Plant-based Yogurt Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Plant-based Yogurt Market grew at a CAGR of 10.6% between 2017-2021 and is estimated to be US$ 1897.4 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 12.9% and is expected to reach a valuation of US$ 6,384.1 Mn by 2032 end.
Due to the growing vegan culture and the demand for plant-based yogurt to replace dairy products, this industry is expanding exponentially due to rising environmental concerns, the health advantages of plant-based protein, and the business potential for plant-based yogurt, which is increasing globally.
Additional factors driving the growth of the vegan yogurt market include the rising number of people who are lactose intolerant, particularly in the European and Asian regions, and rising consumer spending on plant-based goods like flax seed yogurt or yogurts made with hemp milk.
ChemView Consulting has analyzed that traditional flavors are losing their appeal to consumers more quickly than anticipated. They want more indulgent experiences, and they won’t probably be afraid to try new and unusual flavors. Their bold decisions have given rise to several developments in plant-based products and improved ingenuity to satisfy sweet needs.
The soy section was responsible for the largest portion of revenue. Consumers are becoming increasingly interested in plant-based foods, especially dairy substitutes like soy yogurt. In addition, compared to yogurt made from milk, these yogurts made from seeds are a fantastic source of protein. Yogurt made from soybeans lowers blood sugar and cholesterol levels. These advantages are increasing consumer demand for vegan products made from soy, which is boosting the market.
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Segments Covered in Report
By Product:
- Soy
- Almond
- Rice
- Others
By Distribution Channel:
- Hypermarkets, Supermarkets, & Convenience Stores
- Specialty Stores
- Online
By Nature:
- Conventional
- Organic
By Flavour:
- Regular
- Vanilla
- Strawberry
- Blueberry
- Cherry
- Peach
- Raspberry
- Coconut
- Coffee
- Others
By Price Range:
- Economic
- Mid-Range
- Premium
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Plant-based Yogurt Market
- Based on the product, the soy section was responsible for the largest portion of revenue. Consumers are becoming increasingly interested in plant-based foods, especially dairy substitutes like soy yogurt. In addition, compared to yogurt made from milk, these yogurts made from seeds are a fantastic source of protein. Yogurt made from soybeans lowers blood sugar and cholesterol levels. These advantages are increasing consumer demand for vegan products made from soy, which is boosting the market.
- Based on the distribution channel, over 50.0% of sales were generated by supermarkets, hypermarkets, and convenience stores. Global grocery store chains operated by Walmart, Target, 7Eleven, SPAR, Aldi, Carrefour, and Lidl have a sizable client base. For instance, the Target Inc. official website states that approximately 26 new locations are anticipated to be opened nationwide. Consumers’ growing choice is also driving the market for non-dairy yogurt. Over the projected term, it is expected that these consumer patterns will keep this distribution channel in the lead.
- Based on the region, more than 43.5% of the market’s revenue was generated in Europe. The area is expected to maintain its dominance in developed economies like Germany, the United Kingdom, and France due to consumers’ favorable attitudes about plant-based foods as a consequence of an increase in social media campaigns and satellite television channels.
Competition Summary
Key companies covered in the market study are Danone S.A., General Mills Inc., Oatly A.B., Forager Project, Coyo Pty Ltd, Nancy’s Probiotic Foods, Chobani Global Holdings, Kite Hill, Daiya Foods Inc., GT’s Living Foods LLC
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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