Vegan yogurt is a dairy-free alternative to conventional yogurt made from plant-based milk such as soy, almond, oat, coconut or rice. It provides similar texture and taste to dairy yogurt but without any animal products.Vegan yogurt offers several health advantages over dairy yogurt as it is devoid of lactose, cholesterol and saturated fats. The growing number of people adopting vegan and flexitarian diets has driven the demand for plant-based dairy alternatives like vegan yogurt.
The 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.
Key Takeaways
Key players- Met Fods, Cocos Organic, Hain Celestial, EasiYo Product Limited, Danone, General Mills Inc., Stonyfield Far, Inc., Daiya Foods Inc.m Good Karma foods, Inc.m Hudson River Foodsm NANCY'S, Kite Hill, COYO Pty lTd., Nush Foods, Chobani, LLC, Barambah Oraganics Pty Ltd., Blue Diamond Growers, Dean Foodsm General Mills Inc., and Granarolo S.P.A. are expanding their vegan yogurt product lines with new flavors and varieties to cater to the evolving tastes of health-conscious consumers.
Growing demand- Rising lactose intolerance, diabetes and other digestive issues have increased the demand for plant-based dairy alternatives like vegan yogurt. Vegan yogurt manufacturers are launching low sugar, soy-free and probiotic-rich varieties to appeal to a wider consumer base.
Global expansion- Major vegan yogurt companies are expanding their production and distribution networks globally especially in Asia Pacific and Europe to tap international growth opportunities. The market is expected to witness high growth in the developing regions due to growing vegan population and increasing awareness about vegan products.
Market key trends
Increasing new product launches catering to on-the-go lifestyles is a key trend seen in the Vegan Yogurt Market Share. Companies are introducing single-serve cups, squeeze pouches and dairy-free probiotic drinks containing vegan yogurt cultures for easy consumption. Another trend is the use of innovative plant-based sources like coconut, hemp and oat to manufacture vegan yogurts aligned with the latest health and wellness trends. With rising experimentation, various flavors like cherry, blueberry and vanilla continue to gain popularity among vegan yogurt consumers globally.
Porter's Analysis
Threat of new entrants: Low investment requirements for manufacturing vegan yogurt but established players hold major market share.
Bargaining power of buyers: Buyers have high bargaining power due availability of substitutes but health concerns drive them to vegan yogurt.
Bargaining power of suppliers: Few suppliers of vegan ingredients leads to high supplier power over price setting.
Threat of new substitutes: Growing popularity of alternative vegan dairy products like plant-based milk threatens vegan yogurt market share.
Competitive rivalry: Intense competition amongst existing vegan yogurt producers to attract health-conscious consumers.
Geographical regions with highest market share in terms of value:
North America dominates the vegan yogurt market owing to growing vegan population. The U.S accounts for over 35% market share primarily due to rising lactose intolerance.
Fastest growing region:
Asia Pacific exhibits most promising growth prospects for vegan yogurt market over forecast period driven by improving living standards in India and China. Increasing Buddhist and Jain population in the region boosting vegan food demand.
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About Author:
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, chemical and materials, defense and aerospace, consumer goods, etc.
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