WASHINGTON, May 23, 2022 (GLOBE NEWSWIRE) -- Dairy alternative products, and especially yogurts, seem to be held to a higher standard than other products. The inclination towards plant-based and nutrition-rich yoghurt is expected to generate revenue for the Plant Based Yogurt Market, especially in the European region. Moreover, a notable promotion made by regulatory bodies on plant-based or vegan products is further adding thrust for the Plant Based Yogurt Market to flourish in the forecast period. The Global Market size stood at USD 1,329.5 Million in the year 2021.
The Global Plant Based Yogurt Market size is expected to reach USD 3,871.6 Million by the year 2028 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period.
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Market Dynamics:
Driver: Increasing Number of Vegan Consumers
Yogurt, readily available in plant formulations, is widely consumed and linked with health benefits. According to a recent report between 2014 and 2019, the vegan population has reached 6, 00,000, making it 1.16% of the global population. These amazing vegan statistics can give us all cause for optimism in 2022 and beyond. With more and more consumers opting to choose plant-based products will help promote an increase in the non-dairy products including plant-based yogurt. Another fact is that plant-based diets are the best for lowering the levels of low-density lipoproteins (LDL). For instance, the U.S. FDA announced its plans to promote innovation in the manufacturing of a wide range of dairy alternatives, including vegan yogurt and other plant-based products. The European Commission has also aimed to introduce proper guidelines for manufacturers to enhance production output in processing milk alternatives.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Plant Based Yogurt market is predicted to grow at a CAGR of roughly 19.5% during the forecast period.
- The Plant Based Yogurt market was estimated to be worth roughly USD 1,329.5 Million in 2021 and is expected to reach USD 3,871.6 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Plant Based Yogurt market.
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Segmentation of Plant Based Yogurt Market:
- Nature
- Conventional
- Organic
- Product Type
- Cereal Type
- Oat
- Legume
- Nut
- Seed
- Pseudo Cereal
- Flavour
- Regular
- Vanilla
- Strawberry
- Blueberry
- Cherry
- Peach
- Raspberry
- Coconut
- Coffee
- Others
- Price Range
- Economic
- Mid-Range
- Premium
- Sales Channel
- Food Service
- Retail
- Modern Trade
- Convenience Stores
- Specialty Stores
- Discounters
- Independent Small Groceries
- E-Commerce
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the food & beverage industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Plant Based Yogurt Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Dominates the Global Plant Based Yogurt Market
Europe held the largest market share in 2021. This is owing to the presence of major market players in the region coupled with the rapid adoption of the vegan diet in countries like the U.S., and Canada.
Asia Pacific to witness the fastest growth in the Global Plant Based Yogurt Market owing to the rising number of people switching to a vegan diet supported by the growing cases of obesity and allergies related to the consumption of other products is expected to drive the market in the region during the forecast period.
In the Asia Pacific region, increasing investments and product launches by international players in the countries like China, India, and Indonesia is also contributing to the growth of the Asia Pacific Plant Based Yogurt Market.
List of Prominent Players in Plant Based Yogurt Market:
- General Mills Inc.
- The Hain Celestial Group Inc.
- Trader Joe’s
- Lyrical Foods Inc.
- Callifia
- Chobani
- Forager
- Stonyfield Farm Inc.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Plant Based Yogurt Market Size, Share & Trends Analysis Report by Nature (Conventional, Organic), by Product Type (Cereal Type, Oat, Legume, Nut), by Flavour (Regular, Vanilla, Strawberry, Blueberry), by Price Range (Economic, Mid-Range, Premium), by Sales Channel (Food Service, Retail, Modern Trade, Convenience Stores), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/plant-based-yogurt-market-778189
Recent Developments:
In December 2019, General Mills Inc. launched a dairy-free product line of french-style yogurt under its Oui brand. The company’s yogurts are made with coconut milk and are available in vanilla, strawberry, raspberry, and mango flavors.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Plant Based Yogurt Market?
- How will the Plant Based Yogurt Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Plant Based Yogurt Market?
- What is the Plant Based Yogurt market drivers and restrictions?
- What will be the CAGR and size of the Plant Based Yogurt Market throughout the forecast period?
This market titled “Plant Based Yogurt Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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