by The global 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 dairy-free substitute made from plant-based ingredients such as coconut, soy, almonds etc. These yogurts offer similar taste and texture as dairy yogurt but are free from milk, lactose and other animal products. Vegan yogurts are a healthy source of probiotics and nutrients. Growing health consciousness among consumers and increasing cases of lactose intolerance have increased the demand for vegan foods including vegan yogurt.
Market key trends:
The global vegan yogurt market is witnessing robust growth due to increasing vegan population worldwide. According to statistics, around 8-10% of U.S. population identifies themselves as vegan. Rising awareness about various health and environmental benefits of plant-based diet is a key factor driving more people towards veganism. The market players are innovating with various flavor varieties and textures to cater to evolving consumer demands. For instance, oat milk-based yogurt options have gained immense popularity in recent years due to its smooth and creamy texture. Introduction of organic, low sugar and probiotic-rich varieties is another major trend. Stringent regulations pertaining to animal welfare issues have also propelled growth of vegan alternatives like vegan yogurt.
Porter’s Analysis
Threat of new entrants: The vegan yogurt market poses medium threat for new entrants due to high capital requirement for production facilities and established brand loyalty of customers towards existing brands.
Bargaining power of buyers: The bargaining power of buyers is high as vegan yogurts are differentiated products and customers can easily switch to substitute products based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is medium as key ingredients such as soy, almonds and coconuts are agricultural commodities and are available from multiple suppliers globally.
Threat of new substitutes: The threat of substitutes is high with emerging plant-based alternatives such as oat milk and nut milks gaining widespread popularity.
Competitive rivalry: Intense due to presence of global and regional players competing on the basis of new product launches, brand visibility and pricing.
Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth, exhibiting CAGR of 18.5% over the forecast period, due to increasing health consciousness among consumers and growing prevalence of lactose intolerance.
North America dominated the vegan yogurt market in 2023 with a share of over 35%, due to rapid adoption of vegan lifestyle and increasing vegan population in the US and Canada. Europe is another major market for vegan yogurt owing to stringent regulations regarding animal welfare in countries like UK and Germany.
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 companies are focusing on new product launches, innovative packaging and increased accessibility to strengthen their market position.
*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
