Global Soy-based Yogurt Market - 2022-2029

Global Soy-based Yogurt Market - 2022-2029

Market Overview

Soy-based yogurt is a lactose-free, soy milk-based product that has live cultures. It contains more protein than other dairy yogurts and does not alter the taste of the food it's mixed with. Compared to normal yogurt, there are two main types of soy-based yogurt: organic and ordinary. It also contains various health benefits, has a longer shelf life, and is available in different flavors.

There is an increasing inclination towards dairy-free products among millennials across the globe and a rise in consumer spending on plant-based products because of the rising prevalence of disorders. Further, an increase in lactose intolerance among the population and increased awareness about the nutritional benefits of an animal-free diet benefit the soy-based yogurt market.

The global soy-based yogurt market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 6.34% during the forecast period (2022-2029).

Market Dynamics: Growing soy-based yogurt market with an increasing preference for plant-based products

Soy-based yogurts are growing in popularity due to their high nutritional value, easy availability of raw materials, and improved commercial appeal. Plant-based soy milk is mainly used to make regular yogurt products. Since it lacks sweetening and flavoring ingredients, the product is often called ""unsweetened."" It is a good option for diabetes patients who require a sugar-free yogurt alternative. Growing customer demand for a healthy lifestyle would accelerate purchasing of plant-based functional products.

While the market for vegan products is well-established in developed countries in North America and Europe, it is still developing in many other countries. Furthermore, yogurt varieties like chocolate, strawberry, and blueberry are currently popular in developed countries. Soy-based yogurt is the most popular plant-based yogurt in developing countries. Manufacturers creating basic plant-based yogurts to raise general awareness of their products in developing countries. As a result, there are opportunities to engage with domestic market players to access unexplored areas and expand their market positions by leveraging their distribution networks and in-depth understanding of domestic markets. For instance, on August 23, 2022, Hong Kong-based beverage manufacturer Vitasoy announced it was bringing its new dairy-free Greek yogurt range to Australia, where demand for plant-based alternatives is booming.

However, high costs associated with the product and high manufacturing costs are expected to obstruct market growth in the forecast period. The fluctuations in the price of raw materials are projected to challenge the soy-based yogurt market.

Market Segmentation: The flavored segment had the highest global soy-based yogurt market share

Consumer interest in conventional products has been dwindling faster than ever in recent years, boosting the number of opportunities for operational firms to create distinctive or creative plant-centric items in marketplaces. Individuals living in countries and areas such as the United States, the United Kingdom, India, Germany, Argentina, and many others that firmly adhere to the vegan trend are ascribed to the region's booming demand for new flavors or unusual products. Startups or other emerging businesses are expanding their product portfolios and building long-lasting products. Furthermore, Health experts are also involved in promoting awareness about the benefits of cultured yogurts, such as enhanced gut health or weight control, which has been demonstrated to be successful in growing dairy alternatives. Aside from yogurt, firms such as Nova and Evolved Foods are expanding their product variety by supplying vegan ghee or plant-based meat to meet the population's growing demand. The quick shift in the customer's diet toward vegan food increases demand for new flavors in the yogurt category, such as fruit-flavored yogurts. Such advancements in product launches with many fascinating flavors have emerged as one of the primary trends drawing many customers to plant-based yogurt. For instance, on October 14, 2021, Pune-based Soyarich Foods introduced a new line of flavored soy yogurts and cheesy spreads. The new line of products includes a plant-based soy yogurt in Mango, Berry Blast, and Apple Cinnamon tastes and two flavors of cheesy spreads in Garlic and Italian Herbs.

Geographical Penetration: Europe the dominating region during the forecast period

The revenue share of Europe in 2021 was greater than YY%. It is anticipated that consumers will maintain the region's dominance in developed nations like Germany, the United Kingdom, and France having a favorable opinion of plant-based foods due to increased social media campaigns and satellite television channels. The demand for products will rise as the number of vegans in the area rises, creating new business opportunities for producers of plant-based goods. Furthermore, concerns about calorie intake and health conditions such as obesity or hypercholesterolemia lead customers to change toward vegan products, which aids in expanding the soy-based yogurt market's revenue. Customers aware of the nutritional benefits of dairy alternatives have already shifted to the emerging vegan lifestyle. Regional product adoption will increase with plant-based innovations and advancements to improve flavor and texture. Further, the rising frequency of lactose intolerance in Europe will impacting regional market patterns. For instance, on July 28, 2021, Atlante launched a new soy yogurt in the Netherlands. Melkan yogurt is the outcome of internal collaboration across many departments. They convened multiple customer panels to develop soy yogurt for their client. They developed this soy yogurt in two flavors, plain and vanilla, exclusively for the Germans.

Asia Pacific is one of the fastest-growing worldwide markets for soy-based yogurt. Factors such as a fast-growing population, an increase in lactose sensitivity, and greater disposable income impacted to increasing the market. The strong visibility of soy yogurt in countries such as Japan, owing to increased awareness about gluten-free products on a domestic level, is projected to remain an influential force in the upcoming years. In addition, the rising number of lactose-intolerant people and growing consumer preference for a vegan diet have been driving market growth in the region.

Competitive Landscape:

The leading global soy-based yogurt market companies are Stonyfield, Cultures for Health, Belle + Bella, Silk, Mayconsen, Changchun Suneng Biotechnology, SHARAN, Kingland, Vegut, and Callifia. These companies are focusing on expanding production and distribution and launching new products, strategic acquisitions, mergers, and joint ventures to boost manufacturing capacity and expand product portfolios. They also emphasize the availability of unique versions via organized online shopping channels. It is encouraging market expansion with the proliferation of online shopping platforms that offer doorstep delivery, safe payment options, special deals and discounts, and huge product catalogs. For instance, Plant Veda announced the addition of ""Plant Gurt,"" a new plant-based yogurt, in November 2021 that can be mixed with smoothies or breakfast cereals and contains millions of live probiotics, including unsweetened and naturally sweetened options. Spoonable yogurts serve as a perfect snack and base for breakfast bowls, cereals, smoothies, and much more.

COVID-19 Impact: Positive impact on the global soy-based yogurt market

The COVID-19 pandemic barely impacted the soy-based yogurt industry. Due to the difficulty in obtaining ingredients, such as soy and others, to prepare non-dairy products, the pandemic impacted the supply and demand chains. Companies are working to secure and preserve their supply networks by collaborating with dealers and distributors to ensure that their products are successfully delivered throughout all regions to avoid a similar situation in the post-COVID-19 era.

Due to increased customer preferences for plant-based diets, the soy-based yogurt industry has evolved. The expanding number of customers and producers paved the way for the global expansion of plant-centric products. Aside from the health benefits, the subtle texture and consistent flavor also help the soy-based yogurt industry boost its penetration rate in the next period. However, since the pandemic, more vegan consumers have sought healthful and safe goods, contributing to vegan yogurt's phenomenal rise. The fear of developing viral sickness, which imposes strict restrictions on individuals' food consumption, exacerbated the demand for vegan products, particularly soy-based yogurt.

The global soy-based yogurt market report would provide access to approximately 69 market data tables, 71 figures and 170 pages