The vegan yogurt market enables consumers seeking plant-based dairy alternatives that align with their lifestyle values. Yogurt made from plant milks like almond, coconut, soy and oats provide the same texture and nutritional benefits as dairy yogurt, without compromising on taste or experience. With rising awareness about animal welfare and environmental sustainability, vegan yogurt appeals to those wanting to reduce their carbon footprint without sacrificing favorite snack options.
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.
While traditional yogurt is made by bacterial fermentation of milk, vegan yogurt varieties are produced through culturing of non-dairy milks. The end product closely mimics the creaminess and probiotic properties of animal milk yogurt. Rapidly expanding vegan demographics as well as broadening food choices for individuals with dietary restrictions are powering demand.
Key Takeaways
Key players operating in the Vegan Yogurt market are Almond Breeze, Kite Hill, Oatly, Good Karma and Forager Project.With health and environmental consciousness on the rise, more consumers are adopting vegan diets and gravitating towards plant-based substitutes for animal products.
The global vegan yogurt market is expected to reach $6.3 Mn valuation by 2031 due to rising preference for vegan foods aligned with sustainability practices.
Regional expansion of markets in European and Asian countries will further accelerate industry growth over the forecast period through new product development and aggressive marketing campaigns promoting vegan lifestyles.
Market key trends
The transition to plant-based proteins represents one of the major trends in the food industry currently. More food product innovators are developing vegan versions of popular dairy items to cater to flexitarians or those reducing consumption of animal products. The growth in Vegan Yogurt Market Demand in particular has surged dramatically over the past five years buoyed by innovative ingredients and flavor extensions like almond milk vanilla and coconut chia based varieties. As vegan lifestyles become increasingly mainstream, the demand for substitutes across grocery products will remain robust over next decade pushing growth trajectories for vegan yogurt market worldwide.
Porter’s Analysis
Threat of new entrants: Low production cost and high startup cost act as barriers for new companies. Bargaining power of buyers: Large retailers and private labels have bargaining power which can affect profit margins of producers.
Bargaining power of suppliers: Dairy alternative supplies are available from many small regional suppliers minimizing their bargaining power.
Threat of new substitutes: Substitutes like nut based products pose threat to vegan yogurts.
Competitive rivalry: Market is growing rapidly attracting many companies to enter posing threat of price wars.
Geographical Regions
North America holds the major share of the global vegan yogurt market in terms of value primarily attributed to the increased prevalence of veganism and lactose intolerance. The rise in consumer awareness regarding the health benefits of plant-based products drives the demand in the region.
Asia Pacific exhibits the fastest growth for vegan yogurt market owing to growing health consciousness, increasing disposable incomes and rising vegan population in countries like India and China. Developing nations in Asia offer immense potential for market expansion especially due to the preference for dairy alternatives.
About Author - Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile