The global plant-based yogurt market revenue was around US$ 5,507.3 million in 2022 and is estimated to reach US$ 12,200.4 million by 2032, growing at a compound annual growth rate (CAGR) of 9.2% during the forecast period from 2024 to 2032.
Plant-based yogurt is called vegan yogurt or non-dairy yogurt. It is treated as an option for conventional dairy yogurt. It is produced from plant-based ingredients. The ingredients utilized in making plant-based yogurts are almond milk, soy milk, rice milk, coconut milk, and oat milk along with others. The procedure of making plant-based yogurt includes the fermentation of plant milk with probiotics.
Factors Influencing Market Growth
- The market for plant-based yogurt has a lot of possibilities due to technical improvements in the food processing sector to augment the plant-based yogurt market.
- The market development is being further propelled by many factors like the innovative products with enhanced texture, flavor, and nutritional profiles that have been seen as a result of the augmented investment in this sector.
- The growth in the vegan population and the lactose-intolerant population has propelled the growth of the plant-based yogurt market.
Impact of COVID-19
The outbreak of the COVID-19 pandemic has influenced the global supply chains, drove shortages of some ingredients and holds in distribution and production. The shifts in consumer behaviour may have had both negative and positive impacts on the plant-based yogurt market.
Regional Analysis
North America is anticipated to dominate the plant-based yogurt market during the forecast period. Plant-based yogurt sales have significantly grown because of the continual development of the North American market. There has been a substantial shift in consumer behavior about the usage of dairy-free and vegan products in this region. Also, the rise in North American customers who utilize vegan items propels a considerable rise in demand for products of plant-based yogurt.
Leading Companies
The leading prominent companies profiled in the global plant-based yogurt market are: -
- Daiya Foods Inc.
- The Hain Celestial Group, Inc.
- Oatly Group AB
- General Mills Inc.
- Kite Hill
- Califia Farms, LLC
- Springfield Creamery
- Nush Foods
- Danone S.A.
- Forager Project
- Other prominent key players
Segmentation Outline
The global plant-based yogurt market segmentation focuses on Flavor, Distribution Channel, Raw Material, and Region.
Segmentation based on Flavor
- Blueberry
- Others
- Original/Plain
- Vanilla
- Strawberry
Segmentation based on Distribution Channel
- Supermarket/Hypermarket
- Convenience Store
- Specialty Store
- Online Store
Segmentation based on Raw Material
- Soy
- Almond
- Coconut
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa