Selbyville, Delaware, March 29, 2022 (GLOBE NEWSWIRE) -- According to the report by Global Market Insights Inc., the Non-Dairy Yogurt Market was estimated at USD 2.6 billion in 2021 and is anticipated to be valued at over USD 7.5 billion by 2028, progressing at a CAGR of 16% from 2022 to 2028. The report offers an in-depth assessment of top winning strategies, market size & estimations, drivers & opportunities, competitive scenario, wavering market trends, and major investment pockets.
Introduction of novel diet categories, such as non-GMO, vegan, and gluten-free, has boosted consumer demand for dairy alternatives. Shifting consumer preferences have also prompted manufacturers to launch innovative and authentic flavors. Several animal welfare associations and non-government organizations are supporting the welfare of farm animals and working to spread awareness about the nutritional benefits of dairy-free diets. Additionally, growing prominence of clean label products and mounting adoption of plant ingredients are set to fuel market growth over the following years.
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Coconut yogurt refers to a formulated blend of live cultures, coconut milk, and starch. Owing to the presence of various nutrients, including vitamin B12, vitamin D, magnesium, and calcium, manufacturers have been introducing these products in growing markets viz., Brazil, India, China, and South Africa. Increasing demand for nutrient-rich foods that are healthy and reduce the risk of allergen disorders in both young and elder people has also promoted product uptake. In 2021, the coconut yogurt product segment was valued at around USD 900 million and is slated to grow at a CAGR of nearly 16.5% through 2028 owing to prevalent product demand in key regions.
Meanwhile, the non-dairy yogurt industry share from the conventional nature segment is projected to witness robust growth at above 15% CAGR between 2022 and 2028. Conventional nature gives optimal texture to commercial non-dairy products that is typically achieved using additives, including thickeners, inulin, protein extracts, and emulsifiers, which is primed to stimulate segmental progress.
Key reasons for non-dairy yogurt market growth:
- High product uptake in emerging diets.
- Increasing prominence of dairy alternatives.
- Growing demand for coconut yogurt products.
- Rising preference for conventional nature products.
2028 forecasts show ‘mainstream stores’ segment retaining its dominance:
In terms of sales channel, the mainstream stores segment is expected to record sizable growth at a CAGR of more than 16% over the review timeline. Key factors like changing consumer preferences and taste, coupled with surging demand for organic products, including legumes and nuts, in food, have helped mainstream stores augment their stocks and inventories with such products, which is likely to propel segmental growth in the coming years.
Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, the Asia Pacific non-dairy yogurt market accounted for above 30% share in the global industry in 2021 and is speculated to observe steady growth through 2028. Burgeoning product demand in the food & beverage sector, rapid population growth, growing consumer awareness pertaining to health & fitness, and rising purchasing capacity of consumers are poised to foster product outlook. Moreover, surging incidences of obesity and lactose intolerance across APAC, along with notable benefits offered by dairy-free products, are slated to impel regional market growth.
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Impact of COVID-19 pandemic on non-dairy yogurt market:
Following the onset of COVID-19, there was an upsurge in consumer interest in healthy food products that could strengthen their immune responses against the novel coronavirus. To that effect, several studies found that dairy alternatives could form part of a healthy and balanced diet. As a result, mounting demand for dairy alternatives, along with growing prevalence of emerging dietary preferences like veganism, has positively influenced market growth in recent years.
Leading market players:
Some major players in the global non-dairy yogurt market are Danone, The Hain Celestial Group Inc., Epigamia, General Mills, Blue Diamond, Chobani LLC, The Kroger Co., Arla Foods, Nancy’s Yogurt, Valio Ltd., and Lavva, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
