Mar 01, 2019
Negative Outlook Towards Dairy Promoting Plant-based Yogurt Market
by Team Fact.MR
Changing taste preferences, coupled with the rising popularity of “mindful choices” trend have led to surging adoption of plant-based yogurt, with gains complemented by rising incidences of lactose intolerance. According to Fact.MR’s latest study on plant-based yogurt market, companies, both big and small, are broadening their portfolio with a variety of flavors, textures, and compositions to meet the wide-ranging needs of consumers. The global vegan yogurt market is also likely to witness steady growth over the course of the forecast period.
According to the study, growing awareness about the health impact of consuming dairy products on a daily basis has led consumers to seek feasible alternatives. Increasing concerns about antibiotic resistance and ethical concerns surrounding the inhumane practices employed in dairy farming are triggering a shift to whole plant-based diet. According to the report, as various health organizations have approved plant-based yogurts of fulfilling the nutritional parameters required to replace yogurt manufactured from milk, consumer confidence in these products has remained positive.
The Fact.MR study opines that positive word-of-mouth and celebrity endorsements are also influencing consumers to shift to a plant-based diet. The quick and easy procurement of ingredients required for the production of plant-based yogurt shields companies from the volatilities associated with the market while saving them valuable time to market. Additionally, the ingredients allow food companies to maintain their brand positioning by circumventing the association with the negative outlook that has been formed against dairy farming.
Vegan Yogurt as Healthy Snacking Creating Opportunities for Brands
Vegan yogurt has been gaining immense popularity as a healthy snacking option for the busy and health conscious global population. The vegan product is being marketed as a healthy snack that caters to the consumers’ taste preferences while providing them with the required dosage of proteins, antioxidants, vitamins, and minerals. Further, food companies are selling vegan yogurt products in compact packaging allowing consumers to conveniently eat it on-the-go. Due to these factors, 80% of the total vegan yogurt sold in 2018 was utilized in households. On similar lines, the utilization of vegan yogurt in restaurants and food chains is anticipated to grow at a comparable rate with companies looking to capitalize on the current market scenario.
A recent Fact.MR report opines that the APEJ region is expected to approximately value at over $3.5 billion by the end of 2019. The exponential growth of the market in the region can be attributed to changing consumer preferences and flourishing economies in the multiple countries in the region.