Vegan Yogurt Market size to increase by USD 4.30 billion between 2022 to 2027, Market Segmentation by Product Type and Geography, Technavio

NEW YORK, April 16, 2024 /PRNewswire/ -- The global vegan yogurt market size is estimated to grow by USD 4307.85 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 18.15% during the forecast period. The global vegan yogurt market faces regulatory challenges due to stringent food safety guidelines from authorities like the US FDA and EFSA. India's Food Safety Administration introduced vegan logo approval processes in 2022. Key trends include advanced flavors, organic substances, probiotics, and plant-based alternatives for those with lactose intolerance, milk allergies, or high cholesterol. Millennials drive market growth, with offerings in segments like soy, rice, and nut-based yogurts available at hypermarkets and supermarkets. Veganism's environmental implications also contribute to market expansion.

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The Product Type segment emerges as the fastest-growing segment in the vegan yogurt market

The global vegan yogurt market witnessed significant growth in the offline segment in 2022, accounting for the largest market share. Supermarkets and hypermarkets, which make up this segment, offer a wide range of dairy-free, plant-based yogurt options, including Flax milk yogurt, Hemp yogurt, and Rice yogurt. Consumers prefer these retail channels due to their accessibility, convenience, and competitive pricing. The shift towards plant-based nutritional alternatives is driven by various factors, including lactose malabsorption, ethical considerations, and environmental implications. Dairy consumption is on the decline, with veganism gaining popularity. Brands like Petit Filous and Evolved Foods are expanding their product lines to cater to this trend. These dairy-free yogurts are rich in vitamins and minerals, derived from nuts, seeds, grains, and soy. Fruit-flavored varieties add to their appeal. Almond-based and soy-based yogurts are popular choices. The market's growth is further fueled by the increasing household penetration of vegan products and the health benefits associated with plant-based food. However, the environmental implications of producing plant-based alternatives should not be overlooked. The production of vegan ghee and plant-based meat, for instance, requires significant resources. It is crucial for consumers and manufacturers to consider the sustainability of their choices.

The global vegan yogurt market experienced significant growth in North America in 2022, driven by increasing consumer preference for plant-based alternatives to dairy products. Factors such as concerns for animal welfare, environmental impact, and health benefits have fueled this trend. Major players in the region include Evolved Foods, offering a range of fruit-flavored plant-based yogurts. The market's expansion is also influenced by the evolving food landscape, with the introduction of vegan ghee, plant-based meat, and various types of yogurt, such as almondbased and soybased. Household penetration of vegan products is increasing due to their nutritional value, advanced flavor profiles, and organic substances. Probiotics, gut bacteria, and healthy lifestyles are key selling points, as these products offer benefits for those with lactose intolerance, milk allergies, and those seeking to manage blood sugar levels, cholesterol, and other health concerns. Labeling as vegan is crucial for reaching millennials and consumers seeking dairy-free, plant-based nutritional options. The market includes various types of yogurt, such as flax milk yogurt, hemp yogurt, and rice yogurt, available at hypermarkets and supermarkets. The shift from dairy-based products to plant-based alternatives continues to evolve, with vitamins and minerals derived from nuts, seeds, grains, and the soy segment. The environmental implications of reducing dairy consumption are also contributing to the market's growth.

Commenting on the market trends, a Senior Analyst of Technavio, stated," The vegan yogurt market experiences growth due to increased online sales. Consumers prefer buying vegan yogurt through online stores for convenience, same-day delivery, and discounts. Manufacturers sell products via their websites, e-commerce platforms, and third-party sites. Keywords: Vegan yogurt, Plant-based, Health benefits, Environment, Probiotics, Millennials, Dairy-free, Nutritional value, Online sales, Soy, Almond, Fruit-flavored."

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Analyst Review

The Vegan Yogurt Market is experiencing significant growth as consumers shift their preferences towards plant-based options for various reasons, including environmental concerns and health benefits. Brands like Evolved Foods offer a range of plant-based yogurts, including almondbased and soybased varieties, which cater to the increasing demand for vegan products. Fruit-flavored plantbased yogurts provide advanced flavors and nutritional properties, making them a popular choice among millennials. These products are labeled as vegan and free from lactose and milk allergens, making them accessible to a wider audience. Probiotics, which support gut bacteria and contribute to healthy lifestyles, are a key nutritional value in both plantbased and milkbased yogurts. Vegan ghee and plantbased meat are also gaining popularity as complementary vegan products. The household penetration of vegan yogurt is increasing due to its nutritional value, which includes protein and beneficial probiotic bacteria, and its ability to help manage blood sugar levels and reduce cholesterol.

Market Overview

The Plant-based yogurt market is experiencing significant growth, with various companies producing and marketing these products. Daily, consumers are opting for plant-based yogurts due to their ethical, environmental, and health benefits. Producers such as Almond Bases, Soys, and Cultures use different methods to create these yogurts, including fermentation and the addition of plant-based proteins. Milk alternatives like soy, almond, and coconut are used to make these vegan yogurts. The market offers a wide range of flavors, from classic fruit varieties to exotic and unique blends. Brands like Evolution Foods and Dairy Free also provide probiotics in their vegan yogurts, ensuring consumers receive the same health benefits as traditional dairy yogurts. The Vegan Yogurt market is projected to continue growing, with Nutritionals and Milk being significant contributors. The market caters to various consumer preferences, including lactose intolerant, vegan, and those seeking a healthier lifestyle. The future of the Vegan Yogurt market looks promising, with innovations in taste, texture, and production methods driving growth.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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SOURCE Technavio