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The vegan yogurt market size was USD 2.12 billion in 2021. The market is projected to grow from USD 2.56 billion in 2022 to USD 9.58 billion by 2029, exhibiting a CAGR of 20.62% during the 2022-2029 period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the market share had exhibited a growth of 25.45% in 2020 as compared to 2019.
This market is witnessing proliferating growth, owing to the rise in vegan culture and the need to replace dairy products with alternative plant-based yogurt. The plant-based yogurt has high market potential, attributed to the upsurging concerns for the environment and the health benefits of plant-based protein, further generating growing momentum across the globe. In addition, the growing lactose-intolerant population, especially in the European & Asian regions, & growing expenditure on plant-based products, such as hemp milk-based yogurts or flax seed yogurt, also drives the vegan yogurt market growth of vegan yogurts segments.
Striving Demand for Dairy-Free Yogurt and its Health-Promoting Factors, Promotes the Market Growth
The vegan products market has evolved daily, mainly due to the rising customer preferences for plant-based diets. The growing spectrum from both ends of customers and manufacturers is creating a path for the growth of plant-centric products around the globe. In addition, apart from its health benefits, the subtle texture, consistency flavor, is also helping the company to increase its penetration rate in the upcoming period. But, since the pandemic phase, the ever-increasing number of vegan consumers is largely seeking wholesome & safe products, contributing to vegans yogurt's stellar growth. The fear of contracting the viral disease, which poses stringent restrictions on individuals in terms of food consumption, further aggravates the demand for vegan products, including vegan yogurt in the market.
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Surging Opportunities for the Market Players to Expand in Untapped Markets
The vegan market is still in its initial stage in many countries, while it is a well-established market in developed countries of North America and Europe region. In developed countries, trendy flavors are introduced in the yogurt category, such as chocolate, strawberry, and blueberry. Whereas in developing countries where the market is in the initial stage, the trends differ. In these developing regions, trends are emerging in terms of source. Soy is the most consumed source of vegan food in developing regions as consumers are not aware of other sources such as rice, oat, and pea. New and attractive flavors can also be introduced in these new markets by investing extensively in the domestic R&D departments of the companies. However, in developing countries, the manufacturers are entirely focusing on primary plant-based yogurts to make consumers aware of their products in the market. Hence, opportunities also lie in collaborating with domestic market players to use their distribution channels and knowledge about domestic markets to enter the untapped markets and strengthen the market position.
Product Launches in Exciting Flavor Categories to Drive Market Growth
Over the last few years, the consumer's interest in conventional products has been fading faster than ever, thus increasing the number of opportunities for the operating players to launch unique or innovative plant-centric products in the markets. The individuals residing in the countries & regions, such as the U.S., U.K., India, Germany, Argentina, and many others, strictly follow the vegan trend, attributed to the flourishing demand for varied flavors, or unfamiliar products, in the region. The startups, or other emerging players, are planning on strengthening their product portfolio and aiming to develop sustainable products. They are further anticipating the growth of vegan products in the next few years.
Furthermore, the Health Experts are also engaged in spreading awareness about the benefits of cultured yogurts, such as improved gut health or weight management, which is also found to be effective for the growth of the dairy-alternatives. Apart from yogurts, companies such as Notiva or Evolved Foods are also working towards enhancing their product portfolio by offering vegan ghee or plant-based meat to suffice the population's emerging demands. The sudden switch in the customer's diet towards vegan food leads to the increased demand for new tastes in the yogurt category, such as fruit-flavored yogurts. Such advances in the product launch with various exciting flavors have emerged as one of the major trends attracting a huge number of consumers towards plant-based yogurt, and will help the market prosper in coming years.
Growing Number of Vegan Population to Boost Market Growth
The plant-based products market is strongly flourished due to the facilitating demand for multiple dairy alternative foods and beverages across the globe. Nowadays, Veganism has not just remained a dietary choice but also appears to be an element of a growing social movement related to animal welfare, animal rights, and sustainability. While veganism is growing with the passing days, it still covers approximately 1% of the global population.
However, since the COVID-19 pandemic, a growing graph has been observed in the growth of the vegan population and flexitarians. Moreover, developed regions, such as the U.S., Asia Pacific, or the U.K., widely accept the veganism culture. Thus, Indian companies such as Epigamia or Axia Foods are investing in developing coconut yogurt, further captivating the customer's attention across the region. In addition, food scientists believe that a vegan diet may be beneficial as a functional nutritional therapy in treating metabolic syndrome-related conditions such as obesity, cardiovascular disease, and diabetes, and protecting against inflammatory diseases.
High Cost & Poor Manufacturing Practices to Curb Growth Potential
The global food business has experienced one of the most significant cultural developments of recent years by solely adapting the trending veganism custom. The number of vegan population is prevalent and includes the middle-class population to famous celebrities or athletes. Such instances have helped dairy-free manufacturers to concentrate more on "better for you" products, due to the changing customer attitudes, towards food and the environment. The rising Gen Z or millennials make up the largest consumer base, thus leading the way towards enormous growth. The companies are also widely responding to the driving veganism movement, led by the younger generation.
The vegan business has observed a sudden spike, especially during COVID-19, as various slaughterhouses or meat plants were forcefully shut due to the high rates of spreading infection among the workers. Thus, this results in a shortage of animal-based products and a growing surge in vegan sales. However, to maintain their health, the customers face the threat of "high-manufacturing cost" of vegan products. Vegan products, especially yogurt, ice creams, and dairy-related products, need a controlled temperature environment to be of good quality. Still, many distributors and suppliers in African and Asian countries do not have access to low-cost, temperature-controlled transportation systems in the domestic markets. In addition, another factor hampering the market growth in developing and underdeveloped countries is the high cost of vegan yogurt products. Hence, these factors often pose difficulties for market players to expand across states and showcase their products in retail stores.
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Almonds Segment to Dominate the Dairy-Free Yogurt Market Attributed to its High Nutritive Value
Based on type, the market is segmented into four-sub types such as almonds, soy, oats, and others (flax, hemp, coconut, rice and pea). Out of all, the almonds segment is anticipated to hold the largest revenue share due to the increased usage of almonds in the preparation of various vegan products. The easy availability of almonds and awareness among consumers about the nutritional properties of almond milk aids the way towards the growth of the almond-based yogurt in the vegan industry. The flourishing demand for healthy, nutritious, and animal-welfare-friendly dairy substitutes is fueling the demand for plant-based ingredients in vegan products. In addition, the low-calorie content and higher acceptance of almonds, as compared to any other nut, also propels the market revenue of the almond segment.
The soy segment is also witnessing a steady growth in the consumption pattern, primarily due to the outgrowing demand for soy milk or soy-based products in developing countries. The consumption of soy has always been prominent due to its easy abundance, affordability, and rising health-imparting properties which poses a way for the growth of the soy-based yogurt segment in the vegan yogurt category. Soy-based products such as soy yogurts are widely consumed, thus necessitating the manufacturers to develop clean label products for the arising individuals.
Supermarkets/Hypermarkets Emerges as the Easiest Purchasing Option
Based on distribution channel, the market is distributed into four segments; supermarkets/hypermarkets, convenience stores, online sales channels, and others. The supermarkets/hypermarkets segment is expected to hold the largest market revenue share in 2021. Consumers experience a good assortment of goods in supermarkets and may choose from various product variants, thus making supermarkets a very convenient destination for purchase. In addition, the bulk purchasing option, and the rising awareness about the new brand or product launch, under one roof also proliferates the growth of the supermarkets/hypermarkets segment.
Asia Pacific Vegan Yogurt Market Size, 2021 (USD Million)
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Asia Pacific holds the maximum revenue share in the global dairy-free yogurt market. Factors such as the rapidly increasing population, increased cases of lactose intolerance, and rising disposable income prove beneficial for the growth potential. In addition, concerns regarding calorie intake and health disorders such as obesity, or hypercholesterolemia, also influence consumers to shift towards vegan products, which helps the growth of the market revenue of vegan yogurt. Customers who are aware of the nutritional attributes of dairy alternatives have already swapped to the evolving vegan culture.
In North America, the knowledge about the plethora of dairy substitutes has raised the growth bar for vegan products in countries of North America. The consumers in the region are focused on supporting food security and minimizing the risk of health illness, fueling the demand for vegan products, including yogurts.
In Europe, the population strictly focuses on consuming innovative, eco-friendly, or sustainable products, which is responsible for generating profit for vegan yogurt in the region.
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In South America, the demand for vegan yogurt is gradually rising due to the growing initiatives that completely reduce or inhibit animal-based products. Also, the presence of prominent market players such as Danone S.A., Stonyfield farm, and So Delicious also augments the growth in sales of vegan products in the region.
Key Players Launch Innovative Products to Attract New Consumers
Some prominent players operating in the vegan yogurt market include Danone S.A., General Mills Inc., Oatly A.B., and Chobani Global Holdings, among others. The companies are extensively focusing on increasing their customer base by collaborating with other business stakeholders or via joint ventures. In addition, the determined focus on introducing sustainable products with essential nutrients further enhances the growth of this market. The growing demand for clean-label food products, which are safe for consumption and the planet, also imparts ample growth opportunities.
An Infographic Representation of Vegan Yogurts Market
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The market report includes quantitative and qualitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. The report presents various key insights: an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
By Distribution Channels
Fortune Business Insights says that the global market size was valued at USD 2.12 billion in 2021 and is projected to reach USD 9.58 billion by 2029.
The market is projected to grow at a CAGR of 20.62% during the forecast period (2022-2029).
The almonds segment is expected to be the leading application segment in the global market.
Rising cases of lactose intolerance, and the growing demand for plant-based products, fuels the market growth of vegan yogurt.
Danone S.A., General Mills Inc., and Oatly A.B. are a few top players in the global market.
Asia Pacific is expected to hold the highest market share throughout the forecast period.
High manufacturing costs & Poor Production facilities act as one of the major market restraints for the vegan yogurt market.
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