Vegan Yogurt is Estimated to Witness High Growth Owing to Rising Health Consciousness Among Consumers

Vegan yogurt is a plant-based dairy alternative product offering several nutritional and health advantages over animal-based yogurt. It is typically manufactured using nuts, seeds, coconut or soy as a base and enriched with probiotics and live cultures. Vegan yogurt tastes similar to dairy yogurt but is devoid of lactose, cholesterol and hormones present in dairy yogurt. It aids in maintaining digestive health, supports weight management and boosts immunity. Rising veganism and lactose intolerance across the globe has driven the demand for dairy-free yogurt alternatives.

The global vegan yogurt market is estimated to be valued at US$ 4.15 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the vegan yogurt market are Danone S.A., The Hain Celestial Group Inc, General Mills Inc., Green Valley Organics, Daiya Foods Inc.

Growing health consciousness among consumers along with rising awareness about benefits of plant-based diets provide numerous opportunities for market players to launch innovative vegan yogurts and tap the vegan demographic. Advancements in yogurt making technology and ingredients has allowed manufacturers to offer vegan yogurts that closely mimic the taste, texture and functionality of dairy yogurts, thereby increasing productadoption.

Market Drivers

Rising cases of lactose intolerance, milk allergies as well as innovations making vegan yogurts creamier and tastier is driving the Vegan Yogurt Market Growth. Consumers are increasingly switching to vegan diets owing to health, ethical and environmental concerns which is a major driver. Growing vegan population globally is further fueling the demand for plant-based dairy alternatives like vegan yogurt in the forecast period.

The vegan yogurt market is still facing challenges in terms of product innovation, consumer awareness and availability. While the demand for plant-based products is increasing globally, most consumers are still unaware of vegan yogurt options. Traditional dairy yogurts have been part of daily diets for many years. Educating people about health and environmental benefits of vegan products is crucial. Availability of vegan yogurts across all retail channels also needs improvements. Producing vegan yogurts that match flavors and texture of dairy varieties is another ongoing challenge.

Strength: Vegan yogurts are lactose-free and suitable for people with dairy intolerances. They help address issues like obesity and cardiovascular diseases.
Weakness: Vegan yogurts have lower protein content than dairy yogurts. Varieties made fromcoconut or almond often have an inferior taste compared to dairy.
Opportunity: Rising global health consciousness and expanding vegan demographics offer scope. Innovation in ingredients can boost nutrition levels.
Threats: Stiff competition from established dairy majors who are rapidly entering plant-based space. Supply chain disruptions due to the ongoing pandemic also pose threats.

North America currently holds the major share of the global vegan yogurt market, both in terms of production and consumption. Countries like the US and Canada have seen significant growth due to growing vegan populace and numerous private label offerings.

Europe is the fastest growing regional market for vegan yogurt. Countries including Germany, UK, France and Italy are witnessing higher adoption owing to expanding veganism as a lifestyle trend. Rising plant-based products in retail chains have augmented accessibility.

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