Vegan Yogurt Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Plant Based Meat Market grew at a CAGR of 11.6% between 2017-2021 and is estimated to be US$ 1,987.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 12.3% and is expected to reach a valuation of US$ 6,340.2Mn 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 the consumer’s interest in conventional goods has been dwindling more quickly than ever in recent years, increasing the potential for operating companies to introduce novel or ground-breaking plant-centric products to the markets. People living in nations and areas like the United States, the United Kingdom, India, Germany, Argentina, and many others rigorously adhere to the vegan trend, ascribed to the region’s burgeoning need for foods with unusual flavors or textures.
The need for plant-based components in vegan products is rising due to the growing demand for nutritious, wholesome, and animal welfare-friendly dairy alternatives. Almonds’ lower calorie count and greater consumer acceptance compared to other nuts also help to drive the almond segment’s market revenue.
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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 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 Vegan Yogurt Market
- Based on the product, due to the rising use of almonds in creating various vegan products, it is predicted that the almonds category will account for the greatest revenue share. The accessibility of almonds and customer knowledge of the nutritional benefits of almond milk aids the development of almond-based yogurt in the vegan market.
- Based on the region, with a 45.1% market revenue share, Asia Pacific dominates the world market for dairy-free yogurt. The potential for expansion is boosted by the population’s rapid growth, an increase in lactose intolerance cases, and rising disposable income.
Competition Summary
Key companies covered in the market study are Hain Celestial, Danone, General Mills Inc., Stonyfield Farm, Inc., Daiya Foods Inc, Good Karma Foods, Inc., Hudson River Foods, NANCY’S, Kite Hill, COYO Pty Ltd., Chobani, LLC
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.
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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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