U.S. yogurt sales are in a multiyear slump – and yogurt companies are scrambling to reverse the trend.
Market research company Mintel says U.S. yogurt sales peaked at nearly $9 billion in 2015. They’re expected to fall to $8.2 billion this year and fall another 10% by 2024.
Yogurt companies say new products can reverse the trend. On Monday, Chobani announced new oat-based yogurts. But it’s also hedging its bets and launching its first non-yogurt products. Chobani oat drinks and dairy creamers are due out in January.
Mintel says yogurt is competing with other breakfast products, like protein bars and nutrition shakes.
Yogurt makers need to attract new buyers and convince U.S. consumers to use yogurt beyond breakfast to see sales rise.