by The Vegan Yogurt Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 18.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegan yogurt is a plant-based alternative to dairy yogurt typically made from soy, coconut, almonds or oats. It offers the same texture and taste of traditional yogurt but is devoid of dairy and lactose. Vegan yogurts are gaining popularity among health-conscious consumers as a nutritious snack or dessert. They provide digestive-boosting probiotics along with nutrients like protein, calcium and vitamins. Popular vegan yogurt flavors include vanilla, strawberry and blueberry.
Market Dynamics:
Rising health consciousness and awareness about dairy-free and plant-based diets are driving the demand for vegan yogurt. Consumers are increasingly opting for vegan products to maintain a healthy lifestyle and for ethical or environmental reasons. This has encouraged food companies to innovate and offer varied plant-based yogurt options. Additionally, improved texture and taste of vegan yogurts compared to early versions is attracting even non-vegan consumers.
Changing dietary preferences of millennials along with growing vegan population worldwide are expected to boost the market over the forecast period. Innovative products fortified with superfoods, additional probiotics or lower in sugar will also support the market growth. However, high costs of vegan products compared to regular dairy yogurts may limit their mass adoption to some extent.
Segment Analysis
The vegan yogurt market share can be segmented into dairy-free yogurt and dairy-free probiotic yogurt. Dairy-free probiotic yogurt dominates the market as it provides additional health benefits of probiotics. Probiotics help maintain a healthy balance of gut bacteria and keep the digestive system functioning well. This drives the demand for dairy-free probiotic yogurt among health-conscious consumers.
PEST Analysis
Political: Rise in awareness about animal welfare and environment protection has led many governments to support and promote plant-based food products.
Economic: Growing health consciousness and disposable income have encouraged people to spend more on natural and organic food items like vegan yogurt.
Social: Changing lifestyles, importance given to ethics of non-dairy diet, and rise of flexitarianism propel the demand for vegan yogurt from social media influencers.
Technological: Advancements in food science have enabled manufacturers to produce vegan yogurt that mimics the taste, texture and mouthfeel of dairy yogurt using plant-based ingredients.
Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing awareness about health benefits of plant-based foods. The market size is projected to reach US$ 9.6 Bn by 2030 from US$ 3.6 Bn in 2023.
North America dominates the vegan yogurt market owing to rising vegan population and increasing lactose intolerance. Europe follows next on account of burgeoning health-conscious demographic. However, Asia Pacific is expected to showcase the fastest growth during the analysis period backed by growing urbanization and changing dietary habits in countries like India and China.
Key players operating in the vegan yogurt market are Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.P.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone), Danone S.A., Oatly A.B., Forager Project, Coyo Pty Ltd., Chobani Global Holdings, and Kite Hill. These players are focused on product innovation and strategic partnerships to strengthen their foothold in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
