Vegan Yogurt Market Expected To Grow At CAGR Of 6% To Reach US$ 12.2 Billion by 2033| Fact.MR Report

Increasing consumer demand for plant-based and dairy-free alternatives is expected to fuel the growth of the vegan yogurt market in coming Years

Rockville , Sept. 26, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global vegan yogurt market is forecasted to reach US $12.2 Bn by late 2033 while rising at a CAGR of 6%.

Vegan yogurt is a dairy-free alternative made from plant-based ingredients like soy, almond, coconut, or cashews. It's a great choice for people who are lactose intolerant or have dairy allergies, as it doesn't contain any animal-derived ingredients. Additionally, it's better for the environment, requiring less water and land compared to traditional dairy farming. Vegan yogurt also offers a diverse range of nutrients depending on the base ingredient, and it's cholesterol-free.

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The growth of the vegan yogurt market is primarily driven by an increasing consumer shift towards plant-based and dairy-free alternatives. Heightened awareness of health and environmental concerns, along with ethical considerations, are prompting more individuals to adopt plant-based diets. Also, continuous innovation, taste enhancement, and strategic marketing efforts are driving market growth for vegan yogurt.

Report AttributesDetails
Value Projection (2033)US$ 12.2 Billion
Growth Rate (2023-2033)6% CAGR
No. of Pages170 pages
No. of Tables80 Tables
No. of Figures219 Figures

Key Takeaways:

  • Demand for vegan yogurt in China is projected to rise at 6.8% CAGR during the forecast period. The influence of Western culture on Asian economies is growing rapidly and this is further expected to boost the adoption of vegan yogurt in China market.
  • The expanding vegan population in European countries is expected to boost the adoption of the vegan yogurt market during the forecast period. European countries have been relatively quick and more open to the idea of veganism.
  • Rising prevalence of lactose intolerance is expected to boost the consumption of vegan yoghurt in the US. Vegan yogurt market in the US is expected to witness a CAGR of 5.2% during the forecast period. Moreover, the surging popularity of veganism and high preference for plant-based foods is expected to boost the sales of dairy-free yogurt in the country.

The Vegan Yogurt Market is powered by increasing consumer demand for plant-based alternatives, growing awareness of health and environmental concerns, and continuous product innovation coupled with effective marketing strategies - Says FACT.MR Expert

Key Companies Profiled in This Report

  • General Mills Inc.
  • Danone
  • Chobani LLC
  • The Hain Celestial Group Inc.
  • Daiya Foods Inc.
  • Nancy’s Yogurt
  • Kite Hill
  • COYO Pty Ltd.
  • Stonyfield Farm Inc.
  • Hudson River Foods
  • Good Karma Foods Inc.

Market Competition

Prominent enterprises in this intense market are prioritizing the introduction of fresh offerings and broadening their range of products. Some of the notable companies in this sector include industry giants like Daiya Foods, Danone, and So Delicious, which offer a diverse range of vegan yogurt products.

  • In July 2023, Müller, a well-known dairy label originating from Germany, revealed its introduction of plant-based alternatives to its beloved products in the United Kingdom. This included the release of corner yogurts and rice pudding.
  • In March 2022, AYO company launched a new plant-based yogurt range by developing a "plain almond milk yogurt," available in various flavors. The product is made from --grown almonds, thus fitting vegan or keto diet followers.

Winning strategies

  • In the vegan yogurt industry, using eco-friendly, convenient, and attractive packaging that appeals to environmentally-conscious consumers is a smart strategy. This not only shows a commitment to sustainability but also helps build a strong brand reputation and loyalty among eco-conscious customers.
  • Top brands should keep working on making their products taste and feel more like traditional dairy yogurts. This will make them more appealing to a wider audience. When vegan yogurts match or exceed the quality of regular yogurts, they become a compelling choice for more people, including those switching to plant-based diets.

What impact do regulatory agencies have on the sales of vegan yogurt?

"Implementation of Well Defined Standards to Distinguish Vegan Goods"

A mistake that almost all of us have made in life is confusing a vegan with a vegetarian. Nevertheless, the confusion doesn't stop there. Terms like non-dairy, plant-based, and milk alternatives have all contributed to making the typical consumer even more perplexed than before. Regulating bodies have intervened to remedy this, and they're working on releasing precise rules to define vegan-certified items and address customer problems.

The Food and Drug Administration (FDA) of the United States is closely examining the identity requirements established for utilizing dairy names for non-dairy products. In order to get input on, the regulatory body had issued a request for information (RFI).

Similar to this, the European Commission declared it would create a definition of vegan cuisine in 2019, laying the framework for any product to be labeled as vegan. By this project, the European Union sought to inform customers as well as establish appropriate rules for businesses engaged in the manufacture of vegan foods and beverages.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global Vegan Yogurt Market, presenting forecast statistics for the period of 2023-2033.

Vegan Yogurt Market Analysis By Product Type (Soy Yogurt, Coconut Yogurt, Almond Yogurt, Rice Yogurt), By Flavor (Chocolate, Strawberry, Banana, Pineapple, Mango, Lemonade, Peach), By End Use (HORECA, Household), By Sales Channel (Offline, Online) and Region

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