The global Vegan Yogurt Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 18.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Vegan yogurt is a plant-based dairy alternative made from ingredients such as almond, coconut, soy, and rice milk. It provides similar texture and taste to dairy yogurt while being free from animal products. Vegan yogurt is healthier option for consumers seeking dairy-free foods due to lactose intolerance or other health conditions.
Market key trends
Rising health consciousness among consumers and preference for plant-based products with inherent health benefits have augmented the growth of the global vegan yogurt market demand. According to recent survey, over 30% of U.S. consumers now prefer vegan food items for perceived wellness and environmental sustainability attributes. Innovation of new flavors and fortification of vegan yogurts with probiotics and prebiotics to enhance their nutritional profile have also contributed to the market growth. Furthermore, improving production technologies and increasing investments by major players have enabled mass production of vegan yogurt at affordable prices.
SWOT Analysis
Strength: Vegan yogurt is lactose and dairy free, making it suitable for individuals with dairy allergies or intolerances. It offers similar taste and texture to dairy yogurt.
Weakness: Vegan yogurt made from plant-based alternatives like soy, coconut, almonds etc. lack some important nutrients found in dairy yogurt. Production of some plant-based yogurts require more resources compared to dairy.
Opportunity: Rising demand for plant-based and vegan food products driven by health, ethical and environmental concerns present an opportunity for vegan yogurt market. Wide acceptance among flexitarians and Generation Z is boosting the market.
Threats: Stiff competition from dairy yogurt and other dairy alternatives like plant-based milks act as a threat. Fluctuation in prices of key plant-based ingredients can impact profitability.
Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth, exhibiting CAGR of 18.5% over the forecast period, due to increasing health consciousness among consumers. Rising lactose intolerance and milk allergy cases is further fueling the demand.
Regional analysis
North America currently dominates the vegan yogurt market and is expected to continue its dominance through 2030.growing vegan population in the US and Canada is driving higher consumption of plant-based products. Europe is another major regional market attributable to increasing health awareness regarding dairy product consumption in the region.
Key players
Key players operating in the vegan yogurt market are Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.P.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone), Danone S.A., Oatly A.B., Forager Project, Coyo Pty Ltd., Chobani Global Holdings, and Kite Hill. These players are focusing on new product launches and facility expansion to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it