The vegan yogurt market is witnessing rapid growth driven by increasing adoption of plantbased and flexitarian diets. Vegan yogurt, made from plant-based milk such as soy, almond, coconut and rice milk, is a rich source of probiotics and nutrients. It is a suitable alternative for lactose-intolerant consumers and vegans. Vegan yogurt products are available in different flavors and textures similar to dairy yogurt. Manufacturers are investing in new product innovations to enhance taste, texture and nutritional profile of vegan yogurt.
The vegan yogurt market is estimated to be valued at USD 3.63 Bn in 2024 and is expected to reach USD 11.98 Bn by 2031, growing at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the vegan yogurt market are Met Foods, Cocos
Organic, Hain Celestial, EasiYo Products Limited, Danone, General Mills Inc., Stonyfield
Farm, Inc., Daiya Foods Inc, Good Karma Foods, Inc., Hudson River Foods, NANCY’S, Kite Hill, COYO Pty Ltd., Nush Foods, Chobani, LLC, Barambah Organics Pty Ltd, Blue Diamond Growers, Dean Foods, General Mills Inc., and Granarolo S.P.A.
Growing demand:
Rising health consciousness and concerns regarding animal welfare have significantly increased the Vegan Yogurt Market size for plant-based and vegan products. Consumers are drawn to vegan yogurt due to the variety of flavors and health benefits offered. The market is expected to grow exponentially due to rising flexitarian population across the globe.
Global expansion: Key players in the vegan yogurt market are focusing on global expansion by entering emerging markets. Companies are investing heavily in product innovation, branding and marketing activities to increase consumer awareness. The demand is robust in developed countries of North America and Europe currently and major players are targeting high potential developing regions including Asia Pacific and Latin America for future growth.
Market key trends
Adoption of plant-based diets is one of the key trends seen in the global food industry currently. Flexitarian and vegan populations are increasing rapidly which is fueling the demand for alternative vegan dairy products. Vegan yogurt manufacturers are developing innovative products fortified with vitamins, prebiotics and probiotics. Usage of indigenous plant-based ingredients is another trend being adopted to cater to regional tastes. Companies are focusing on packaging and marketing strategies to attract health-conscious millennial consumer base.
Porter’s Analysis
Threat of new entrants: The Vegan Yogurt market has a moderate threat of new entrants as it requires substantial investment and R&D for product differentiation. However, the growing demand for plant-based products provides opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, customer loyalty gives advantage to established brands. Bargaining power of suppliers: Suppliers of vegan yogurt ingredients and packaging materials have low to moderate bargaining power, as there are many suppliers in the market, highlighting the Vegan Yogurt Market Challenges and Opportunities products like almond yogurt, coconut yogurt and other dairy-free yogurt pose high threat to the vegan yogurt market.
Competitive rivalry: The market has high competitive rivalry owing to the large number of companies offering varied product ranges.
Geographical Regions:
North America currently holds the largest share of the vegan yogurt market in terms of value owing to growing health consciousness and lactose intolerance. The U.S dominates the North American vegan yogurt market.
Asia Pacific is expected to be the fastest growing region during the forecast period due to rising vegan population in countries like India and China. Increasing cases of diabetes and lactose intolerance are fueling market growth in Asia Pacific.
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