The vegan yogurt market is poised to grow steadily at a 5.8% CAGR throughout the forecast period. Starting at USD 6.7 billion in 2023, it is projected to surpass USD 11.7 billion by 2033.
Increasing incidence of lactose intolerance among consumers is resulting in lesser consumption of milk-based products. As a result, plant-based diet has grown in popularity among the consumers, with many people trying to replace dairy products with plant-based alternatives, including yogurt.
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This has led to high demand for vegan yogurts which contain live probiotics and cultures and provide the same digestive advantages as dairy-based yogurts.
Hemp milk yogurt and flax yogurt, for example, are high in fatty acids, natural omega-3, and fiber. Many other vegan yogurt variants are enriched with minerals and vitamins to improve their nutrient level. These products are as rich, creamy, and smooth as regular yoghurt, and they don’t require any flavor or texture adaptation.
Vegan yogurt manufacturers have been experimenting and developing different bases and distinctive flavors to promote these yogurts as mainstream products. Furthermore, milk obtained from grains, seeds, and nuts such as coconut, hazelnuts, macadamia, almond, pistachios, pili, and cashew are used to make vegan yoghurt. Flax, soy, and hemp seeds, as well as cereals like oats, are also used to make vegan yoghurt.
“Wide availability of vegan yogurt at online channels, along with growing popularity of veganism in emerging economies will continue driving the vegan yogurt market over the forecast period,” says the FMI analyst.
Key Takeaways:
- By flavor, demand in the chocolate segment is expected to remain high over the forecast period.
- Based on the product type, sales in the almond mil vegan yogurt segment are forecast to gain traction over the assessment period.
- East Asia vegan yogurt market is expected to emerge as a lucrative pocket with sales growing at a high rate.
Competitive Landscape
Leading players operating in the global vegan yogurt market are aiming to expand their presence in developing countries to gain a competitive edge. They are also investing in research and development to improve their product portfolios by adding innovative flavors.
Market Developments
- Epigamia, an Indian startup, announced the debut of a dairy-free coconut milk-based yogurt variety that is unsweetened specifically to meet the needs of Indian consumers.
- Danone has introduced its vegan yogurt under its essential dairy and plant-based products. The product is produced through almond milk and coconut milk.
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Key Players
- Stonyfield Farm, Inc.
- KaTech
- Epigamia
- NANCY’S
- Daiya Foods Inc
- Kite Hill
- Chobani, LLC
- COYO Pty Ltd.
Key Segments
By Product Type:
- Soy Milk Yogurt
- Coconut Milk Yogurt
- Almond Milk Yogurt
- Rice Milk Yogurt
By Flavor:
- Chocolate
- Strawberry
- Banana
- Pineapple
- Mango
- Lemonade
- Peach
By End Use:
- HORECA
- Household
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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