Vegan Yogurt Market

Vegan Yogurt Market Size:

The global vegan yogurt market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2032, exhibiting a growth rate (CAGR) of 15.3% during 2024-2032. The growing health awareness among the masses, increasing prevalence of dietary restrictions, escalating concerns about climate change and environmental degradation, lower production costs of plant-based ingredients, and the recent technological advancements are some of the major factors propelling the market.

Vegan Yogurt Market Analysis:

• Major Market Drivers: The vegan yogurt market report suggests that the growing consumer awareness about plant-based diets, as well as heightened lactose intolerance, are expanding the growth of the industry. Along with this, the increasing demand for dairy alternatives due to environmental and ethical concerns is accelerating the market growth.
• Key Market Trends: As per the vegan yogurt market overview, the industry is seeing rapid product innovation with new flavors and varieties using alternative milk sources like almond, coconut, and soy. Furthermore, the increase in consumer preference toward clean-label and fortified vegan yogurts enriched with probiotics and nutrients, along with heightened collaboration among food tech companies to improve texture and taste, are bolstering the market growth.
• Geographical Trends: North America is leading the market, owing to the strong demand for vegan products and favorable government initiatives that support vegan consumption. Other regions are also witnessing growth as a result of rising health consciousness and increasing vegan product availability.
• Competitive Landscape: Some of the major market players in the vegan yogurt industry include Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.p.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone), among many others.
• Challenges and Opportunities: The market analysis indicates that the high production costs and different preferences in taste and texture are acting as major challenges for manufacturers that impede growth. However, the expansion of distribution channels, as well as the rising popularity of flexitarian diets, are presenting significant growth opportunities in the coming years.
   

Vegan Yogurt Market Trends:

The growing health awareness among the masses

The surge in health awareness among consumers is an important factor propelling the vegan yogurt market growth. Moreover, the rising concern over the use of dairy products, owing to their saturated fat content, potential hormonal imbalances, and cholesterol levels is fostering the market growth. This increased concern has boosted the rise of plant-based vegan yogurt that aligns well with contemporary nutritional diets. It is known to be lower in saturated fats and devoid of cholesterol which positions it as a heart-friendly option. Moreover, vegan yogurts often come fortified with essential nutrients, such as vitamin B12, calcium, and omega-3 fatty acids, which aids in addressing the common nutritional deficiencies that consumers worry about when switching to plant-based diets. Besides this, the ongoing proliferation of scientific research advocating for reduced animal product consumption for health reasons is acting as a growth-inducing factor.

The increasing prevalence of dietary restrictions

The escalating prevalence of dietary restrictions, such as lactose intolerance and milk allergies, is a significant factor boosting the vegan yogurt market share. Lactose intolerance often leads to symptoms such as bloating, diarrhea, and abdominal cramps, making dairy consumption an uncomfortable experience for consumers. It is estimated to affect 68% of people globally and 42% of Americans. Along with this, milk allergy is one of the most common food allergies in children, causing skin reactions, digestive issues, and hay fever-like symptoms. About 2.5 percent of children in America under three years old are allergic to milk. In this context, vegan yogurt provides a digestible and hypoallergenic alternative for these conditions as it is made from plant sources such as almonds, soy, coconut, and oats that are naturally lactose-free and generally easier to digest.

The escalating concerns about climate change and environmental degradation

The resource-intensive nature of the traditional dairy industry, which requires a lot of water, land, and cattle feed, is driving the vegan yogurt demand. Vegan yogurt production has a reduced environmental impact as plant-based sources require less water and emit fewer greenhouse gases (GHGs) than dairy. Furthermore, the rising spending capacity of consumers, which enables them to make purchasing decisions based on the sustainability qualities of products, is contributing to the market growth. Moreover, the increasing emphasis by firms on the sustainable characteristics of their products, which include eco-friendly packaging and transparent sourcing is favoring the expansion of the industry. Aside from that, the public discourse around the negative environmental implications of animal agriculture has spurred a portion of the customer base to seek more sustainable solutions, thus adding to the market demand.

Vegan Yogurt Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on source, flavor, application, and distribution channel.

Breakup by Source:

• Almond
• Soy
• Coconut
• Others
   

Soy accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the source. This includes almond, soy, coconut, and others. According to the report, soy represented the largest segment.

Soy is dominating the market as it offers a high protein content, similar to that of dairy yogurt, making it a nutritious choice for consumers looking for plant-based protein options. Additionally, it has been widely researched and is a well-established base for plant-based products, including yogurt. Moreover, soy is a cost-effective raw material compared to other plant-based options, such as almonds and cashews, which makes it accessible for both manufacturers and consumers. Besides this, it is one of the most cultivated legumes across the globe, ensuring a consistent supply chain, which is essential for mass production and market penetration. Moreover, the advancements in food technology, which have led to the development of soy-based yogurts with improved taste and texture, are boosting the vegan yogurt market size.

Breakup by Flavor:

• Vanilla
• Strawberry
• Mixed Berry
• Raspberry
• Peach
• Others
   

A detailed breakup and analysis of the market based on the flavor have also been provided in the report. This includes vanilla, strawberry, mixed berry, raspberry, peach, and others.

Vanilla offers a universally appealing taste, which makes it a popular choice among consumers. Its mild and distinct flavor complements the plant-based ingredients commonly used in vegan yogurt, thus enhancing the overall eating experience. Moreover, vanilla serves as a versatile base that pairs well with a variety of other flavors, fruits, and toppings. This adaptability makes it a go-to option for consumers who wish to customize their yogurt according to personal preferences.

Strawberry offers a sweet, tangy profile, which complements the naturally tart characteristics of yogurt, creating a balanced taste experience that is pleasing to a wide audience. Moreover, the familiarity of strawberry flavor allows it to serve as a gateway for consumers who are new to vegan yogurt. This makes it easier for manufacturers to introduce new customers to their range of plant-based yogurts, thereby expanding market reach.

Breakup by Application:

• Frozen Dessert
• Food
• Beverages
• Others
   

The report has provided a detailed breakup and analysis of the market based on the application. This includes frozen dessert, food, beverages, and others.

Vegan yogurt serves as an ideal base for frozen desserts, offering a creamy texture and rich flavor that closely mimics dairy-based options. Additionally, the versatility of vegan yogurt allows for the incorporation of various flavors, sweeteners, and additives, making it suitable for a wide range of frozen dessert products, such as ice creams, sorbets, and frozen yogurts. Moreover, the advancements in food processing technology, which have improved the texture and taste of vegan frozen desserts, leading to higher consumer acceptance, are supporting the vegan yogurt industry growth.

Vegan yogurt is increasingly being incorporated into a wide range of foods, such as smoothies, salad dressings, baked goods, and desserts. Additionally, the surge in the ready-to-eat (RTE) and convenience food sectors is further propelling the use of vegan yogurt in food applications. Its longer shelf life, compared to many dairy-based yogurts, makes it a suitable ingredient for packaged food products that require extended storage.

Breakup by Distribution Channel:

• Hypermarkets and Supermarkets
• Convenience Stores
• Online Stores
• Others
   

Hypermarkets and supermarkets exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes hypermarkets and supermarkets, convenience stores, online stores, and others. According to the report, hypermarkets and supermarkets accounted for the largest market share.

Hypermarkets and supermarkets are dominating the market as they offer a wide variety of choices, making it convenient for consumers to compare and select vegan yogurt from multiple brands and flavors in a single location. Additionally, the established infrastructure and strategic locations of hypermarkets and supermarkets make them accessible to a large population. Furthermore, they employ promotional strategies such as discounts, loyalty programs, and in-store tastings, which contribute to greater consumer awareness and product trials. Moreover, hypermarkets and supermarkets have refrigerated sections that are essential for the storage of perishable items like vegan yogurt. This ensures that the product maintains its quality, thereby building trust and enhancing customer satisfaction.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America 
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest vegan yogurt market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for vegan yogurt.

The heightened health consciousness among North American consumers, which is driving the switch from dairy to vegan options, is contributing to the market growth. Additionally, the growing awareness and concern for animal welfare in the region that promote the consumption of plant-based foods, is fueling the vegan yogurt market growth. Furthermore, the presence of a robust distribution network in North America, comprising supermarkets, specialty stores, and online platforms, which makes vegan yogurt easily accessible to a larger consumer base, is positively influencing the market growth. Besides this, the incorporation of advanced food processing technologies by regional manufacturers, resulting in the development of high-quality, tasty vegan yogurt products, is supporting the market growth. In addition, the presence of leading companies in the North American market, which provides an array of choices for consumers, fostering competition and driving down prices to more affordable levels, is favoring the market growth.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the vegan yogurt industry include Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.p.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone), etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The leading players are investing in research and innovation activities to create products that mimic the texture and taste of traditional dairy-based yogurts. This includes the utilization of advanced fermentation techniques and the exploration of novel plant-based ingredients. Furthermore, companies are expanding their product lines to include various flavors, textures, and fortified options that are rich in various nutrients like calcium and vitamin D. Besides this, they are offering yogurt alternatives suitable for different dietary needs, such as low-sugar or high-protein variants. Additionally, top manufacturers are adopting targeted advertising campaigns aimed at health-conscious consumers, vegans, and those with lactose intolerance or dairy allergies. Moreover, they are leveraging social media platforms and influencer marketing to promote their products as tasty and nutritious.

Vegan Yogurt Market News:

• In August 2023, Vitasoy released a new oat yogurt range that comprises three flavors, namely blueberry, vanilla, and summer fruits. These yogurts are fortified with protein and calcium and contains beta-glucan as well as vitamins B12 and D. This range also holds a 4 Health Star Rating.
• In February 2024, Danone Canada’s Silk brand announced its latest product launch, Greek-style, plant-based yogurt that is made with Canadian pea protein. The product is available in vanilla and key lime flavor variations and contains 12 grams of protein per 175g serving.

Vegan Yogurt Market Report Scope:

Key Questions Answered in This Report:

• How has the global vegan yogurt market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global vegan yogurt market?
• What is the impact of each driver, restraint, and opportunity on the global vegan yogurt market?
• What are the key regional markets?
• Which countries represent the most attractive vegan yogurt market?
• What is the breakup of the market based on the source?
• Which is the most attractive source in the vegan yogurt market?
• What is the breakup of the market based on the flavor?
• Which is the most attractive flavor in the vegan yogurt market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the vegan yogurt market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the vegan yogurt market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global vegan yogurt market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vegan yogurt market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global vegan yogurt market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vegan yogurt industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.