NEW YORK, March 10, 2023 /PRNewswire/ -- Major players in the non-dairy yogurt market are Hain Celestial, Danone, General Mills Inc., Stonyfield Farm Inc., Daiya Foods Inc., Whitewave Foods Company Inc., COYO Pty Ltd., Chobani LLC, Valio Ltd., Nestlé SA, Good Karma Foods Inc., Hudson River Foods, Kite Hill, GT's Living Foods LLC, The Kroger Co., Epigamia, Blue diamond, Coconut Grove Yogurt, and Crunch Culture.
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The global non-dairy yogurt market grew from $3.62 billion in 2022 to $4.21 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The non-dairy yogurt market is expected to grow to $7.89 billion in 2027 at a CAGR of 17.0%.
The non-dairy yogurt market consists of sales of rice yogurt, pea yogurt, cashews yogurt, coconut yogurt.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The non-dairy yogurt are usually semi-solid food prepared from plant-based sources like coconut, cashew, and almonds. Weight loss, reduced inflammation, and improved metabolic rate are all said to be among the health benefits of non-dairy yogurt.
Western Europe was the largest region in the non-dairy yogurt market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the non-dairy yogurt market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of non-dairy yogurt are soy yogurt, almond yogurt, coconut yogurt, oats yogurt, rice yogurt, and pea yogurt.Soy yogurt is a yogurt-like product made with soy milk.
Non-dairy yogurt can be in drinkable yogurt form or spoonable yogurt form that can be distributed over supermarkets, online stores, and convenience stores.
The high lactose intolerant consumers will propel the growth of non-dairy yogurt in the non-dairy yogurt market during the forecast period.Lactose intolerance is a condition in which the body's capacity to digest lactose, a sugar present in milk and other dairy products, is impeded.
Such people are likely to include non-dairy yogurt in their meals which will increase the demand for the product.The product is high in protein and calcium, both of which aid to boost immunity.
In April 2022, according to the National Library of Medicine which is operated by the United States federal government, lactose intolerance is very common in adults.It is rarely dangerous.
About 30 million American adults suffer from lactose intolerance by age of 20. The high consumption of lactose-free products will increase the demand for non-dairy products in the non-dairy yogurt market during the forecast period.
Product innovation are shaping the non-dairy yogurt market.An increasing number of customers suffering from health concerns connected to lactose-intolerant and an increase in the awareness about the health benefits of dairy-free yogurts among the customers has forced developers to launch unique products regards their health.
For instance, in 2020, Danone has launched its dairy-free yogurt drink range to create a smooth and creamy texture without dairy and to accelerate its push into the dairy-free market. It is a 100 percent dairy-free product that consists of Casei and vitamins D and B6.
In January 2020, Coca-Cola, a US-based manufacturer of non-alcoholic beverages company acquired all the remaining stakes in Fairlife LLC.The acquisition is expected to broaden the offering from its joint venture partner Select Milk Producers to meet the fast-changing demands of consumers for lactose-free products.
Fairlife LLC is a US-based non-dairy company that creates great-tasting, nutrition-rich and value-added products to nourish consumers.
The countries covered in the non-dairy yogurt market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The non-dairy yogurt market research report is one of a series of new reports that provides non-dairy yogurt market statistics, including non-dairy yogurt industry global market size, regional shares, competitors with a non-dairy yogurt market share, detailed non-dairy yogurt market segments, market trends and opportunities, and any further data you may need to thrive in the non-dairy yogurt industry. This non-dairy yogurt market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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