Plant-based Yogurt Market to Register Nearly 5% CAGR Amid Growing Fad of Veganism Among Millennials
NEW YORK, Aug. 11, 2022
Plant-based Yogurt Companies to Introduce New Flavors and Packaging Formats to Boost Brand Presence
The plant-based yogurt market analysis offered by Fact.MR scrutinizes key growth factors impacting the demand in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and sales outlook. In addition to this, the study analyzes latest trends across various segments such as product type, end-use, sales channel, and region.
NEW YORK, Aug. 11, 2022 /PRNewswire/ -- The global plant-based (vegan) yogurt market is likely to grow at nearly 5% CAGR during the assessment period 2018 to 2028, according to Fact.MR's analysis. Growing fad of veganism along with increasing preference for healthy food products is anticipated to boost the demand for plant-based yogurt.
According to a study, the number of people who follow a plant-based diet has risen 340% in the U.K. Further, 1.62 million people in the U.S. consider themselves as vegan, as per the Veganbits. As more consumers turn to veganism, demand for plant-based yogurt is likely to witness an upsurge over the upcoming decade.
Growing concerns over dairy-based yogurt due to animal cruelty is another factor anticipated to drive sales of plant-based yogurt in the market. Further, rising incidence of lactose intolerance coupled with surging health consciousness is driving the adoption of vegan food products, fueling sales.
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According to the U.S. National Institute of Health (NIH), nearly 30 million Americans have some degree of lactose intolerance by the time they reach 20 years of age. The level of lactose intolerance in Belgium, Cyprus, Norway, and Netherlands is above 10% according to another report.
Moreover, increasing use of antibiotics and other stimulants to boost milk production artificially will create conducive environment for plant-based yogurt companies. The use of antibiotics is poorly regulated in several countries, creating challenges for food safety.
The surge of antibiotic resistance continues to be a cause of concern for the healthcare community. Plant-based yogurt is devoid of antibiotics and other chemicals which has led to positive perception among consumers. This factor is also likely to provide a boost to plant-based yogurt sales during the assessment period.
- By product type, almond yogurt is likely to be the most preferred flavor as it is low in cholesterol and high in Vitamin E
- In terms of end-use, the household segment accounts for 80% of total sales of plant-based yogurt.
- Asia Pacific excluding Japan (APEJ) is anticipated to be the largest market for plant-based yogurt, with China and India leading the growth through 2022.
- The U.S. plant-based yogurt market is expected to dominate North America during the forecast period with growing trend of veganism in the country.
- The U.K. and Germany are expected to be the most remunerative market in Europe through 2022 & beyond.
- Increasing concern about animal safety and preference for foods that do not involve animal-cruelty is driving the demand for plant-based yogurt
- Rising lactose intolerance is likely to boost the demand for alternative yogurts such as plant-based yogurt
- Concern for antibiotic-free food products is facilitating the demand for plant-based yogurt in the market
- Relatively higher cost of plant-based yogurt than the dairy-based is expected to inhibit the growth in the market.
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Leading plant-based yogurt market players are focusing on introducing distinctive flavors and formats to create a differentiating image for their brand. They are also investing in endorsements by celebrities who are known for their vegan lifestyle.
Influencer-based marketing is a key strategy for plant-based yogurt market players. Plant-based yogurt manufacturers are also collaborating with end users to create new types of products and gain competitive edge.
- In March 2022, AAK, Chr. Hansen, Givaudan, and Ingredion came together to create a plant-based yogurt base. The companies employed plant-based proteins, specialised protein binders, and flavour enhancers to develop the yogurt base
- In November 2021, Danone announced it will be switching dairy factory to plant-based Alpro owing to shifting diets of consumers
Key Companies Profiled by Fact.MR
- General Mills Inc.
- The Hain Celestial Group Inc.
- Stonyfield Farm Inc.
- Daiya Foods Inc.
- Good Karma Foods Inc.
- Hudson River Foods
- Nancy's Yogurt
- Kite Hill
- COYO Pty Ltd
More Valuable Insights on Plant-based Yogurt Market
In the latest study, Fact.MR offers a detailed study on global plant-based yogurt market for the forecast period of 2018 to 2028. This study also highlights key drivers promoting the sales of plant-based yogurt with analysis across below segments:
By Product Type:
- Soy Yogurt
- Almond Yogurt
- Coconut Yogurt
By Sales Channel:
- Modern Trade
- Convenience Store
- Specialty Store
- Other Retail Format
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Plant-based Yogurt Market:
- What is the projected value of the plant-based yogurt market in 2018?
- At what rate will the global plant-based yogurt market grow until 2028?
- Which are the factors hampering the growth in the plant-based yogurt market? Which region is expected to lead in the global plant-based yogurt market during 2018-2028?
- Which are the factors driving the plant-based yogurt market during the forecast period?
- What is the expected market value of the plant-based yogurt market during the forecast period?
Explore Fact.MR's Coverage on the Vegan & Plant-based Industry
Plant-based Supplement Market: The global plant-based supplement market is likely to grow at a steady pace during 2022-2032 on account of increasing preference for safe supplements. North America is likely to be a leading exporter of plant-based supplements over the forecast period, opines Fact.MR.
Plant-based Cheese Market: The global plant-based cheese market is set to grow at 15.5% CAGR between 2021 and 2031. Growing preference for low-calorie cheese along with lactose intolerance is likely to boost sales of plant-based cheese over the forecast period.
Plant-based Breads Market: The global plant-based breads market is likely to grow at over 7% CAGR during the forecast period 2021-2031. Increasing trend of veganism and growing concerns for animal cruelty is one of the key factors spurring the sales in the market.
Vegan Supplements Market Share & Trends: In Europe, around 1% of consumers claims to be vegan while near about 3% are vegetarian. Yet the vegan supplements market is trending heavily in Europe with growing consumer emphasis on improving their quality of life.
Vegan Egg Market: Sales of vegan eggs will represent approximately 2%-5% of overall demand in the global plant-based food market. In 2021, sales of vegan eggs in North America are expected to be valued at US$ 476.6 Mn, accounting for approximately 32% of global sales.
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