U.S. yogurt sales are in a multiyear slump—and yogurt companies are scrambling to reverse the trend.
— from Icelandic to Australian to coconut-based — U.S. yogurt sales are in a multiyear slump. Yogurt companies are confident that more new products can boost sales. But some analysts are skeptical, saying larger trends — like growing sales of protein bars — will be hard to turn around.
Chobani — the second-biggest yogurt maker by U.S. market share — thinks innovation can halt that slide. On Monday, the company introduced its first oat-based yogurts, capitalizing on booming sales of oat milk and consumer interest in plant-based eating. The move follows market leader Danone’s introduction last July of oat-based yogurts under its So Delicious brand.
Health and animal welfare concerns are driving some Americans away from dairy altogether. Last week, the nation’s largest milk processor, Dean Foods,McGuinness insists the move isn’t a defensive one, and that Chobani is still bullish on yogurt. The company felt coffee creamers were a good fit since cream is a byproduct of yogurt manufacturing, he said. And the company is convinced that plant-based eating is a trend with staying power.
Bryant agrees that innovation is important, but he said yogurt companies are just taking share from each other since overall sales aren’t growing.
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