Vegan Yogurt Market Forecasts to 2028 – Global Analysis By Source (Coconut, Almond, Soy, Rice and Other Sources), Flavor (Peach, Vanilla, Mixed Berry, Strawberry, Raspberry and Other Flavors), Application (Beverages, Food, Frozen Dessert and Other Applica

Vegan Yogurt Market Forecasts to 2028 – Global Analysis By Source (Coconut, Almond, Soy, Rice and Other Sources), Flavor (Peach, Vanilla, Mixed Berry, Strawberry, Raspberry and Other Flavors), Application (Beverages, Food, Frozen Dessert and Other Applications), Distribution Channel and By Geography

According to Stratistics MRC, the Global Vegan Yogurt Market is accounted for $2.82 billion in 2022 and is expected to reach $8.82 billion by 2028 growing at a CAGR of 20.9% during the forecast period. Vegan yoghurt is a plant-based, dairy-free alternative to regular yoghurt. A healthy dietary option, vegan yoghurt is high in probiotics, vitamins, and minerals. Additionally, it is a good source of calcium and protein. Vegan yoghurt comes in a variety of flavors, including strawberry, vanilla, chocolate, and others. Also, it helps to reduce inflammation and boost metabolism because it is a rich source of vitamins, minerals, amino acids, and important lipids.

According to the Target Inc. company website, the company is expected to open around 26 new stores across the U.S.

Market Dynamics:

Driver:

Growing number of vegan population

The market for plant-based products has greatly expanded as a result of the increased demand for numerous dairy substitute foods and beverages around the world. In the modern era, veganism has not only maintained a culinary preference but now seems to be a component of a developing social movement centered on animal rights, sustainability, and welfare. Even though the number of vegans is rising with each passing day, only 1% of people worldwide practice it. The population of vegans and flexitarians, however, has been expanding steadily since the COVID-19 pandemic. Therefore, the above factors are driving the market growth.

Restraint:

High cost

The factor hampering the market growth in developing and underdeveloped countries is the high cost of vegan yogurt products. The vegan industry has seen a dramatic uptick, particularly during COVID-19 when many slaughterhouses or meat industries were shut down owing to high rates of infection spreading among the staff. As a result, there is a shortage of goods derived from animals, and sales of vegan items are increasing rapidly. Customers, however, face the possibility of ""high production costs"" of vegan products in order to retain their health.

Opportunity:

Product launches in exciting flavor categories

Individuals in nations and areas such as the United States, United Kingdom, India, Germany, Argentina, and many others closely adhere to the vegan trend, which may be ascribed to the region's blooming need for new flavors or unusual items. Furthermore, the Health Experts are promoting the advantages of cultured yoghurts, such as better gut health or weight control, which is also useful for the development of dairy substitutes. Demand for novel flavors in the yoghurt category, such fruit-flavored yoghurts, has surged because to the abrupt shift in consumer diets toward vegan foods. Such improvements in the product launch process with a variety of tantalising flavors have emerged as one of the primary trends luring a sizable number of customers to plant-based yoghurt, and they will aid in the market's expansion in the coming years.

Threat:

Poor manufacturing practices

Vegan goods, particularly yoghurt, ice cream, and dairy-related items, require a temperature-controlled environment to be of high quality. Nonetheless, many distributors and suppliers in African and Asian nations do not have access to low-cost, temperature-controlled shipping infrastructure in their home markets. Hence, this factor often poses difficulties for market players to expand across states and showcase their products in retail stores.

Covid-19 Impact

The vegan industry has seen a dramatic uptick, particularly during COVID-19 when many slaughterhouses or meat industries were shut down owing to high rates of infection spreading among the staff. Additionally, a rising graph has been seen in the rise of flexitarians and vegans. Since the pandemic period, a growing number of vegan consumers have been primarily looking for healthy and safe goods, which has helped vegan yogurt experience phenomenal growth. The fear of developing the viral illness, which places severe constraints on people's ability to consume food, worsens the market's desire for vegan goods like vegan yoghurt.

The soy segment is expected to be the largest during the forecast period

The soy segment is estimated to have a lucrative growth, due to the rising demand for soy milk and soy-based goods in emerging nations Due to soy's simple availability, low cost, and growing health benefits, its consumption has always been significant. This has paved the way for the expansion of the soy-based yoghurt sector in the vegan yoghurt market. Widespread use of soy-based goods, such as soy yoghurts, makes it necessary for producers to create clean label products for new consumers. These advantages are increasing consumer demand for vegan goods made from soy, which is boosting the industry.

The online stores segment is expected to have the highest CAGR during the forecast period

The online stores segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the rising penetration of smart phones among millennials on a global level. These channels have the power to make buying more convenient and simple. In the upcoming years, it is anticipated that a range of features provided by e-retailers, including many value-added services like discounted pricing, cash-on-delivery, and cashbacks, would encourage the expansion of the online channel.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the factors such as rapidly expanding population, more incidences of lactose intolerance, and rising disposable income all contribute to the potential for growth. Additionally, customer preferences for vegan goods are influenced by worries about caloric consumption and diseases like obesity and hypercholesterolemia, which supports the rise in vegan yoghurt sales. Customers who are informed about the nutritional benefits of dairy substitutes have already shifted to the developing vegan culture.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the region's population's strict focus on buying new, environmentally friendly, or sustainably produced goods, vegan yoghurt is profitable there. The area is expected to maintain its dominance in the developed economies like Germany, the United Kingdom, and France due to consumers' favourable attitudes about plant-based meals as a consequence of a rise in social media campaigns and satellite television channels.

Key players in the market

Some of the key players profiled in the Vegan Yogurt Market include Daiya Foods Inc., Forager Project, Danone S.A., Oatly A.B., Chobani Global Holdings, General Mills Inc., Kite Hill, GT's Living Foods LLC, Nancy's Probiotic Foods, Coyo Pty Ltd, Good Karma Foods, Inc., Hudson River Foods, Hain Celestial, Stonyfield Farm, Inc., Ripple Foods

Key Developments:

In December 2020, Danone S.A. launched the ""Silk Kids Almondmilk Yogurt Alternative"" plant-based yogurt, especially formulated for children. The product comprises of fava bean protein, almond milk, live & active cultures, and organic coconut oil and is fortified with Vitamin D and calcium to satisfy the children's nutrition. The yogurt substitute is dairy-free, lactose-free, gluten-free, and peanut-free; available in three flavors: apple cinnamon, strawberry, and mixed berry.

In January 2019, Daiya Food Inc. announced the launch of new coconut cream yogurt cups. This new product is the richest source of Vitamin B12, and D and provides 6 grams of protein/per serving. The yogurt's dairy-free alternative is also available in six different flavors: Vanilla Bean, Plain Strawberry, Peach, Blueberry, and Black Cherry. These yogurt cups are easily available in U.S. retail stores such as Natural Grocers, Fresh Thyme, and Sprouts, among others.

Sources Covered:
• Coconut
• Almond
• Soy
• Rice
• Other Sources

Flavors Covered:
• Peach
• Vanilla
• Mixed Berry
• Strawberry
• Raspberry
• Other Flavors

Applications Covered:
• Beverages
• Food
• Frozen Dessert
• Other Applications

Distribution Channels Covered:
• Convenience Stores
• Online Stores
• Hypermarkets and Supermarkets
• Other Distribution Channels

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements