June 25, 2024
Vegan Yogurt

Vegan Yogurt Market is Poised to Witness Significant Growth due to Rising Health Consciousness

The vegan yogurt market has experienced substantial growth in the past few years owing to the rising health consciousness among consumers and growing preference for plant-based products. Vegan yogurt is dairy-free and usually made from plant-based milk such as coconut, almond, soy, rice and oat. Compared to dairy yogurt, vegan yogurt is lower in fat and calories while being rich in proteins, vitamins, minerals and prebiotics. It is a good source of calcium, vitamins B12 and D and is easily digestible.

The global vegan yogurt market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the vegan yogurt market are Danone, Chobani, Hain Celestial, General Mills, and Daiya Foods. These companies have several product offerings in the vegan space and are focusing on strategic acquisitions and new product launches to expand their market share.

The market offers significant growth opportunities owing to rising demand from millennial health-conscious consumers and flexitarians. Manufacturers are innovating new product lines with various flavors, organic options, low sugar varieties and functional ingredients to cater to the evolving tastes of customers.

Globally, North America dominates the vegan yogurt market due to growing vegan population. However, Asia Pacific is witnessing considerable demand growth due to improving living standards, rising health awareness and shift towards plant-based diets in countries like India and China. Leading players are expanding their distribution networks in developing regions to tap the untapped potential.

Market Drivers

The Global Vegan Yogurt Market Demand is primarily driven by rising incidence of lactose intolerance, dairy allergies as well as increasing cases of diabetes, obesity and cardiac diseases. According to studies, nearly 65% of the world’s population is lactose intolerant after infancy. Thus, vegan yogurt is a suitable alternative for such a vast consumer base. Furthermore, growing trend of veganism and vegetarianism among ethics-driven millennials and Gen Z consumers is propelling the demand for dairy-free yogurt options.

PEST Analysis

Political: The increasing global awareness about healthy lifestyle and animal welfare has led many governments to support the vegan and plant-based food industry through subsidies and promotional campaigns.

Economic: Rising disposable incomes and health consciousness have been driving the demand for vegan products including vegan yogurt. However, the costs of production of vegan products are higher compared to dairy-based products.

Social: More people, especially millennials, are adopting vegan or flexitarian diets due to concerns over animal welfare, sustainability and health benefits. Social media is playing a key role in raising awareness.

Technological: New technologies are being used to develop plant-based yogurt products that mimic the taste, texture and mouthfeel of dairy yogurt. New production processes enable the development of vegan yogurts from various plant-based alternatives like coconuts, almonds and soy.

Geographical concentration: North America currently accounts for the largest share of the global vegan yogurt market, in terms of value, followed by Europe. Developed economies with growing health consciousness have been early adopters.

Fastest growing region: Asia Pacific is expected to be the fastest growing region during the forecast period. Rising incomes, growing health awareness and shift towards vegetarian and flexitarian diets are driving the demand, especially in India, China and other Southeast Asian countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it