Vegan Yogurt Market Is Anticipated To Grow At A Value CAGR Of 4.8% By 2028

Vegan Yogurt

The vegan yogurt market is expected to continue its bullish run, driven by a combination of macroeconomic and industry-specific factors. Gains have been driven by vegan yogurt’s availability in a variety of flavors, and the ubiquitous health and wellness trend. These factors helped vegan yogurt sales increase by over 30,000 metric tons in 2018 over 2017, according to recent analysis by Fact.MR.

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The Fact.MR study opines that almond yogurt remains the bestseller, accounting for more than half of total vegan yogurt sales in 2018. The trend is expected to prevail as vegan yogurt companies continue to introduce new almond-milk based yogurt products to meet consumers’ taste preferences while enhancing the vegan yogurt’s nutritional value.

The adoption of veganism by famous celebrities and athletes has also added to the cause. Coupled with the endorsement from renowned health institutions and its potential cancer-preventing benefits, vegan products have garnered widespread popularity around the globe.

Key Trends:

  1. Increased Health and Wellness Awareness: Consumers were becoming more health-conscious and looking for dairy-free alternatives, driven by concerns about lactose intolerance, allergies, and the perceived health benefits of plant-based diets.
  2. Plant-Based Boom: The broader trend toward plant-based diets was fueling the vegan yogurt market. People were adopting vegan and vegetarian diets for various reasons, including environmental concerns, animal welfare, and personal health.
  3. Flavor Innovation: Brands were focusing on developing a wider variety of flavors to appeal to different consumer tastes. Unique and exotic flavor options were becoming more common, making vegan yogurt more appealing to a broader audience.
  4. Clean Label and Natural Ingredients: Consumers were seeking products with fewer additives and artificial ingredients. Brands that used clean and natural ingredients in their vegan yogurt formulations gained a competitive edge.
  5. Probiotics and Gut Health: Vegan yogurt containing probiotics and promoting gut health were gaining popularity. These products were marketed as supporting digestive health, similar to traditional yogurt.
  6. Packaging Innovation: Environmentally friendly packaging was a growing concern, and brands were exploring sustainable packaging options, such as compostable containers and reduced plastic use.
  7. Personalization: Some brands were offering customizable options, allowing customers to choose their own mix of ingredients, toppings, and flavors for their vegan yogurt.
  8. Diversification of Dairy Alternatives: Beyond soy and almond, newer dairy alternatives like oat, coconut, and cashew milk were being used as bases for vegan yogurt, catering to a wider range of dietary preferences and allergies.
  9. Online Sales and Direct-to-Consumer Models: E-commerce and direct-to-consumer sales were becoming increasingly important as consumers sought the convenience of having vegan yogurt delivered to their homes.
  10. Global Expansion: The vegan yogurt market was not limited to North America and Europe. It was growing in popularity in Asia-Pacific, Latin America, and other regions as well, reflecting the global nature of the plant-based movement.
  11. Partnerships and Collaborations: Some brands were collaborating with other food companies or influencers to create co-branded vegan yogurt products, leveraging the power of partnerships for marketing and brand recognition.

Households Account for 80% Consumption of Vegan Yogurt

Fact.MR finds that over 80% of vegan yogurt is consumed in households. Further, the compact packaging of vegan yogurt allows the consumer to eat it on-the-go, making it an attractive snacking option for busy consumers.

The use of vegan products in food chains and restaurants is gradually gaining traction; the study found moderate growth in the utilization of vegan yogurt and products in the food service industry. Although households dominate overall consumption, demand for vegan yogurt from households and HORECA is growing at comparable rates.

Companies Look Towards Vegan Yogurt As Mindful Choices Trend Drives the Food Industry

Companies in the food processing and production industry are looking to capitalize on the ‘mindful choices’ trend. On account of the popularity of the trend, multiple small and large companies are launching new vegan products to consolidate their position. The fierce competition induced in the market as a result of the growing demand for vegan products is expected to lower pricing and encourage innovations in the field.

Numerous researches have linked serious health risks with the consumption of dairy products in the recent past. Increasing awareness about the potential side effects of dairy products is inducing a shift towards vegan products. This is also providing an impetus to the growth of vegan yogurt market. The opportunities emerging in this sector are not lost on F&B companies who are introducing more vegan products to capitalize on the situation.

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Quick and Easy Ingredient Procurement a Boon for Companies

Vegan yogurts utilize soy, almond, coconut or other plant-based milk for production. These ingredients are easily available, saving processors the volatilities associated with other ingredients. Moreover, the use of plant-based milk for the production of yogurt does not entail the rearing of cattle which has led to a lot of controversies in recent times.

The study opines that the Asia Pacific excluding Japan (APEJ) will remain the largest market for vegan yogurt globally. The APEJ market is likely to reach US$ 3.5 billion in revenues by 2019-end. Asia Pacific is home to some of the most populous countries on the planet and the evolving consumer needs and preferences promise formidable growth prospects in the region.

The Fact.MR report tracks the vegan yogurt market for the period 2018-2027. According to the report, the vegan yogurt market is projected to grow at 4.8% CAGR through 2028. 

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