Vegan yogurt is a plant-based dairy alternative made from plant-based milk such as soy milk, coconut milk, almond milk or rice milk. These dairy free yogurt are a great source of probiotics similar to regular yogurt and are cholesterol free. Vegan yogurt products provide a creamy and tart texture similar to dairy yogurt and also offer various flavors like vanilla, strawberry and blueberry. The rising demand for dairy free and plant-based products due to lactose intolerance, veganism, allergies and increasing health consciousness is fueling the growth of the vegan yogurt market.
The Global Vegan Yogurt Market is estimated to be valued at US$ 4.15 Mn 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 Met Fods, Cocos Organic, Hain Celestial, EasiYo Product Limited, Danone, General Mills Inc., Stonyfield Far, Inc., Daiya Foods Inc.m Good Karma foods, Inc.m Hudson River Foodsm NANCY’S, Kite Hill, COYO Pty lTd., Nush Foods, Chobani, LLC, Barambah Oraganics Pty Ltd., Blue Diamond Growers, Dean Foodsm General Mills Inc., and Granarolo S.P.A.
The key opportunities in the Vegan Yogurt Market Demand include expansion in new regions, wider availability across retail channels and introduction of new innovative product formats and flavors. The market is also witnessing increased adoption of plant-based probiotic vegan yogurts.
The rising consumer preference for lactose and dairy-free products is fueling innovations in vegan yogurts using advanced soy, coconut, almond and oat milk formulations. The market growth is further supported by the increasing popularity of veganism and growing health consciousness among consumers.
Market drivers
The global vegan yogurt market is driven by the rising incidences of lactose intolerance, milk allergies coupled with growing vegan population worldwide.According to statistics, over 68% of the world’s adult population is lactose intolerant.Also,the rising cases of obesity and heart diseases have encouraged consumers to shift to healthier plant-based alternatives like vegan yogurt.Moreover,growing concerns regarding animal welfare and environmental sustainability have boosted the demand for vegan dairy products including yogurt. Changing consumer lifestyles and increasing willingness to pay premium prices for ethically sourced vegan products are also propelling the vegan yogurt industry growth.
Current challenges in the Vegan Yogurt Market
The vegan yogurt market is still in the nascent stage of development and faces several challenges. The taste and texture of plant-based yogurts are still not at par with traditional dairy-based yogurts. Developing vegan yogurts that can match the sensory properties of dairy yogurts is a major challenge. Moreover, the shelf life of vegan yogurts is relatively lower compared to dairy yogurts. Improving the shelf life without compromising on taste is another issue confronting players in this market. High production costs make vegan yogurts more expensive than regular yogurts. Bringing down costs to make plant-based yogurts more affordable is crucial for driving wider consumer adoption. Lack of awareness among consumers about the health benefits of vegan yogurts also acts as an impediment for market growth. Extensive promotional and marketing campaigns are needed to create more awareness.
SWOT Analysis
Strength: Growing health consciousness among consumers is driving demand for vegan and plant-based products. Increasing prevalence of lactose intolerance and milk allergies is benefiting sales of vegan yogurts.
Weakness: Taste and texture profiles of vegan yogurts are still inferior to dairy yogurts. High production costs make plant-based yogurts more expensive.
Opportunity: Rising vegan population worldwide presents vast opportunities for yogurt manufacturers to expand their product portfolio. Innovation in formulations and introduction of new flavors can attract more consumers.
Threats: Stiff competition from established dairy yogurt brands poses pricing challenges. Shift in consumer preferences can impact demand for vegan yogurts.
Geographical regions with highest market share
Asia Pacific accounts for the largest share of the global vegan yogurt market, both in terms of production and consumption. Countries like India, China, Japan, and Australia have seen rising adoption of vegan diets in recent years. This makes Asia Pacific a lucrative regional market. North America is another major region driven by increasing lactose intolerance, milk allergies, and veganism. The US and Canada dominates the North American market.
Fastest growing region
Europe is expected to witness the fastest growth in the vegan yogurt market over the forecast period. This can be attributed to growing vegan population and awareness about animal welfare in European countries. Moreover, the presence of stringent environmental and ethical regulatory frameworks makes Europe an early adopter of vegan products. According stringent guidelines help manufacturers launch sustainable and innovative vegan products to cater to evolving consumer preferences.The region’s increasing concern about sustainability also augurs well for its vegan yogurt market.
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About Author:
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.
