The Rise of Plant-Based Yogurt: Market Trends and Analysis
Plant-Based Yogurt Market
Market known as non-dairy yogurt or vegan yogurt. It is treated as an alternative to traditional dairy yogurt. It is made of plant-based ingredients.
PORTLAND, OR, UNITED STATES, November 23, 2023 /EINPresswire.com/ -- Allied Market Research published a report, titled, “Plant-Based Yogurt Market by Raw Material (Soy, Coconut, Almond, and Others), Flavor (Vanilla, Strawberry, Original/Plain, Blueberry, and Others), and Distribution Channel (Supermarket/Hypermarket, Convenience Store, Specialty Store, and Online Store): Global Opportunity Analysis and Industry Forecast, 2022–2032." According to the report, the global plant-based yogurt industry was endorsed at $5,043.3 million in 2022, and is projected to gain $12,200.4 million by 2032, exhibiting a CAGR of 9.2% from 2023 to 2032.
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Plant-based yogurt is also known as non-dairy yogurt or vegan yogurt. It is treated as an alternative to traditional dairy yogurt. It is made of plant-based ingredients. The ingredient used in making of plant-based yogurts are soy milk, almond milk, coconut milk, rice milk, and oat milk along with others. The process of making plant-based yogurt involves the fermentation of plant milk with probiotics. The tangy flavor of the yogurt is obtained through and helps in the growth of beneficial bacteria that promotes gut health. It is a versatile product. Plant-based yogurt is utilized in different and many ways. It is used as an alternative for yogurt in recipes. The recipes of dips, dressings, and baked goods involve plant-based yogurt. Plant-based yogurts are a popular choice among those who seek dairy-free alternatives as they are lactose-free, vegan-friendly, allergen-friendly, low in saturated fats, support sustainable agriculture, and are present in a variety of flavors.
MARKET DYNAMICS:
The plant-based food market has witnessed growth in recent years. The rise in the vegan population and lactose-intolerant population has pushed the growth of plant-based yogurt market. The medical condition of of lactose-intolerant individuals do not allow them to consume animal-based products including dairy products. As a result, the demand for plant-based yogurt has surged as it is anticipated to be utilized as a dairy alternative. They restricted individuals from adopting any dairy products. The suffering individuals have trouble digesting lactose. The component 'lactose' found in dairy products is a sugar that is naturally found in milk and milk products and its malabsorption creates a condition where the small intestine cannot digest the consumed lactose. In addition, the various health benefits which ccomewith pant-based yogurt such as its low fat and cholesterol content, make it a popular choice among health and diet-conscious people. All the above-mentioned factors boost the demand for plant-based yogurt in the market as it has become a popular choice among diverse groups of consumers.
Globally, the large and small organizations have witnessed potential of the plant-based market. It has made significant expenditures in R&D to produce new and superior plant-based yogurt. Moreover, the market expansion is being further fueled by many factors. Innovative products with improved flavor, texture, and nutritional profiprofiles been found as a result of the increased investment in this sector. In addition, according to the comparison between plant-based and animal-based, plant based- food are more environmentallyally friendly which has altered customer tastes as they have shifted more toward plant-based solutions. Furthermore, several major businesses have increased the amount of plant-based yogurt in their product lineup to better serve a diverse customer base and successfully diversify their product line in order to compete for market share. Overall, a lot of businesses have made investments by collaborating with or purchasing established plant-based yogurt companies to gain access to knowledge, broaden distribution channels, and build consumer loyalty.
The coconut segment to maintain its leadership status throughout the forecast period-
Based on raw material, the coconut segment held the highest market share in 2022, accounting for more than two-fifth of the global plant-based yogurt market revenue, and is estimated to maintain its leadership status throughout the forecast period. The demand for coconut-based yogurt substitutes has increased because of the rise in health-conscious customers who choose dairy-free diets since it offers a dairy-free and allergen-friendly option that matches with consumer dietary preferences. Furthermore, medium-chain triglycerides, which are recognized for their potential health benefits, are an ingredient in coconut yogurt, which has increased its appeal. On the other hand, the soy segment would display the fastest CAGR of 11.2% during the forecast period.
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The original/plain segment to maintain its lead position throughout the forecast period-
Based on flavor, the original/plain segment held the major market share in 2022, contributing to more than one-third of the global plant-based yogurt market revenue, and is projected to maintain its lead position throughout the forecast period. Owing to growing public interest in plant-based diets and goods and increased customer concern for their health and the environment, original/plain flavor plant-based yogurt is a well-liked substitute for dairy products. Additionally, the popularity of vegan and dairy-free lifestyles has increased the market's consumer base. By providing plant-based yogurt in its original/plain flavor, manufacturers can accommodate a wide range of palate preferences while introducing a variety of commodities. However, the strawberry segment would showcase the fastest CAGR of 10.6% from 2023 to 2032.
The supermarket/hypermarket segment to rule the roost by 2032-
Based on distribution channel, the supermarket/ hypermarket segment held the highest market share in 2022, accounting for more than one-third of the global plant-based yogurt market revenue and is projected to rule the roost by 2032. The majority of vegan and dairy-free goods are bought in large retail spaces like supermarkets. Owing to its extensive assortment of plant-based goods, supermarkets are the primary retail locations for plant-based yogurt. The goods being sold have a variety of flavors and come from different companies. Plant-based yogurt is available in stores in a variety of tastes, including vanilla, strawberry, and blueberry. The availability of many brands of plant-based yogurt products in various packaging is a major driver of the segment's growth. Along with baking and cooking, the health and dietary part also includes plant-based yogurt. Furthermore, the online store segment would cite the fastest CAGR of 10.2% from 2023 to 2032.
The North America segment to retain its dominance throughout the forecast period-
Based on region, the North America segment held the highest market share in 2022, accounting for more than two-fifth of the global plant-based yogurt market revenue, and is projected to retain its dominance throughout the forecast period. The adoption of vegan and dairy-free products has seen a substantial change in consumer behavior in the area. Additionally, a significant surge in the number of vegan consumers in North America is driving up demand for plant-based yogurt products. Customers' growing knowledge of the health benefits of consuming plant-based yogurt has increased demand for dairy-free products. The Asia-Pacific region, however, would exhibit the fastest CAGR of 10.2% during the forecast timeframe.
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Leading Market Players: -
Daiya Foods Inc.
The Hain Celestial Group, Inc.
Oatly Group AB
General Mills Inc.
Kite Hill
Califia Farms, LLC
Springfield Creamery
Nush Foods
Danone S.A.
Forager Project
The report analyzes these key players in the global plant-based yogurt market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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