Vegan yogurt are made from milk derived from nuts, seeds, and grains. Nuts used to make the product include coconut, macadamia, hazelnuts, pistachios, pili, almond, and cashew. Seeds used in the making of vegan yogurt include soy, flax, and hemp, whereas grains include oats. So, manufactures do not depends on animal based products to make vegan yogurt. Vegan yogurt is consists of fat, minerals, protein, and vitamins. As a part of balance diet vegan yogurt is healthier than animal derived product. Nuts, soy, and oats are the main ingredient in vegan yogurt. It is also a good source of sodium as well as vitamins such as B1, B6, and B2 which are might be added some extra nutritional values in vegan yogurt. Vegan yogurt are lower in saturated fat and calories and higher in fiber which can help to balanced healthier diet. According to their properties, vegan yogurt is the best substitutes for an animal byproducts.
The global vegan yogurt market was valued at US$ 2.25 Bn and is expected to reach US$ 10.97 Bn exhibiting a CAGR of 18.9% during the forecast period 2022-2030.
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 Revenue Share (%), By Product Type, 2021
Among product type, almond segment held a dominant position in the global vegan yogurt market in 2021, accounting for 39.4% market revenue share, followed by beverages and others. Rising the demand of vegan yogurt in the market due to their health benefits such as rich source of calcium, vitamins, and fats.
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.
|Base Year:||2021||Market Size in 2021:||US$ 2.25 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||18.9%||2030 Value Projection:||US$ 10.97 Bn|
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.
|Restraints & Challenges:||
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 Revenue Share (%), By Region, 2021
Among region, Europe held a dominant position in the global vegan yogurt market in 2021, accounting for 43.8% of market share.
Global Vegan Yogurt Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 has positively as well as negatively affected the plant-based food industry. Due to lockdowns, countries are banned to travel and shutdown of business can reduce the economic and industries growth of the developing countries. Disruption in raw materials supplies and freeze the supply chain during the pandemic vegan yogurt market witnessed the lower growth. However, the increased consumption of vegan products during COVID-19 can boost the market growth, owing to different taste and flavor of these products. Due to COVID-19, consumers are more concerned about their immune health, energy metabolism, systematic inflammation, weight level, and their current lifestyles. Due to vegan yogurt consumers will believe to improving dietary patterns which will help them to boost the level of health.
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.
Vegan yogurt is generally creamy & healthy and can be used in sweet as well as savory dishes because it is flexible for making the dishes and popular choice for chefs to add flavor and excitement to their dishes or menus. Vegan yogurt helps to fulfil all the nutritional requirements of the vegan peoples. Most vegan food such as bacon, meat, yogurt, and others have healthy fats, a considerable amount of protein, vitamins, amino acids, and fiber which can helps to increase the metabolism. Without any of the animal cruelty, vegan yogurt offers all the flavor of the food. Thus, it is being incorporated into a variety of ready-to-eat processed food items by food manufacturers. The vegan food market has been growing in recent years due to more people looking for plant-based alternatives to meat and dairy products.
The consumption of vegan food products rapidly covered and prevent the risk of type-2 diabetes and cardiovascular diseases. For improve the quality of products and increase the demand of customers the manufactures are used the innovative components as well as procedures in their products which helps to drive the vegan yogurt market growth in the forecast period. For instance, in May 2021, Barambah Organics Pty Ltd., a vegan yogurt manufacturer announced to purchase a leading organic yogurt company, Five: am. The company is a vegan yogurt manufacture by can sold their yogurt across the Australia. Furthermore, in December 2020, Granarolo S.P.A. a vegan yogurt manufacturing company acquired White and Seed a startup of protein products suitable for athlete which can help to boost the market growth of the vegan yogurt.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.