by Vegan yogurt is essentially made from plant-based milk substitutes like coconut, almond or soy milk which is fermented using live active cultures. It provides similar texture and nutritional benefits as dairy yogurt, however it is lactose and dairy free. Vegan yogurt serves as an alternative for the global consumers shifting their preference to plant-based diet and products. It provides probiotics, vitamins, proteins and other nutrients for overall health and wellness.
The vegan yogurt market is estimated to be valued at US$ 3.6 Bn or Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fueling the vegan yogurt market is rising awareness about benefits of plant-based diet and lifestyles. Various health benefits associated with plant-based products such as reducing risk of chronic diseases, weight management, improved digestion etc. is attracting consumer attention. Additionally, rising vegan population across the globe due to concerns for animal welfare and environment sustainability is also driving the demand for vegan alternatives like yogurt. Furthermore, innovations like new flavors, textures and product forms with added functional ingredients are helping vegan yogurt gain wider consumer acceptance. On the supply side, established dairy players are adding vegan yogurt lines to leverage the market opportunity.
Segment Analysis:
The global vegan yogurt market demand can be segmented by distribution channel, product type, source, and flavor. The supermarket and hypermarket segment is dominating the market with highest market share. Supermarkets and hypermarkets offer the largest variety of products which attracts more consumers. Moreover, increased footfall and impulse purchases also contributes to its leading position.
PEST Analysis:
- Political: Changing regulations regarding dairy production and animal welfare are positively impacting the vegan yogurt market growth. Several countries have banned the use of antibiotics in dairy farming.
- Economic: Rising disposable income and health consciousness among consumers is fueling the demand for vegan yogurt. Increase in lactose intolerant population worldwide also supports the market growth.
- Social: Rapid adoption of vegan lifestyles due to animal ethics and health benefits is a key factor driving the vegan yogurt market. Growing popularity of plant-based diets especially among millennials and generation Z further augment the market expansion.
- Technological: Manufacturers are focusing on innovative formulations to provide authentic dairy-like texture and flavor in vegan yogurt products. New variety of ingredients like coconut, almond, soy, etc. are explored to cater diverse consumer bases.
Key Takeaways:
The Global Vegan Yogurt Market Demand is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing health consciousness and adoption of vegan lifestyles worldwide. The market size for global vegan yogurt is estimated to reach US$ 6.3 Bn by 2030.
The Asia Pacific region is projected to be the fastest growing market for vegan yogurt during the forecast period. Increasing lactose intolerance, focus on plant-based diets and improving living standards are fueling the product demand in India and China. Moreover, regional players are introducing innovative flavors to attract health-savvy consumers.
Key players operating in the vegan yogurt market are Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), 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 companies focus on strategic acquisitions and new product launches to expand their market reach. For instance, General Mills Inc. acquired vegan food brand Kite Hill in 2017 to enhance its plant-based portfolio.
*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
