitive players, distribution channels, and emerging products and trends. Their
analysis is based on both primary and secondary research, as well as years of professional
expertise in their respective industries. In addition to analyzing current and historical
trends, our analysts predict where the market or population segment is headed over the
next three to five years.

3. About The Author
George Puro
George Puro is the principal of the Puro Research Group, a market intelligence firm
specializing in quick-turnaround insights and analysis. Mr. Puro has provided aha! insights
to clients through more than 6,000 custom reports on a wide range of industries and
consumer segments. Projects have included consumer and association member
surveys, broad industry reports (e.g., the tea industry in the U.S), target markets
(Hispanics and candy consumption), trending topics (vampires in pop culture) and obscure
details (most common color of a dress shirt button). Mr. Puro has previously worked at
ORC International (formerly known as Find/SVP), the National Hockey League, Citi, The
Sporting News, and ESPN.com. Mr. Puro has a BA from The University of Chicago and an
MBA from Washington University in St. Louis (Olin School of Business).

4. The Yogurt Market and Yogurt Innovation:
Greek Yogurt and Beyond
The yogurt market has undergone a sea change due to the Greek yogurt counter-revolution, which has
yanked the category back to the future. Packaged Facts estimates the U.S. retail market for yogurt at
$7.3 billion in 2012, up 6.6% over the previous year—with the Greek yogurt segment singlehandedly
responsible for these respectable sales gains in a very large and mature product category. Greek yogurt
surged from being from just a sliver of the yogurt market in 2007 to becoming the most important
trend in the industry, albeit at the expense of non-Greek yogurt dollar and unit sales.
While Greek yogurt will continue to post gains and set the direction for the overall yogurt
market, Packaged Facts does not believe it can keep up its amazing growth pace. As of early
2013, price competition has caused some areas of sales growth to slow, and major players to fight a
zero sum game over market share.
Even so, many industry watchers hold that that yogurt, which is consumed at a relatively low rate per
capita in the U.S., still has significant upside on these shores. With yogurt growing in consumption
across various dayparts, and with the broad-ranging push for healthier eating and increased
consumption of lean protein in the U.S., growth in the yogurt category is hardly on its last legs.

5. Executive Summary - Scope of the Report
This report examines the market for yogurt and yogurt drinks, both across the U.S. retail
spectrum and worldwide. All retail channels are included in the sales quantification, with
discussion focusing on supermarkets and grocery stores, convenience stores,
supercenters/mass merchandisers, natural food and gourmet/specialty food stores, and
warehouse clubs.
While the report does discuss yogurt in other forms
(such as frozen yogurt, yogurt dips, snacks, etc.) and
in other venues (such as sales in foodservice
channels), the primary focus of the report is
refrigerated yogurt and yogurt drinks at retail.

6. Executive Summary - Report Methodology
The information contained in this report was obtained from primary and secondary
research.
Primary research entailed consultations with yogurt market sources, on-site
examination of retail venues, and fielding a proprietary Packaged Facts online
consumer survey focusing on yogurt product shopper insights.
Secondary research included extensive Internet canvassing and research- and data-
gathering from relevant consumer business and trade publications; company reports
including annual reports, press releases, and investor conference calls; company
profiles in trade and consumer publications; government reports; and other food and
beverage market reports by Packaged Facts.

7. Table 1-1 U.S. Sales of Yogurt, 2008-2012 (in millions of dollars)
Source: Packaged Facts
Year Sales (in millions) % Change
2012 $7,295 6.6%
2011 $6,817 9.0%
2010 $6,203 7.9%
2009 $5,716 3.6%
2008 $5,511 8.0%
Chapter 1 - Size & Growth of the Market

8. Source: Packaged Facts
Chapter 2 - Market Trends
Yogurt is a dynamic category in the United States
continually marked by innovation and reinvention.
The category has seen a monumental transformation
in the last few years.
Dollar sales for yogurt, long dominated by brands such
as Dannon and Yoplait, have shot up in the last five
years, jumping 32% in the last five years alone. At the
same time, unit sales have increased much more
modestly, in the 7-8% range over the last five years.

9. Source: Packaged Facts
Chapter 3 - Greek Yogurt & Beyond
Greek yogurt is sourcing some of its growth from other
categories across the grocery store. That growth is
affecting deli-prepared meals, like soup and salad bars.
People running in to grab lunch in the middle of the day
are increasingly buying Greek yogurt, because of its high
protein content, to replace those items. And it's affecting
center-store items like soup and frozen meals, too.”
(Star-Ledger, May 2012)
“

10. Source: Packaged Facts
Chapter 4 - The U.S. Market: Marketer Profiles
Chobani, Inc.
When one thinks of America’s fastest growing
businesses, one usually thinks of a bleeding edge new
technology company that might be headquartered in
Silicon Valley. Or a company that tries to reinvent how
we shop locally, such as daily deal site Groupon.com. A
yogurt manufacturer isn’t what would come to mind.
Yet Chobani Inc., which was founded in 2005, has
quickly turned the yogurt industry on its head, while
becoming one of the fastest growing businesses in all
of U.S. industry.

11. Source: Packaged Facts
Chapter 5 - The Global Market
Yogurt Sales at $69 Billion Worldwide
Table 5-1 Share of Yogurt Sales by Region, 2012 (percent)

12. Source: Packaged Facts
Chapter 6 - The Consumer
Packaged Fact’s analysis of consumer demographics for yogurt products draws on Simmons’
Fall 2012 National Consumer Study, which is based on 25,564 adult respondents surveyed
from October 2011 through November 2012, as well as previous-year Simmons surveys,
through telephone interviews and mail-in booklets. This survey measures household usage
of standard yogurt brands. The discussion also relies on Packaged Facts’ online consumer
survey of 2,000 U.S. adults, which was conducted in February/March 2013.

13. Table of Content Highlights
 Yogurt Sales Bloom, Thanks to Greek
 Yogurt is Bought In a Variety of Retail Outlets
 Yogurt Sales Rise to $7.3 billion
 Greek Yogurt Fueling Dollar Growth, but Cannibalizing Unit Sales
 Market Share Concentrated Among a Select Few
 Greek Invades Frozen Yogurt
 New Products and Trends Around the World
 Yogurt Percentage Usage Holds Steady; Per Capita Consumption Increasing
View Report

14. For More on this Report and Additional Research
Visit MarketResearch.com
Or call
1-800-298-5699