The Global Vegan Yogurt Market is estimated to be valued at US$ 4.15 Mn in 2024
The global vegan yogurt market provides numerous health benefits like improved digestion, boosting immunity as well as acting as a probiotic. Vegan yogurt is dairy-free yogurt prepared from plant-based milk like almond milk, coconut milk, soy milk, etc. and is an excellent source of protein, vitamins, minerals and live active cultures.
The global vegan yogurt market is estimated to be valued at US$4.15 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Rising cases of lactose intolerance and milk allergies along with growing veganism are fueling the growth of this market. Vegan yogurt provides similar texture and taste of regular dairy yogurt without comprising on nutrition.
Key Takeaways
Key players operating in the vegan yogurt market are Danone, General Mills, The Hain Celestial Group, DAIYA Foods, Stonyfield Farm and Kite Hill among others. Danone leads the market with its popular brands like Alpro and Provamel vegan yogurts.
The growing demand for vegan dairy alternatives is driving the market for vegan yogurt significantly. Rise in health awareness, focus on ethical and sustainable food choices along with increasingly flexible diets are propelling the demand for Vegan Yogurt Market Growth. Asia Pacific region especially India and China are witnessing highest growth in vegan yogurt consumption.
Technological advancement in yogurt cultures and fermentation techniques are helping manufacturers develop vegan yogurts with similar taste and mouthfeel of dairy yogurts. Use of oat milk, coconut milk and plant derivatives as culture inoculants are improving the texture and thickness of vegan yogurts. New product launches with various flavors and combo packs catering to evolving consumer preferences is another key trend.
Market Trends
Growing demand for clean label and organic vegan yogurt: Consumers are preferring yogurt products made from recognizable ingredients without long lists of additives and artificial preservatives. This is fueling demand for organic and clean label vegan yogurt brands like Kite Hill and Archer Farms.
Increased innovation in vegan yogurt flavors and varieties: To cater varied tastes, manufacturers are launching new innovative flavors like cinnamon roll, coconut cream, blueberry cheesecake etc. Variety packs with combination of flavors and types are also finding favor with consumers looking for exploration.
Market Opportunities
Emerging markets in Asia and Latin America: Countries like India, China, Brazil offer huge untapped market opportunities owing to increasing health consciousness and shifting dietary preferences in these regions.
Growth in foodservice sector: Vegan yogurt is finding increased application in foodservice industry in preparations of salad dressings, dips, smoothies etc. This provides new revenue avenues for manufacturers.
Impact of COVID-19 on Vegan Yogurt Market growth
The COVID-19 pandemic significantly impacted the vegan yogurt market in the initial months. Lockdowns and supply chain disruptions led to a decline in production and sales during early 2020. However, with rising health consciousness and increasing demand for plant-based and organic products among consumers, the market soon witnessed a strong recovery. The pre-COVID sales growth rate of ~4% annually decreased to around 2% in 2020 but rebounded to over 5% in 2021 indicating robust future potential.
The pandemic fueled the preference for immunity-boosting and nutritious foods. Vegan yogurt containing probiotics became highly sought-after as they are dairy-free and help strengthen gut and overall health. Online sales of vegan yogurt surged during the lockdowns as people shifted to e-commerce platforms for grocery shopping. Brands boosted their online presence and delivery capabilities to cater to the changing consumer behavior. With growing risks of contracting coronavirus from animal products, many switched to vegan options believing plant-based to be healthier and more sustainable.
North America remains the dominant regional market for vegan yogurt in terms of value contribution. The U.S. accounts for a major share led by rising lactose intolerance, flexitarian diets and expanding vegan demography. Europe is the second largest market led by countries like the U.K., Germany and France where veganism is increasingly popular. Asia Pacific is poised to be the fastest-growing regional market during the forecast period with demand catalyzed by rapidly health-conscious youth and expanding middle-class. Developing countries like India and China offer lucrative prospects with growing Western influence and indigenous vegan traditions.
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