Vegan Yogurt Market
Vegan Yogurt Market Analysis By Product Type (Soy Yogurt, Coconut Yogurt, Almond Yogurt, Rice Yogurt), By Flavor (Chocolate, Strawberry, Banana, Pineapple, Mango, Lemonade, Peach), By End Use (HORECA, Household), By Sales Channel (Offline, Online) and Region - Global Market Insights 2023 to 2033
Analysis of Vegan Yogurt Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Vegan Yogurt Market Outlook (2023 to 2033)
Worldwide sales of vegan yogurt are estimated at US$ 6.8 billion for 2023 and are forecasted to jump to US$ 12.2 billion by the end of 2033. Over the next ten years (2023 to 2033), the global vegan yogurt market is projected to expand at 6% CAGR.
Vegan yogurt, an alternative to dairy-based yogurt, is usually made from milk substitutes obtained from soy, coconut, or almond. The raw materials in soy, coconut, and almonds are ground together with water to produce vegan yogurt which is rich in probiotics making it a healthy snack and an alternative for lactose intolerant population.
A notable hike in the popularity of trends such as veganism and plant-based lifestyles in recent years has paved the way for vegan yogurt companies to set up their businesses. Rising awareness regarding vegan yogurt benefits and vegan yogurt uses among consumers is also a key prospect influencing future market development. Pea yogurt, soy yogurt, hemp yogurt, coconut yogurt, and rice yogurt are some of the most popular types of dairy-free yogurt available in the markets at present.
Millennials have been at the helm of the vegan revolution ever since its inception and they still play an elemental role in promoting the popularity of veganism across the world. The rise in the vegan population on a global level is anticipated to be the chief demand instigator for vegan yogurt and other plant-based food products in the future.
- As per an article published on the website of the World Animal Foundation, there are around 88 million vegans in the world in 2023 and three-quarters of them are females.
Functional benefits offered by vegan yogurt such as reduction of cholesterol, maintaining blood sugar levels, and improving digestive health are also helping its popularity and adoption. The high incidence of milk allergies and lactose intolerance among kids and adults is also pushing sales of vegan yogurt at the moment.
|Vegan Yogurt Market Size (2023)||US$ 6.8 Billion|
|Projected Market Value (2033F)||US$ 12.2 Billion|
|Global Market Growth Rate (2023 to 2033)||6% CAGR|
|China Market Growth Rate (2023 to 2033)||6.8% CAGR|
|Almond Yogurt Demand Growth (2023 to 2033)||7% CAGR|
|Key Companies Profiled||
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How Can Vegan Yogurt Start-ups Level Up Their Business Potential?
“Product Innovation and Capital Raise Will Help New Companies Grow”
Being vegan is all about saving the environment and this is why vegan product makers are focusing on incorporating more sustainability in their manufacturing processes. Upcoming companies can experiment with different flavors and ingredients to create some unique products that could become a total hit for vegans all over the world.
- In February 2020, Yofix, a plant-based yogurt producer based in Israel and founded in 2014, announced that it had raised US$ 2.5 million in an extended Series A financing round. The company had plans to use the fresh capital to expand its business on a global scale and invest in R&D of new soy-based products.
- Wellme, a new company based in Shanghai, China develops gut-healthy vegan yogurt under the brand name Berrywell. The company uses chickpeas, coconuts, and peas to make its 100% vegan yogurt products to meet the demands of Chinese consumers for nutritious, immunity-boosting foods.
Start-ups can benefit by learning more about aspects such as local supply, pricing trends, product standards, safety regulations, and new developments that have been discussed extensively in this vegan yogurt industry study by skilled analysts at Fact.MR, a market research and competitive intelligence provider.
How are Regulatory Authorities Influencing Vegan Yogurt Sales?
“Implementation of Clear Guidelines to Differentiate Vegan Products”
Getting a vegan confused with a vegetarian is a mistake that almost all of us have made at some point in life. But the confusion just doesn’t end here, terms like non-dairy, plant-based, and milk substitutes have all just made the average consumer more confused than they ever were. Regulatory authorities have stepped in to change this as they work on issuing clear guidelines to define vegan-certified products and solve consumer dilemmas.
- The United States Food and Drug Administration (FDA) is scrutinizing the standards of identity laid down for using dairy names for non-dairy products. The regulatory authority had issued a request for information (RFI) to garner feedback on how consumers use dairy substitutes and the way they comprehend terms like milk, yogurt, and cheese. Through the survey, the FDA plans to promote innovations in the production of vegan yogurt and other plant-based products.
- In a similar vein, the European Union announced it would establish a definition of vegan food in 2019 which laid the groundwork for labeling any product as vegan. The European Union aimed to educate the consumers as well as lay down proper guidelines for companies involved in the production of vegan foods and beverages through this initiative.
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Although demand for vegan products will flourish across the world sooner than later, vegan yogurt manufacturers should currently focus their efforts in developed economies such as the United States, France, Germany, and the United Kingdom to benefit from high consumer awareness in these countries.
What’s Attracting Vegan Yogurt Brands to the United States?
“Rising Lactose Intolerant Population”
Rising prevalence of lactose intolerance among the people of the United States is a prime prospect that is anticipated to uplift shipments of vegan yogurt over the coming years. A high focus on health and fitness is pushing people to opt for functional food products to improve their nutritional intake.
Surging popularity of veganism and high preference for plant-based foods are also estimated to boost sales of dairy-free yogurt in the country going forward. Almond yogurt, cashew yogurt, oat yogurt, and hemp yogurt are forecasted to be some of the popular products in the United States over the coming years.
- Consumption of vegan yogurt in the United States is slated to increase at 5.2% CAGR from 2023 to 2033.
What Prospects Make China a Bankable Market in This Business?
“High Inclination towards Meat Alternatives of Young Middle Class”
China is a giant as compared to most other countries when it comes to meat consumption so why is it being seen as a highly lucrative marketplace for vegan food? The answer comes from the young middle-class population of China, who is moving towards a lifestyle that promotes the consumption of meat alternatives and other animal-based products.
- Demand for vegan yogurt in China is projected to rise at 6.8% CAGR over the next ten years.
The influence of Western culture on Asian economies is rising rapidly and the rise of veganism is directly proportional to the same. Moreover, directives by the Chinese government to reduce meat consumption in the country are also paving the way for vegan product suppliers.
- As per an article published on the Truly Experiences website, 5% of the Chinese population is vegan.
Why Should Vegan Yogurt Companies Invest in France?
“Expanding Vegan Population Catalyzing Non-dairy Yogurt Demand”
European countries have been relatively quick and more open to the idea of veganism as compared to the world, which immediately makes them attractive spaces for all kinds of plant-based product providers. France is no stranger to dairy products but as sustainability concerns cloud the viability of dairy farming, eco-conscious consumers in the country are turning toward plant-based and vegan dairy alternatives.
The hunt of French consumers for a nutritious sweet alternative is also being satisfied through vegan yogurt products. The expanding number of vegans among the French is also forecasted to uplift the consumption of vegan yogurt in the country going forward.
Dairy-free yogurt made from almond milk is highly coveted among consumers at the moment but the rapidly changing consumer preferences will keep vegan yogurt manufacturers on their toes to launch new flavors.
Which Type of Plant-based Yogurt is Popular Among Consumers?
“Almond Yogurt to Secure Consumer Favourite Spot through 2033”
Based on product type, the market is segmented into soy yogurt, coconut yogurt, almond yogurt, rice yogurt, and others.
The low cholesterol and unsaturated fat content of almond milk allows it to emerge as the most preferred non-dairy alternative for the production of vegan yogurts. Apart from being devoid of cholesterol, almond milk yogurt can help reduce bad cholesterol owing to the presence of polyunsaturated fatty acids in its composition. Furthermore, the consumption of almond yogurt has been linked with maintaining eye health, immunity, and digestive health.
- Almond yogurt’s vitamin E-rich makeup provides for 50% of a human being’s daily vitamin requirement. With its high vitamin E content, almond yogurt provides the nourishment required to maintain healthy and glowing skin.
The array of benefits offered by almond-milk-based yogurt has created a spike in the demand for the alternative yogurt variant. An increasing number of vegan yogurt companies have been taking note of the growing popularity of almond yogurt and are launching novel vegan yogurts with almond milk as its basic manufacturing vegan ingredient.
- Sales of almond yogurt are anticipated to rise at 7% CAGR over the next ten years.
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Leading vegan yogurt brands are focusing on launching new products and expanding their product portfolio.
- In July 2023, Müller, a renowned dairy brand based in Germany, announced the launch of plant-based versions of its popular products in the United Kingdom. Corner yogurts and rice pudding were the products launched.
Key Segments of Vegan Yogurt Industry Research
By Product Type :
- Soy Yogurt
- Coconut Yogurt
- Almond Yogurt
- Rice Yogurt
By Flavor :
By Sales Channel :
- Departmental Stores
- Convenience Stores
- Company Website
- e-Commerce Platforms
By End Use :
By Region :
- North America
- Latin America
- FAQs -
The global vegan yogurt market is pegged at US$ 6.8 billion in 2023.
By 2033-end, vegan yogurt sales are forecasted to reach US$ 12.2 billion.
Vegan yogurt shipments are projected to rise at 6% CAGR from 2023 to 2033.
Danone, Chobani LLC, The Hain Celestial Group Inc., Daiya Foods Inc., Nancy’s Yogurt, and Kite Hill are leading companies that manufacture vegan yogurt.
Vegan yogurt consumption in the United States is set to increase at 5.2% CAGR from 2023 to 2033.