Vegan Yogurt Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Vegan Yogurt Market grew at a CAGR of 11.6% between 2017-2021 and is estimated to be US$ 1,987.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 12.3% and is expected to reach a valuation of US$ 6,340.2Mn by 2032 end.
The global millennial trend toward dairy-free products is predicted to increase demand for plant-based health items like vegan yogurt. Due to the rising prevalence of illnesses, such as milk allergies, in the general populace of industrialized countries in North America and Europe, consumers have also been spending more on plant-based goods. Some regulatory bodies have supported the creation and consumption of vegan products during the past few years.
The American Food and Drug Administration (US FDA) has made plans to encourage innovation in producing a variety of dairy substitutes, including vegan yogurt and other plant-based goods. The European Commission also sought to provide producers with appropriate recommendations to boost output in processing milk substitutes.
PRODUCT LAUNCHES IN EXCITING FLAVOR CATEGORIES TO DRIVE MARKET GROWTH
The consumer’s interest in conventional goods has been dwindling more quickly than ever in recent years, increasing the potential for operating companies to introduce novel or ground-breaking plant-centric products to the markets. People living in nations and areas like the United States, the United Kingdom, India, Germany, Argentina, and many others rigorously adhere to the vegan trend, ascribed to the region’s burgeoning need for foods with unusual flavors or textures.
The startups or other newcomers intend to expand their product line and pursue the creation of environmentally friendly goods. They also expect the market for vegan goods to grow in the coming years.
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 emerging 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. However, producers in poorer nations are entirely focusing on primary plant-based yogurts to make consumers aware of their products in the market. Hence, opportunities also lie in collaborating with domestic market players to use their distribution channels and knowledge about domestic markets to enter the untapped markets and strengthen the market position.
Market Segments Covered in Report
By Distribution Channel:
By Region and Country:
Which product is the most preferred?
Due to the rising use of almonds in creating various vegan products, it is predicted that the almonds category will account for the greatest revenue share. The accessibility of almonds and customer knowledge of the nutritional benefits of almond milk aids the development of almond-based yogurt in the vegan market.
The need for plant-based components in vegan products is rising due to the growing demand for nutritious, wholesome, and animal welfare-friendly dairy alternatives. Almonds’ lower calorie count and greater consumer acceptance compared to other nuts also help to drive the almond segment’s market revenue.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Important businesses have introduced cutting-edge products to diversify their product lines and customer bases. Companies have recently invested in the internet distribution channel to expand their consumer access.
The recent developments in the Global Plant Based Meat Market:
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, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 12.3%.
Product launches in exciting flavor categories to drive market growth
Major global Plant Based Meat Market players are Hain Celestial, Danone, General Mills Inc., Stonyfield Farm, Inc., Daiya Foods Inc, Good Karma Foods, Inc., Hudson River Foods, NANCY’S, Kite Hill, COYO Pty Ltd., Chobani, LLC
High cost & poor manufacturing practices to curb growth potential
Asia Pacific Region is expected to account for the largest market revenue share in the Global Plant Based Meat market.
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