Vegan Yogurt Market

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.

Market Dynamic

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 Product:

• Soy
• Almond
• Rice
• Others

By Distribution Channel:

• Hypermarkets, Supermarkets, & Convenience Stores
• Specialty Stores
• Online

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a 45.1% market revenue share, Asia Pacific dominates the world market for dairy-free yogurt. The potential for expansion is boosted by the population’s rapid growth, an increase in lactose intolerance cases, and rising disposable income.
• The awareness of the abundance of dairy alternatives in North America has raised the growth threshold for vegan products in those nations. Consumers are fueling yogurt demand in the area who are concerned with promoting food security and lowering their risk of illness.

Competition Analysis

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:

• In December 2019, General Mills Inc. introduced a dairy-free yoghurt product range under its Oui brand. Our yogurts come in vanilla, strawberry, raspberry, and mango flavors and are manufactured with coconut milk.
• In March 2022, the AYO firm created a “plain almond milk yogurt” in various flavors to introduce a new plant-based yogurt line. Because the product is created from almonds that have been farmed, it is suitable for vegan or keto diet adherents. The item can also make dips, desserts, or smoothies.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.