Vegan Yogurt Market Set for Robust Expansion Due to Rising Health Consciousness
The vegan yogurt market comprises products that deliver the taste and texture of dairy-based yogurt while being plant-derived and free of animal products. Vegan yogurts are typically made from coconut milk, almond milk or soy milk and enriched with probiotics for digestive health. The growing preference for plant-based diets and concerns regarding lactose intolerance have boosted demand for vegan yogurt varieties. Enhanced nutrients and environment friendliness are additional advantages further spurring market growth.
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 operating in the vegan yogurt are 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. The key opportunities in the market include product innovations catering to evolving tastes, expansion across developing regions and strategic alliances. Globally, the market is witnessing increased demand across North America and Europe owing to rising health consciousness and vegan populations.
Market drivers: The growing shift towards veganism and plant-based diets on account of health, ethical and environmental reasons are a key driver for the Vegan Yogurt Market Demand. Consumers are increasingly seeking dairy and lactose-free alternatives that provide similar nutrition. The market is also driven by increasing lactose intolerance globally and launch of new flavors and innovative products.
PEST Analysis:
Political: Vegan yogurt production and sale in some regions is subjected to certain regulatory guidelines in terms of ingredients allowed and nutritional labeling requirements. This could impact the availability of certain vegan yogurt variants in those markets.
Economic: Macroreconomic factors like changes in disposable income levels and GDP growth rates impact consumer spending decisions. Demand for vegan yogurt is driven by health conscious consumers and impacts based on economic performance.
Social: Increasing awareness about benefits of plant-based or vegan diets has boosted demand for vegan substitutes like vegan yogurt. Rise of flexitarian or occasional vegan dietary choices influence vegan yogurt consumption.
Technological: Advancements in vegan yogurt formulations help replicate texture and taste of dairy yogurt. Development of protein and probiotic fortified vegan yogurt variants enhance nutrition content attracting more consumers.
North America accounts for the largest share of the global vegan yogurt market in terms of value currently, led by countries like United States and Canada. High awareness regarding veganism and flexible lifestyles has boosted demand here.
Europe is the fastest growing regional market for vegan yogurt projected to expand at over 5% CAGR during the forecast period. Increasing vegan population particularly in countries like United Kingdom, Germany and France presents abundant opportunities. Growth is supported by rising lactose intolerance as well.
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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.