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The vegan yogurt market size is projected to increase by USD 4.30 billion and the market size is estimated to grow at a CAGR of 18.15% between 2022 and 2027. The growth of the market hinges on several pivotal factors. Firstly, the expansion of the data center construction market plays a crucial role, driven by escalating demand for digital infrastructure. Secondly, there's a rising necessity for frequency regulation solutions, particularly in the energy sector, to ensure grid stability and efficiency. Lastly, the market benefits from the adoption of low-maintenance designs in flywheel Energy Storage Systems (ESS), which significantly reduce operating costs. These factors collectively contribute to the market's upward trajectory, meeting the evolving needs of industries reliant on robust energy management and reliable infrastructure while also emphasizing cost-effectiveness and sustainability in the long run.
The Market shows an accelerated CAGR during the forecast period.
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This market report extensively covers market segmentation by product type (almond-based, soy-based, coconut-based, and others), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
One of the key factors driving the market growth is the frequent launches of new vegan yogurt varieties. Several market players are increasingly launching a number of new vegan yogurts in order to cater to the growing demand for vegan food.
For instance, in May 2021, Alpro Food Venture, a subsidiary of Danone SA, launched new Greek-style vegan yogurts, which included oat and coconut-based yogurt. In addition, in June 2020, India's Greek Yogurt Brand Epigamia launched the first plant-based coconut yogurt. Hence, such product launches are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the market growth is the increased online availability of vegan products. The is a growing penetration of vegan yogurt through various online channels which is significantly contributing to the market growth. In addition, there is an increasing shift among consumers to online channels for purchasing groceries and other eatables, such as vegan yogurt.
Moreover, the main advantage of online stores is that they are easily accessible and offer services such as same-day delivery and various offers and discounts, which are not available in physical retail stores, such as grocery stores, thereby fuelling its adoption. Furthermore, there is significant adoption of various e-commerce channels by consumers due to the increase in smartphone penetration. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
Stringent rules and regulations related to food safety and standards are one of the key challenges hindering the market growth. There are several regulations imposed on vegan food products by different government authorities including the US FDA and the European Food Safety Authority (EFSA) in the EU. Food safety and standards authorities in different countries follow different standards, and players operating in various segments within the food and beverage industry must comply with the changing standards followed by the authorities.
For instance, as per the European Court of Justice (ECJ), plant-based foods, which use terms such as milk, butter, and cheese on product packaging, cannot be sold in the EU. Thus the European Union introduced new legislation covering the way vegan plant-based foods should be labeled. Hence, such factors are negatively impacting the market. Therefore, it's expected to hinder the market during the forecast period.
The increasing preference for the offline segment by consumers will increase the market growth. The offline segment comprises supermarkets, hypermarkets, convenience stores, discount stores, and other retail outlets. There is an increasing preference for supermarkets among consumers as they offer a wide variety of products at discounted prices. Several market players are expanding their product reach by collaborating with retailers. Furthermore, there is a sense of trust among consumers for the offline segment when compared to the online segment as they can see the products and inspect them before purchasing. Moreover, offline sales channels often offer various promotions and discounts which is expected to significantly contribute to the growth of the segment. Hence, such factors are expected to fuel the growth of the segment which in turn will drive the market growth during the forecast period.
The Market is experiencing significant growth driven by the increasing demand for Plant-based yogurt among consumers conscious of their Environment and seeking Health benefits. Brands like Evolved Foods are leading the way with offerings such as Vegan ghee and Plant-based meat, appealing to those preferring milkbased yogurt alternatives.Fruit-flavored yogurts enriched with Nutritional properties and Almond-based yogurt or Soy-based yogurt options cater to varying tastes and dietary needs of individuals embracing Vegan products. The market witnesses Household penetration due to its Nutritional value, Advanced flavor, and use of Organic substances.Key components like Probiotics support Gut bacteria and promote Healthy lifestyles among consumers prioritizing Probiotic bacteria intake and plant-based Protein sources. The Shifting preference towards Dairy-based products alternatives aligns with addressing Lactose intolerance and Milk allergies, leading to better Blood sugar levels and Cholesterol management. Labeling as vegan attracts Millennials and health-conscious individuals, contributing to the market's growth and emphasizing the Concept of vegan food as a sustainable and nutritious choice in modern diets.
The almond-based segment is estimated to witness significant growth during the forecast period. There is increasing use of along in yogurts as they are a key source of healthy fats, fiber, and essential nutrients like vitamin E and magnesium. The main advantage of the almond-based yogurt segment is that it often retains some of these nutritional benefits, making it an attractive choice for health-conscious consumers.
The almond-based segment was the largest segment and was valued at USD 415.41 million in 2017.
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There is an increasing adoption of plant-based (vegan) diets among consumers due to factors such as r health, ethical concerns, or environmental reasons. One of the main popular choices for plant-based milk alternatives is almonds. There is an increasing preference among consumers for the almond yogurt segment as they view it as a healthier alternative to traditional dairy-based yogurt due to its lower saturated fat content and the potential health benefits of almonds, such as heart health and weight management. This segment is widely available across offline distribution channels such as supermarkets, convenience stores, and coffee shops. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
North America is estimated to contribute 40% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the market in North America are concerns about animal welfare and the environmental impact of animal agriculture, as well as the health benefits of plant-based diets. Some of the main countries that have significantly contributed to the market growth in North America include the US, Canada, and Mexico.
Factors such as the expanding vegan population base and rising awareness of the benefits of following a vegan diet are positively impacting the market growth in North America. Furthermore. other factors that are fuelling the market growth in the region include high disposable incomes and high personal consumption expenditure. Hence, such factors are driving the market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and growth opportunities from 2017 to 2027.
The Market is witnessing a surge in popularity due to the increasing demand for plant-based yogurt options among health-conscious consumers. Brands like Evolved Foods are leading the way in offering a variety of dairy-free alternatives such as vegan ghee and plant-based meat, catering to individuals with lactose intolerance and milk allergies. Fruit-flavored yogurts enriched with nutritional properties and probiotics are gaining traction for their role in promoting healthy lifestyles and supporting gut bacteria. The Soy-based yogurt segment, known for its protein content and nutritional value, is a favorite among those following a plant-based nutritional regimen.
Moreover, millennials are driving the market's growth with their preference for environmentally sustainable and ethical food choices, leading to a shift in preference towards plant-based food and dairy-free products. Labeling as vegan and highlighting the organic substances used in production further attract health-conscious consumers. Despite challenges such as household penetration and lactose malabsorption, the market continues to expand with innovative offerings like flax milk yogurt, hemp yogurt, and rice yogurt, providing alternatives for individuals with varying dietary needs. The Market reflects a broader trend towards veganism and conscious eating, with a focus on nutritional diversity, vitamins, minerals, and incorporating nuts, seeds, and grains into dairy-free options. This shift not only benefits personal health but also has positive environmental implications by reducing reliance on dairy consumption and its associated slaughterhouse impacts.
Furthermore, the Market has experienced remarkable growth amid a shifting preference towards plant-based alternatives to traditional dairy products like milk-based yogurt. Consumers are drawn to the market's offerings due to their advanced flavor profiles, often achieved through innovative techniques while retaining the health benefits of probiotic bacteria.One of the key drivers for this shift is the increasing awareness of the health risks associated with dairy-based products, such as elevated blood sugar levels and cholesterol. The concept of vegan food has gained traction, especially among those seeking vitamins and minerals, Probiotic bacteria, without the need for animal-derived ingredients. Within the market, the soy segment stands out for its nutritional value, offering a rich source of plant-based protein and essential nutrients. Brands like Petit Filous have adapted to this trend by introducing vegan-friendly alternatives, further expanding the market's reach.As consumers prioritize health and sustainability, the Market continues to innovate, providing dairy-free options that cater to diverse dietary needs while promoting a healthier lifestyle. This shift not only benefits individual well-being but also aligns with broader environmental and ethical considerations.
Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.15% |
Market growth 2023-2027 |
USD 4.30 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
17.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Barambah Organics Pty Ltd., Blue Diamond Growers, Chobani Global Holdings LLC, COYO Pty Ltd., Culina Yogurt, Daiya Foods Inc., Danone SA, Drums Food International Pvt. Ltd., Forager Project, General Mills Inc., Granarolo S.P.A., GTs Living Foods, Kite Hill, Oatly Group AB, Regenerative Plant Based Inc., SPRINGFIELD CREAMERY, Stonyfield Farm Inc., The Coconut Collaborative ltd. , The Hain Celestial Group Inc., and Vitasoy International Holdings Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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