Non-dairy Yogurt Market to Cross $10 Billion by 2032, says Global Market Insights inc.
Non-dairy yogurt industry is expected to register 13.5% CAGR between 2023 and 2032 propelled by increasing adoption of vegan lifestyles and the emerging…
Non-dairy yogurt industry is expected to register 13.5% CAGR between 2023 and 2032 propelled by increasing adoption of vegan lifestyles and the emerging popularity of plant-based packaged foods.
Selbyville, Delaware, Dec. 15, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Non-dairy Yogurt Market was estimated at USD 2.5 billion in 2022 and is expected to surpass a valuation of $10 billion by 2032, progressing at a CAGR of 13.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Increasing adoption of vegan lifestyles and the emerging popularity of plant-based packaged foods will augment industry development. Easy availability of more appealing plant-based food and beverage alternatives has encouraged people to switch to a vegan diet. Companies in the food and beverage sector are taking innovative approaches to develop attractive plant-based food alternatives to meet the requirements of their vegan consumer base.
Most customers in this category prefer non-dairy milk alternatives as these beverages have superior nutritional values as compared to traditional milk & milk products. Awareness regarding the benefits of plant-based dairy alternatives could foster the consumption of non-dairy yogurt. Estimates suggest that plant-based dairy alternatives have observed approximately 60% growth since 2013 and are expected to see high demand over the coming years.
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Increasing incidence of lactose intolerance to drive coconut yogurt demand
Based on raw materials, non-dairy yogurt market share from coconut yogurt segment is expected to reach more than USD 3.4 billion by 2032. Coconut yogurt is a good source of prebiotics. It is among the most preferable choice of non-dairy yogurts as it has a rich creamy texture and smooth taste as well as contains minimal protein or calcium and has significantly more fat than dairy-based yogurt.
Coconut yogurt is a viable alternative for consumers that suffer from lactose intolerance as it is lactose-free, has fewer carbohydrates, and is the most digestible non-dairy yogurt compared to others. Incidences of digestive disorders and milk allergies should elevate product demand. In addition, increased consumption of coconut-based products in F&B applications should influence segment share.
Key reasons for non-dairy yogurt market growth:
- Increasing lactose-intolerance.
- Increasing vegan population.
Expansion of distribution channels to foster conventional non-dairy yogurt sales
Non-dairy yogurt market from conventional nature segment is forecasted to record over 12% CAGR between 2023 to 2032. Conventional non-dairy yogurt is prepared by homogenization and fermentation of plant-based milk such as almond, soy, coconut, oat and others. The numerous health benefits of this yogurt include healthy digestion, improve immune system, low risk of type 2 diabetes, and reduce high blood pressure & bad cholesterol. Expansion of distribution channels, such as retail & online stores, should facilitate the sales of conventional non-dairy yogurt. Furthermore, changing consumer behavior toward yogurt flavors, taste, and toppings will support new product developments.
High number of mainstream stores to foster non-dairy yogurt market expansion
Global non-dairy yogurt industry share from mainstream stores is expected to reach more than USD 6.4 billion by 2032. Mainstream stores are large retailers that sell goods sourced from manufacturers or wholesalers to consumers at marked-up prices. Some of the leading mainstream stores include Walmart, Kroger, Albertsons, etc. The increasing number of these stores, such as supermarkets and hypermarkets in urban areas, will facilitate the sales of non-dairy yogurt.
Growing consumers awareness regarding dairy-free yogurt in North America
North America non-dairy yogurt market is expected to be valued at over USD 2.5 billion by 2032. Rising health consciousness among the population regarding the benefits of dairy-free yogurt consumption will boost product uptake. Consumers in the region are gravitating towards a healthy snack option. This trend is accelerating the demand for low-sugar yogurt, new flavors in yogurts, and lactose-free yogurts. Furthermore, increased consumer awareness towards nutrition-enhanced yogurts and consciousness regarding weight management will play a vital role in the industry growth in the region.
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New product launches to stimulate non-dairy yogurt market development
Some of the leading players operating in the global non-dairy yogurt industry include COYO Pty Ltd, Hain Celestial Group Inc, Danone, Blue Diamond Growers, General Mills, Inc, Valio Ltd, Chobani LLC, Nancy’s Yoghurt, Epigamia, Lavva, Felices Las Vacas, Dahlicious, and WHITECUB. Companies are focusing on new product launches to meet consumer expectations and requirements
Partial chapters of report table of contents (TOC):
Chapter 2 Non-dairy Yogurt Market Executive Summary
2.1 Industry 3600 synopsis, 2017 - 2028
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Type trends
2.1.5 Nature trends
2.1.6 Sales channel trends
Chapter 3 Non-dairy Yogurt Industry Insights
3.1 Industry segmentation
3.2 COVID-19 overview of the world economy
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Technology & innovation landscape
3.6 Raw material trends
3.7 Regulatory landscape
3.8 Pricing analysis
3.9 Industry impact forces
3.10 Growth potential analysis, 2021
3.11 Innovation & sustainability
3.12 Porter’s analysis
3.13 PESTLE analysis
3.14 Competitive landscape
3.15 Covid-19 impact on non-dairy yogurt sales channel
Chapter 4 Competitive Landscape
4.2 Company market share analysis by region, 2021
4.3 Competitive analysis of major market players
4.4 Vendor adoption matrix
4.5 Strategic outlook matrix
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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plant-based hain celestial group hain celestial