The market is expected to generate an incremental $ opportunity of US$ 4,486.7 Mn between 2022 and 2032
Category: Food & Beverages Published Date : October 2022 ID: 361 Format: PDF Pages: 320
Plant-based Yogurt Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Plant-based Yogurt Market grew at a CAGR of 10.6% between 2017-2021 and is estimated to be US$ 1897.4 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 12.9% and is expected to reach a valuation of US$ 6,384.1 Mn by 2032 end.
The market for plant-based yogurt, which was previously thought to be in its infancy, has recently experienced a surge, partly due to flexitarians, who alternate between eating dairy and non-dairy products. These yogurts now taste much better, with more flavor options than before.
TASTE FOR EXOTIC AND NOVEL FLAVORS TIPS THE SCALES IN FAVOR OF PLANT-BASED YOGURT
Traditional flavors are losing their appeal to consumers more quickly than anticipated. They want more indulgent experiences, and they won’t probably be afraid to try new and unusual flavors. Their bold decisions have given rise to several developments in plant-based products and improved ingenuity to satisfy sweet needs.
The cultured dairy industry is expanding and becoming more congested than ever on the shelves. The market for plant-based yogurt is positioned to expand and grow due to several intriguing developments that have emerged over the past few years.
Health professionals praise the advantages of eating cultured yogurt, including improved gut health and weight management. The addition of fresh flavors to plant-based goods helps with this.
HIGH COST & POOR MANUFACTURING PRACTICES TO CURB GROWTH POTENTIAL
By merely adopting the popular veganism practice, the global food industry has undergone one of the most profound cultural shifts in recent years. The number of vegans is growing, ranging from middle-class members to well-known athletes or celebrities.
Due to shifting consumer attitudes regarding food and the environment, these situations have enabled dairy-free producers to focus more on “better for you” goods. The largest consumer base comprises the Gen Z or millennial generation, which will drive rapid expansion. Many businesses are also reacting to the growing veganism trend, which is spearheaded by the younger generation.
SURGING OPPORTUNITIES FOR THE MARKET PLAYERS TO EXPAND IN UNTAPPED MARKETS
In contrast to wealthy nations in North America and Europe, the vegan market is still in its early stages in many other countries. In industrialized nations, popular yogurt flavors like chocolate, strawberry, and blueberry are launched. The tendencies are different in developing nations where the market is in its infancy. Trends in terms of the source are emerging in these developing regions. In developing countries, soy is the most popular vegan food ingredient because customers are unaware of alternative options like rice, oats, and peas. By making significant investments in the domestic R&D divisions of the corporations, new and appealing flavors can also be introduced in these new areas.
Market Segments Covered in Report
By Distribution Channel:
By Price Range:
By Region and Country:
Which is the most important product segment in the Plant-based Yogurt market?
The soy section was responsible for the largest portion of revenue. Consumers are becoming increasingly interested in plant-based foods, especially dairy substitutes like soy yogurt. In addition, compared to yogurt made from milk, these yogurts made from seeds are a fantastic source of protein. Yogurt made from soybeans lowers blood sugar and cholesterol levels. These advantages are increasing consumer demand for vegan products made from soy, which is boosting the market.
Which distribution channel is expected to expand the fastest during the forecast period?
Over 50.0% of sales were generated by supermarkets, hypermarkets, and convenience stores. Global grocery store chains operated by Walmart, Target, 7Eleven, SPAR, Aldi, Carrefour, and Lidl have a sizable client base. For instance, the Target Inc. official website states that approximately 26 new locations are anticipated to be opened nationwide. Consumers’ growing choice is also driving the market for non-dairy yogurt. Over the projected term, it is expected that these consumer patterns will keep this distribution channel in the lead.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The world market for plant-based yogurt has become extremely consolidated due to multiple behemoths. Increasing their portfolio and growing their distribution networks are two important techniques businesses use to become more competitive. The global market is growing at a remarkable rate due to multinational corporations focused on acquiring and establishing production facilities in developing nations.
The majority of businesses greatly value taking a consumer-centric approach. For instance, a good plan and research into consumer behavior patterns guide product introductions. In light of this, more businesses are incorporating exotic ingredients into non-dairy yogurts.
Some of the key developments that have taken place in the Plant-based Yogurt Market include the following:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Distribution Channel, Nature, Flavour, Price Range, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|