by The vegan yogurt is an excellent source of probiotics and nutrition that aid digestion along with being zero cholesterol and lactose-free food. It replicates the taste and consistency of regular dairy yogurt while using plant-based milk like soy, almond or coconut as the base.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing health consciousness among consumers regarding the consumption of plant-based and natural foods without any artificial ingredients or additives is driving the demand for vegan yogurt. Studies have shown that vegan yogurt offers similar gut health benefits as dairy yogurt such as promoting the growth of probiotics and prebiotics in the digestive system. It also contains antioxidants, vitamins, minerals and fiber that support overall wellness. Manufacturers are launching innovative vegan yogurt products fortified with superfoods to cater to nutrition-focused health-savvy consumers. For instance, offerings containing acai berries, banana, coconut or granola boost the protein and nutrient value of vegan yogurt.
SWOT Analysis
Strength: Organic yogurt products are gaining popularity due to increasing awareness about health benefits. Plant-based dairy alternative products are offering lucrative opportunities.
Weakness: High costs of raw materials in form of plant-based ingredients like coconut, almonds and others. Difficulty in mimicking the textures and flavors of dairy yogurt.
Opportunity: Rising cases of lactose intolerance, milk allergies and veganism is driving the demand. Increasing prevalence of obesity, cholesterol and diabetes is encouraging adoption of vegan substitutes.
Threats: Competition from dairy yogurt producers who are also launching vegan and dairy-free variants. Stringent quality and certification requirements raise the entry barriers.
Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth. North America captured over 35% market share in 2024 and is expected to continue dominance over the forecast period. Rising vegan population, increasing health consciousness and launch of innovative flavors are boosting the market in the region.
Europe holds the second largest share attributed to growing demand for plant-based foods. Presence of major players and availability of various flavors and formats are supporting regional market growth. The vegan yogurt market in Asia Pacific is estimated to grow at fastest CAGR during the forecast period. Factors such as rapidly growing middle class population, urbanization and changing dietary habits are fuelling market expansion in countries like India and China.
Key players operating in the Vegan Yogurt market are Danone S.A., The Hain Celestial Group Inc., Daiya Foods Inc., Stonyfield Farm Inc., Kite Hill., COYO Pty Ltd., Good Karma Foods and Alprazo Foods. These players are implementing various growth strategies like new product launches, strategic partnerships and expansions to consolidate their market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
