Global Plant-Based Yogurt Market – Industry Trends and Forecast to 2029

Market Analysis and Size

The primary factor driving the market in the medium term is increased consumer preference for non-dairy, low-calorie, high-protein, and healthier desserts. Furthermore, the growing popularity of low-fat plant-based yogurt and the introduction of healthy product variants in various flavours are likely to provide consumers looking for a healthy alternative to desserts with ample options. Furthermore, busy lifestyles and health and wellness concerns drive consumers to choose convenient plant-based yogurt as meal replacements.

Data Bridge Market Research analyses that the plant-based yogurt market was valued at USD 3117.4 million in 2021 and is expected to reach the value of USD 13857.63 million by 2029, at a CAGR of 20.50% during the forecast period of 2022 to 2029.

Market Definition

Plant-based yogurt is a creamy, healthy, non-dairy vegan food product that helps the vegan population meet their nutritional needs. It is made with plant-based ingredients such as almonds, soy, coconuts, flax, hemp, oats, peas, and cashews. It contains a high concentration of vitamins, minerals, amino acids, and essential fats, which helps to reduce inflammation and boost metabolism.

Report scope and Market Segmentation

Plant-Based Yogurt Market Dynamics

Drivers

• Rising popularity of low-fat desserts

The rising popularity of low-fat, low-sugar desserts will propel the plant-based yogurt market. Furthermore, children's rising demand for refreshing ice cream alternatives and rising consumer health awareness are macroeconomic factors that positively impact the global plant-based yogurt market.

• Rising disposable income and rising urbanisation

Another important factor is the growing demand for healthy dessert alternatives, and Plant-Based yogurts meet both of these needs, which will accelerate the plant-based yogurt market's growth rate. The rise in disposable income and increasing urbanisation will boost the Plant-Based yogurt market's growth rate

Opportunity

Increasing plant-based yogurt sales, primarily through online platforms, as online retailers offer a wide variety of plant-based yogurt, will accelerate the plant-based yogurt market's growth rate.

Restraints

However, rising concerns about the high sugar and fat content of the product will slow the market's growth rate. Furthermore, the negative impact of COVID-19 on production and supply chain will impede the overall growth of the plant-based yogurt market. Moreover, the availability of substitutes and the entry of new companies will pose additional challenges to the plant-based yogurt market throughout the forecast period.

This plant-based yogurt market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Plant-Based yogurt market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Plant-Based Yogurt Market

Plant-based yogurt sales initially fell due to COVID-19 restrictions on brick-and-mortar stores. However, major players are attempting to solidify their market position by focusing on e-commerce and online marketing in order to reach consumers across geographical boundaries. Furthermore, the pandemic prompted consumers to seek out immunity-boosting products as well as other fortified products that provide health benefits, resulting in major players improving the composition of their yogurt products by incorporating organic ingredients, making them cholesterol-free, and launching vegan variants with no added preservatives or additives.

Recent Development

• In 2021, Yasso introduced a new line of Greek yogurt bites called "Yasso Poppables" in coffee, sea salt caramel, vanilla bean, and mint flavours. These Plant-Based Greek yogurt bites are dipped in dark chocolate and topped with quinoa crunch. These poppables are now available in participating retail locations, including supermarkets.
• Yogurtland will roll out its first oat milk-based vegan Plant-Based yogurt flavour, "Plant-Based Cinnamon Oatmeal Cookie," across participating locations in 2021. This addition came just in time following the launch of its Plant-Based Salted Chocolate Soufflé flavoured Plant-Based yogurt in January 2020, followed by the relaunch of its coconut milk-based flavour due to consumer demand.

Global Plant-Based Yogurt Market Scope

The plant-based yogurt market is segmented on the basis of nature, product type, flavour, price range, sales channel and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Category

• Conventional
• Organics

Product type

• Cereal Type
• Oat
• Legume
• Nut
• Seed
• Pseudo Cereal

Flavour

• Regular
• Vanilla
• Strawberry
• Blueberry
• Cherry
• Peach
• Raspberry
• Coconut
• Coffee
• Others

Product Type

• Economic
• Mid-Range
• Premium

Distribution channel

• Food Service
• Retail
• Modern Trade
• Convenience Stores
• Specialty Stores
• Discounters
• Independent Small Groceries
• E-commerce
• Others

Application

• Household
• HoReCa

Plant-Based Yogurt Market Regional Analysis/Insights

The plant-based yogurt market is analysed and market size insights and trends are provided by country, nature, product type, flavour, price range, sales channel and application as referenced above.

The countries covered in the Plant-based yogurt market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the plant-based yogurt market and will continue to do so during the forecast period due to consumer preferences in this region shifting from dairy-based plant-based yogurt to non-dairy-based plant-based yogurt products. Furthermore, product development, a high disposable income level, and various plant-based yogurt flavours will accelerate the market's growth rate in this region. Due to rising consumer demand for plant-based yogurt and rising incidences of digestive disorders such as lactose intolerance in this region, Asia-Pacific is expected to grow at a significant rate during the forecast period of 2022-2029.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Plant-Based Yogurt Market Share Analysis

The plant-based yogurt market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plant-based yogurt market.

Some of the major players operating in the plant-based yogurt market are:

• Chr. Hansen Holding A/S (Denmark)
• Yakult Honsha Co., Ltd (Japan)
• Nestlé (Switzerland)
• DuPont (US)
• MORINAGA & CO., LTD (Japan)
• BioGaia AB (Sweden)
• Protexin (UK)
• Daflorn Probiotics UK (UK)
• DANONE (France)
• Yakult U.S.A. Inc. (US)
• Deerland Enzymes, Inc. (US)
• UAS Laboratories (US)
• Goerlich Pharma GmbH (Germany)
• SANZYME BIOLOGICS PVT. LTD. (India)
• DSM (Netherlands)
• NutraScience Labs (US)
• Kerry Group plc (Ireland)
• Lallemand Inc. (Canada)
• Lonza (Switzerland)
• Winclove Probiotics (Netherlands)
• Probi (Sweden)

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