Plant-Based Yogurt Market Set to Grow to $12.2 Billion Globally by 2032, Predicts Allied Market Research

Allied Market Research published a report, titled, “Plant-Based Yogurt Market by Raw Material (Soy, Coconut, Almond, and Others), Flavor (Vanilla, Strawberry, Original/Plain, Blueberry, and Others), and Distribution Channel (Supermarket/Hypermarket, Convenience Store, Specialty Store, and Online Store): Global Opportunity Analysis and Industry Forecast, 2022–2032.”  According to the report, the global plant-based yogurt industry was endorsed at $5,043.3 million in 2022, and is projected to gain $12,200.4 million by 2032, exhibiting a CAGR of 9.2% from 2023 to 2032.

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The plant-based yogurt industry is one of the fastest-growing segments in the dairy alternative market. It is made from plant-based ingredients like soy, almond, or coconut milk and it is a great alternative to traditional dairy yogurt as it provides protein, calcium, and potassium when compared to dairy yogurts.

Prime Factors Influencing the Market Growth:

The global plant-based yogurt market growth is attributed to the rise in the vegan and lactose-intolerant population, the increase in investment and innovation by food companies, and the growth in concern related to environmental sustainability. On the other hand, the less affordability due to high price, and inconsistency of taste and texture restricts market growth. Moreover, the technological advancements in the food processing industry to create prolific opportunities in the upcoming years.

Report Coverage & Details: 

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$5,043.3 Million  

Market Size in 2032

$12,200.4 Million

CAGR

9.2 %

No. of Pages in Report

290

Segments covered

Raw material, Flavor, Distribution Channel, and Region

Drivers

  •  Rise in vegan and lactose-intolerant population
  •  Increase in investment and innovation by food companies
  •  Rise in concern related to environmental sustainability

Opportunities

  •  Technological advancements in the food processing industry

 

Restraints

  •  Less affordability due to high price
  •  Inconsistency of taste and texture

The coconut segment to maintain its leadership status throughout the forecast period- 

Based on raw material, the coconut segment held the highest market share in 2022, accounting for more than two-fifth of the global plant-based yogurt market revenue, and is estimated to maintain its leadership status throughout the forecast period. The demand for coconut-based yogurt substitutes has increased because of the rise in health-conscious customers who choose dairy-free diets since it offers a dairy-free and allergen-friendly option that matches with consumer dietary preferences. Furthermore, medium-chain triglycerides, which are recognized for their potential health benefits, are an ingredient in coconut yogurt, which has increased its appeal. On the other hand, the soy segment would display the fastest CAGR of 11.2% during the forecast period.

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The original/plain segment to maintain its lead position throughout the forecast period- 

Based on flavor, the original/plain segment held the major market share in 2022, contributing to more than one-third of the global plant-based yogurt market revenue, and is projected to maintain its lead position throughout the forecast period. Owing to growing public interest in plant-based diets and goods and increased customer concern for their health and the environment, original/plain flavor plant-based yogurt is a well-liked substitute for dairy products. Additionally, the popularity of vegan and dairy-free lifestyles has increased the market’s consumer base. By providing plant-based yogurt in its original/plain flavor, manufacturers can accommodate a wide range of palate preferences while introducing a variety of commodities. However, the strawberry segment would showcase the fastest CAGR of 10.6% from 2023 to 2032.

The supermarket/hypermarket segment to rule the roost by 2032-

Based on distribution channel, the supermarket/ hypermarket segment held the highest market share in 2022, accounting for more than one-third of the global plant-based yogurt market revenue and is projected to rule the roost by 2032. The majority of vegan and dairy-free goods are bought in large retail spaces like supermarkets. Owing to its extensive assortment of plant-based goods, supermarkets are the primary retail locations for plant-based yogurt. The goods being sold have a variety of flavors and come from different companies. Plant-based yogurt is available in stores in a variety of tastes, including vanilla, strawberry, and blueberry. The availability of many brands of plant-based yogurt products in various packaging is a major driver of the segment’s growth. Along with baking and cooking, the health and dietary part also includes plant-based yogurt. Furthermore, the online store segment would cite the fastest CAGR of 10.2% from 2023 to 2032.

The North America segment to retain its dominance throughout the forecast period-

Based on region, the North America segment held the highest market share in 2022, accounting for more than two-fifth of the global plant-based yogurt market revenue, and is projected to retain its dominance throughout the forecast period. The adoption of vegan and dairy-free products has seen a substantial change in consumer behavior in the area. Additionally, a significant surge in the number of vegan consumers in North America is driving up demand for plant-based yogurt products. Customers’ growing knowledge of the health benefits of consuming plant-based yogurt has increased demand for dairy-free products. The Asia-Pacific region, however, would exhibit the fastest CAGR of 10.2% during the forecast timeframe.

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Leading Market Players: – 

  • 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

The report analyzes these key players in the global plant-based yogurt market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE: Allied Market Research




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