Newark, NJ, Jan. 23, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global vegan yogurt market is expected to grow from USD 870.11 Million in 2017 to USD 2.89 Billion by 2026 at a CAGR of 16.20% during the forecast period 2019-2026.
Increasing consumer awareness of the harmful effects of artificial additives and preservatives has motivated food & beverage manufacturers to reduce the amount of sugar in food products. Because of the absence of synthetic chemical material, vegan yogurt is expected to remain one of the favored options among food and nutrition companies. Manufacturers are introducing savory and plant-based yogurts such as carrot, squash, and beet. Also, these vegan yogurts are packed with nutrition that attracts the millennial generation. These factors are expected to fuel the vegan yogurt market in the forecast period.
Vegan yogurt is lactose-free yogurt which is free of milk proteins and it is a good option for those with lactose intolerance or milk allergy. The vegan yogurt will gain huge demand due to its health benefits. It has the following benefits such as it minimizes inflammation protection from free radicals, helps in increasing the metabolism which in turn leads to weight loss, and improves the bowel function. It also helps in absorbing the minerals. Vegan yogurt is rich in vitamins, amino acids, minerals, and essential fats, thus helping in having healthy skin and hair. These factors will propel the vegan yogurt market growth in the future. However, it is expected that the high cost of vegan yogurt may hamper market growth.
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Key players operating in the global vegan yogurt market include Danone, The Hain Celestial Group Inc., Daiya Foods Inc., Stonyfield Farm Inc., Kite Hill, COYO Pty Ltd, Good Karma Foods Inc., Blue Diamond Growers, Califia Farms, Ripple Foods, Nancy's Yogurt, Forager Project and Yoconut Dairy Free among others. To enhance their market position in the global vegan yogurt market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in 2018, Ripple launched its first-ever vegan Greek yogurt line in 2018 with its major constituent being its proprietary pea-based protein Ripptein. The pea-based composition of the yogurt aims to free the vegan product from common allergens in nuts, soy, gluten, lactose, and other common allergy-causing agents.
- For instance, in February 2018, Califia Farms®, known for its best-selling Almondmilks in distinctive, curvy bottles, announced the launch of a breakthrough line of dairy-free Yogurt Drinks made with the Califia Culture Blend. This distinct trio of 10 billion live, active probiotic CFUs is powered by BB-12, the most documented bifidobacteria in the world and well known for its efficacy in digestive and immune health. Califia Farms is the first to batch ferment the BB-12 strain in a non-dairy yogurt. The cultures grow as part of the almond and coconut base, delivering probiotics as part of the whole food, versus being fortified and added at the end of fermentation. Available in both multi-serve and single-serve, the Yogurt Drinks are available in four dairy-free varieties – Strawberry, Super Berry, Mango and Unsweetened Plain – which are all delicious, creamy, lower in sugar and flavored from real fruit. Through the launch of their Yogurt Drinks, Califia Farms is set to disrupt a new category and build upon the skyrocketing success that the brand has achieved with nut milks and coffee.
- For instance, in January, 2019, Daiya, leading maker of plant-based foods that are dairy, gluten and soy free, announced its newest dairy-free yogurt alternative cups. The newly reformulated, dairy-free yogurt alternative cups are made with coconut cream and contain 6 grams of protein per serving. They are offered in six delicious varieties to provide better-for-you snacking options to keep you fueled and satisfied throughout the New Year. Plus, the fruit flavors tout 50 per cent less sugar per serving than the average dairy-free brand. The new products are now available nationally at Sprouts, Natural Grocers, Fresh Thyme and other key retailers across the U.S.
The almonds segment had a market value of USD 276.87 million in 2018
The type segment is divided into soy, almond, coconut and others. The almond segment emerged as the leader in the global vegan yogurt market with a revenue of USD 276.87 million in 2018. Almond yogurt's minimum fat content increases its popularity among consumers. It also contributes in reducing bad cholesterol and improving immunity. As a result, demand for almond yogurt is increasing rapidly, especially in the elder population which are some of the major reasons driving this increase in demand.
The distribution channel segment is anticipated to grow at a CAGR of around 17.20% in 2019-2026
The distribution channel segment includes convenience store, specialty store, e-retailer, hypermarket/supermarket. The convenience store segment is anticipated to grow at the CAGR of around 17.20% over the forecast period. For instance, In January 2019, Chobani announced plans to launch a new vegan yogurt product across grocery stores located in the U.S. The product is claimed to be gluten-free, which is derived from natural and non-GMO ingredients and have 25.0% less sugar content as compared to its dairy counterparts. The company will launch this product in the variants of strawberry, blueberry, mango, vanilla, peach, and vanilla chai flavors.
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The end-user segment is anticipated to grow at a CAGR of around 18.45% in 2019-2026
The distribution channel segment includes household and HoReCa. The household segment is expected to grow at the highest CAGR of around 18.45% over the forecast period. Rising interest of consumers in switching to a completely vegan diet will boost the demand for vegan yogurt in the household segment.
Regional Segment Analysis of the Vegan Yogurt Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The Europe region led the global vegan yogurt market with a market share of 30.14% in 2018 owing to a high demand for flavored yogurt in countries like United Kingdom and France. Also, the market for vegan yogurt is anticipated to increase in the Asia-Pacific region in the coming years due to the factors such as growing awareness among the consumers with regards to the health benefits of the vegan yogurt along with the rise in the disposable income.
About the report:
The global vegan yogurt market is analysed on the basis of value (USD Million), volume (Kilograms), consumption (Kilograms), imports (Kilograms) and exports (Kilograms). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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