March 23, 2023

The global vegan yogurt market size was valued at USD 2.12 billion in 2021. The market is expected to grow from USD 2.56 billion in 2022 to USD 9.58 billion by 2029, exhibiting a CAGR of 20.62% during the forecast period. Increasing vegan culture and rising lactose intolerant population is expected to enhance the market growth. Fortune Business Insights™ shares this information in its report titled “Vegan Yogurt Market, 2022-2029.

List of Key Players Profiled in the Report

  • Danone S.A. (France)
  • General Mills Inc., (U.S.)
  • Oatly A.B. (Sweden)
  • Forager Project (U.S.)
  • Coyo Pty Ltd (U.S.)
  • Nancy’s Probiotic Foods (U.S.)
  • Chobani Global Holdings (U.S.)
  • Kite Hill (U.S)
  • Daiya Foods Inc. (Canada)
  • GT’s Living Foods LLC (U.S.)

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Almond Segment to Lead Backed by its High Nutritive Value

By source analysis, the market is segmented into almonds, soy, oats, and others. The almond segment is expected to lead due to the rising awareness regarding its nutritive properties.

Supermarkets/Hypermarkets Segment to Dominate Owing to its Convenience

As per distribution channel, the market is classified into supermarkets/hypermarkets, convenience stores, online sales channels, and others. The supermarkets/hypermarkets segment is expected to dominate due to its shopping convenience.

Regionally, the market is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Drivers and Restraints

Rising Product Launches in Numerous Flavors to Propel Market Progress

Vegan yogurt is made from almond, oat, coconut, or soy. The rising emergence of vegan population has accelerated the demand for alternatives. Furthermore, the increasing prevalence of lactose intolerance among consumers has enhanced the demand for vegan yogurt. Moreover, increasing product launches in numerous flavors is expected to enhance the industry’s progress. For example, in October 2020, Soyarich Foods announced its novel plant-based alternative “Yofu”in apple cinnamon, cherry, and mango flavors. The yogurt contains actual fruit pulp with no preservatives or colors. These factors may propel the vegan yogurt market growth.

However, poor manufacturing practice and high costs are likely to hamper market growth.

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Regional Insights

Rapidly Increasing Population to Propel Market Growth in Asia Pacific

Asia Pacific is expected to dominate the vegan yogurt market share due to rising population. The market in Asia Pacific stood at USD 963.05 million in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, increased cases of lactose intolerance and increasing disposable incomes are likely to foster the demand for vegan yogurt. These factors may enhance the industry’s progress.

In North America, increasing awareness regarding dairy substitutes are likely to foster the industry’s progress. Furthermore, the rising demand for vegan products may boost market growth.

In Europe, increasing focus on the consumption of eco-friendly, sustainable, and innovative products are likely to boost the demand for vegan yogurt. These factors may propel market progress.

Competitive Landscape

Major Players Launch Novel Products to Enhance their Brand Image

The prominent companies operating in the market deploy novel product launches to enhance their brand image. For example, AYO announced a novel plant based yogurt range in March 2022 by forming a novel “plain almond milk yogurt” in several flavors.  It is made using almonds and can be used to produce desserts, dips, or smoothies. This strategy may allow the company to enhance their brand image globally. Further, major players deploy acquisitions, mergers, partnerships, novel product launches, innovations, research and developments, and industrial automation to enhance their market position and achieve organizational goals.

COVID-19 Impact

Increasing Awareness Regarding the Health Benefits of Vegan Yogurt Bolstered Market Progress

This market was negatively affected during the COVID-19 pandemic due to rising awareness regarding the health benefits of vegan yogurt. The alarming spike in COVID-19 infections led to the closure of several manufacturing facilities, thereby disrupting supply chain. Furthermore, restrictions on transport and travel led to raw material shortage. However, the adoption of online retail and industrial automation acted as key components in favor of this industry. These factors facilitated industry growth during the pandemic.

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Key Industry Development

  • June 2022- So Delicious announced its novel coconut milk yogurts infused with botanical extracts also containing organic coconut and live probiotics. The product is available in 3 flavours mango with ginger, turmeric extracts, mixed berry with chamomile extracts, and elderberry extract.

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