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  • Published On : Dec 2022
  • Code : CMI5427
  • Pages :120
  • Formats :
      Excel and PDF
  • Industry : Food and Beverages

The global vegan yogurt market was valued at US$ 2.58 Bn in 2022 and is expected to reach US$ 10.06 Bn exhibiting a CAGR of 18.5% during the forecast period 2023-2030.

Global Vegan Yogurt Market- Drivers

  • Increasing prevalence of chronic conditions is positively influencing the sales of low-fat vegan cheese: Increasing prevalence of chronic conditions is positively influencing the sales of low-fat vegan cheese as it helps maintain the blood glucose levels and reduce the risks of obesity, stroke, cholesterol and cancer that can drive the market growth in upcoming years. For instance, in December 2020, a leading French yogurt company, Danone acquired a Colorado-based company, Whitewave Foods, for its plant-based food and drink manufacturing brands such as Alpro, so delicious, silk, and Vega. Growing number of lactose-intolerant individuals and extensive campaigns undertaken by celebrities and other public figures to encourage the adoption of a vegan diet are also boost the market growth in forecast period. Vegan yogurt means a finished product which is consisting of ingredients derived from plants that includes coconut, macadamia, almond, cashew, and others. For instance, in July 2020, an India-based startup  Epigamia announced to launch dairy-free coconut milk yogurt especially to cater to the needs of Indian population.

Figure 1. Global Vegan Yogurt Market Value Share (%), By Region, 2022

VEGAN YOGURT MARKET

Global Vegan Yogurt Market- Restraints

  • High cost of product is one of the major restraining factors in the vegan yogurt market: High cost of product is one of the major restraining factors in the vegan yogurt market. As compared to animal by product, the vegan yogurt has an overpriced which can reduce the market in price sensitive countries such as India and China. The unpleasant taste of products as compared to traditional product which are made from animal by-products can restrain the market growth.

Vegan Yogurt Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 2.58 Bn 
Historical Data for: 2018 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 18.5%  2030 Value Projection: US$ 10.06 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East &Africa: GCC Countries, Israel, and Rest of Middle East, South Africa, North Africa, and Central Africa
Segments covered:
  • By Application: Frozen dessert, Food, Beverages, Others
  • By Flavor: Vanilla, Strawberry, Mixed Berry, Raspberry, Peach, Others
  • By Product: Soy, Almond, Oats, Coconut, Others
  • By Distribution Channels: Offline (Supermarket, Hypermarket), Convenience Stores, Online Store
Companies covered:

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. 

Growth Drivers:
  • Increasing usage of vegan yogurt by health conscious people
  • Rising demand for plant based product
Restraints & Challenges:
  • High cost of vegan products

Global Vegan Yogurt Market- Trends

  • Rising cautions about the medical advantages of vegan yogurt can boost the market growth in the worldwide. For instance, on April 29, 2021, the vegan food manufacturer company, Upton’s Naturals collaborate with Dot Foods which is the largest food industry redistributor in North America. The new relationship will increases the availability of the brands popular 100% vegan meat alternatives for distributors, restaurants, and foodservices customers across the countries. Additionally, in October 2020, the International Agency for Research on Cancer, part of the World Health organization, divided the utilization of red meat as probably oncogenic to humans. According to press news, it was concluded that consumption of processed meat causes colorectal cancer that can hampered the market growth.
  • Furthermore, in June 2020, a vegan food manufacturer company, Beyond Meat announced to acquire a new production unit of vegan food manufacture in Enschede, the Netherlands for the expansion of their production capacity in Europe.

Figure 2. Global Vegan Yogurt Market Value Share (%), By Product Type, 2022

VEGAN YOGURT MARKET

Global Vegan Yogurt Market- Competitive Section

Major players operating in the global vegan yogurt market include 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.

Recent Developments

  • July 20, 2023, Blue Diamond Growers launched its USDA Partnerships for ClimateSmart Commodi4es Grant Program with its 3,000 grower-owners this week. The program is a major step in expanding the use of climate-smart prac4ces in almond orchards.
  • 27 July 2023, Granarolo S.p.A. officially launches Granarolo Baby in China, A product acquiring vegan milk Market for 0 to 3 years old children
  • July 2023, Oatly Expands Partnership With Deutsche Bahn to Bring Oatly Soft Serve to All Its Lounges Across Germany.

Frequently Asked Questions

The global vegan yogurt market was valued at US$ 2.58 billion in 2022 and is expected to grow at a CAGR of 18.5%.

Increasing the number of vegan population across the globe is expected to drive the market.

The Almond segment is the leading component segment in the market.

High cost of product is expected to hampering the market.

Major players operating in the market include 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.

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