July 21, 2024
Vegan Yogurt Market

Projected Surge in Vegan Population to Boost Growth of Vegan Yogurt Market

Vegan yogurt is a plant-based dairy alternative made from non-dairy ingredients such as coconut milk, almond milk, soy milk, cashew milk and others. It provides similar texture and taste to traditional dairy yogurt while being devoid of animal products. Vegan yogurt is gaining popularity due to the rising vegan population as well as health consciousness among consumers regarding dairy alternatives. It is a good source of protein, calcium, vitamins and probiotics. The growing demand for dairy-free and plant-based foods is fueling the growth of the vegan yogurt market.

The global Vegan Yogurt Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the vegan yogurt market is the introduction of new flavors. Companies are innovating new flavors such as blueberry, peach, strawberry and mango to cater to changing consumer preferences. Apart from conventional flavors, exotic flavors like chia seed, ginger, turmeric and moringa are also gaining traction. Another trend is the launch of yogurt products with functional ingredients. Products infused with protein, fibers, prebiotics and vitamins are in high demand. Companies are introducing nutritious products targeting fitness enthusiasts and health conscious consumers. Additionally, the market is witnessing partnerships between yogurt brands and cafes for offering vegan yogurt parfaits and smoothies on their menus. This is expected to increase awareness and sales of vegan yogurt products.

Porter’s Analysis:

  • Threat of new entrants: The vegan yogurt market has a moderate threat of new entrants due to high capital requirements and technical barriers. However, the market is steadily growing with consumers looking for more plant-based alternatives.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customers interested in dairy-free vegan yogurt have fewer alternatives.
  • Bargaining power of suppliers: There is moderate bargaining power of suppliers due to the easy availability of plant-based raw materials like soy, almonds, coconuts etc. Substitute products also put pressure on suppliers.
  • Threat of new substitutes: Threat of substitutes is high due to availability of alternative vegan snacks and dairy-free products. However, vegan yogurt has its own unique taste and texture.
  • Competitive rivalry: High competitive rivalry exists owing to the presence of several global players.

Key Takeaways:

The Global Vegan Yogurt Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing health and diet consciousness among people. The market size for 2023 is US$ 3.6 Bn.

Regional analysis: North America dominates the vegan yogurt market currently due to growing vegan and flexitarian population. Asia Pacific is expected to witness fastest growth in demand for vegan yogurt owing to rising lactose intolerance and awareness.

Key players operating in the vegan yogurt market incorporate 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), Danone S.A., Oatly A.B., Forager Project, Coyo Pty Ltd., Chobani Global Holdings, and Kite Hill.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it