Vegan Yogurt Market Is Anticipated To Grow At A Value CAGR Of 5% During The Forecast Period

The global plant-based (vegan) yogurt market is likely to grow at nearly 5% CAGR during the assessment period 2018 to 2028, according to Fact.MR’s analysis. Growing fad of veganism along with increasing preference for healthy food products is anticipated to boost the demand for plant-based yogurt.

According to a study, the number of people who follow a plant-based diet has risen 340% in the U.K. Further, 1.62 million people in the U.S. consider themselves as vegan, as per the Veganbits. As more consumers turn to veganism, demand for plant-based yogurt is likely to witness an upsurge over the upcoming decade.

Growing concerns over dairy-based yogurt due to animal cruelty is another factor anticipated to drive sales of plant-based yogurt in the market. Further, rising incidence of lactose intolerance coupled with surging health consciousness is driving the adoption of vegan food products, fueling sales.

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According to the U.S. National Institute of Health (NIH), nearly 30 million Americans have some degree of lactose intolerance by the time they reach 20 years of age. The level of lactose intolerance in Belgium, Cyprus, Norway, and Netherlands is above 10% according to another report.

Moreover, increasing use of antibiotics and other stimulants to boost milk production artificially will create conducive environment for plant-based yogurt companies. The use of antibiotics is poorly regulated in several countries, creating challenges for food safety.

The surge of antibiotic resistance continues to be a cause of concern for the healthcare community. Plant-based yogurt is devoid of antibiotics and other chemicals which has led to positive perception among consumers. This factor is also likely to provide a boost to plant-based yogurt sales during the assessment period.

Key Takeaways:

• By product type, almond yogurt is likely to be the most preferred flavor as it is low in cholesterol and high in Vitamin E
• In terms of end-use, the household segment accounts for 80% of total sales of plant-based yogurt.
• Asia Pacific excluding Japan (APEJ) is anticipated to be the largest market for plant-based yogurt, with China and India leading the growth through 2022.
• The U.S. plant-based yogurt market is expected to dominate North America during the forecast period with growing trend of veganism in the country.
• The U.K. and Germany are expected to be the most remunerative market in Europe through 2022 & beyond.

Growth Drivers:

• Increasing concern about animal safety and preference for foods that do not involve animal-cruelty is driving the demand for plant-based yogurt
• Rising lactose intolerance is likely to boost the demand for alternative yogurts such as plant-based yogurt
• Concern for antibiotic-free food products is facilitating the demand for plant-based yogurt in the market

Restraints:

• Relatively higher cost of plant-based yogurt than the dairy-based is expected to inhibit the growth in the market.

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Competitive Landscape:

Leading plant-based yogurt market players are focusing on introducing distinctive flavors and formats to create a differentiating image for their brand. They are also investing in endorsements by celebrities who are known for their vegan lifestyle.

Influencer-based marketing is a key strategy for plant-based yogurt market players. Plant-based yogurt manufacturers are also collaborating with end users to create new types of products and gain competitive edge.

For instance,

• In March 2022, AAK, Chr. Hansen, Givaudan, and Ingredion came together to create a plant-based yogurt base. The companies employed plant-based proteins, specialised protein binders, and flavour enhancers to develop the yogurt base
• In November 2021, Danone announced it will be switching dairy factory to plant-based Alpro owing to shifting diets of consumers

Key Companies Profiled by Fact.MR

• General Mills Inc.
• The Hain Celestial Group Inc.
• Danone
• Stonyfield Farm Inc.
• Daiya Foods Inc.
• Good Karma Foods Inc.
• Hudson River Foods
• Nancy’s Yogurt
• Kite Hill
• COYO Pty Ltd

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More Valuable Insights on Plant-based Yogurt Market

In the latest study, Fact.MR offers a detailed study on global plant-based yogurt market for the forecast period of 2018 to 2028. This study also highlights key drivers promoting the sales of plant-based yogurt with analysis across below segments:

By Product Type:

• Soy Yogurt
• Almond Yogurt
• Coconut Yogurt
• Others

By End-use:

• HORECA
• Household

By Sales Channel:

• Direct
• Indirect
  • Modern Trade
  • Convenience Store
  • Specialty Store
  • E-Retailers
  • Other Retail Format

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)