NEWARK, Del, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global plant-based yogurt market size is likely to jump from US$ 4,489.87 million in 2023 to US$ 15,398.39 million by 2033. This projected expansion is anticipated to result from a remarkable 13.1% CAGR in the demand for plant-based yogurt over the upcoming decade.
The plant-based yogurt market, which was until a few years ago thought to be in its infancy, has taken off in part because of flexitarians, who alternate between eating dairy and non-dairy products. Given the rising popularity of plant-based diets, the plant-based yogurt market has developed. Different plant-based diets have become more popular around the globe. Plant-based yogurt has emerged as a new option to follow sustainable dietary habits. Because of its nutritional advantages, plant-based yogurt is becoming gradually popular in place of traditional dairy yogurt. Dairy products are being consumed less frequently globally as a result of their declining shine.
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One of the primary variables influencing the health advantages of plant-based yogurt is the frequency of diseases brought on by lactose intolerance. Demand for plant-based yogurt is also largely driven by the nutritional advantages of lowering the likelihood of cardiovascular disease. The popularity has been heightened by the growing trend of fortifying plant-based yogurt with nutrients. Plant-based yogurt that has been enriched with omega-3 fatty acids is one example. Health professionals are praising the several advantages of eating plant-based cultured yogurt.
The texture and consistency of plant-based yogurt products, however, are equivalent to those of traditional dairy products. Grain, seeds, and nuts are a few of the typical plant-based ingredients utilized in yogurt production. Soy, almond, hemp, oats, and coconut are a few of the popular ones. Inconvenience and specialized stores throughout the world, plant-based yogurt options are becoming more readily available. These yogurts taste much better now and have more flavor options than ever before.
Consumption of environmentally friendly food items is the primary promotional concept that plant-based yogurt supports. The adoption of plant-based diets has increased as a result of this tendency. Food manufacturers in the plant-based yogurt sector have discovered a vast opportunity in products like these to demonstrate that they are concerned about the environmental impact of packaged foods. It is reasonable to conclude that beverages and yogurt made from plants are a developing market.
Key Takeaways from the Plant-based Yogurt Market
- In 2022, the global plant-based yogurt market size stood at US$ 4,018.11 million.
- The United States is leading the plant-based yogurt industry with a 20.8% global market share in 2023.
- In 2023, Germany's plant-based yogurt industry tracks the United States, holding a 5.7% global market share.
- China emerged as a prominent player in the Asia Pacific plant-based yogurt industry, capturing a 5.6% global market share in 2023.
- In 2023, Australia possesses a modest 5.2% portion of the global plant-based yogurt industry.
- Japan’s plant-based yogurt industry secures a market share of 3.8% in 2023.
“For plant-based products in general and plant-based yogurt in particular, North America and Europe remain particularly attractive markets. These two regions have seen a significant rise in individuals adopting vegetarian and vegan lifestyles. Nevertheless, changing trends are encouraging expansion throughout the Asia Pacific. The cultural acceptance of plant-based foods in certain countries is likely to contribute to a favorable environment for growth.” according to Nandini Roy Choudhury, Client Partner at Future Market Insights.
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Key Players and Strategies for Success in the Plant-based Yogurt Market
In the plant-based yogurt market, leading players are adopting key strategies for success. They prioritize innovation, crafting a wide array of flavorful options to entice consumers. Key market participants are heavily concentrating on expanding their consumer base through joint ventures or collaboration with other industry partners.
Top Brands in the Plant-based Yogurt Market
- Callifia
- Chobani
- Forager
- Good Plants
- Good Karma
- Kite Hill
- LAVVA
- Nancy’s
- Silk
- So Delicious
Recent Developments in the Plant-based Yogurt Market
- In April 2022, a powerful plant-based yogurt base was introduced by MISTA, a San Francisco-based development system, as its initial member-created item. Customers can grab the plant-based yogurt base in the United States, Europe, and certain locations in Latin America.
- In November 2021, Plant Veda, a renowned producer of dairy alternatives, confirmed the launch of "Plant Gurt," a new plant-based yogurt that includes millions of active probiotics and can be mixed with smoothies or morning cereals.
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Plant-based Yogurt Market Segmentation
By Nature:
- Conventional
- Organic
By Product Type:
- Cereal Type
- Oat
- Rice
- Corn
- Spelt
- Legume
- Soy
- Pea
- Peanut
- Lupin
- Chick Pea
- Nut
- Almond
- Coconut
- Hazelnut
- Pistachio
- Walnut
- Cashew
- Pili Nut
- Seed
- Sesame
- Flax
- Hemp
- Sunflower
- Pseudo Cereal
- Quinoa
- Teff
- Amarnath
- Cassava
By Flavor:
- Regular
- Vanilla
- Strawberry
- Blueberry
- Cherry
- Peach
- Raspberry
- Coconut
- Coffee
- Others
By Price Range:
- Economic
- Mid-Range
- Premium
By Sales Channel:
- Food Service
- Retail
- Modern Trade
- Convenience Stores
- Specialty Stores
- Discounters
- Independent Small Groceries
- E-commerce
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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